Effective Jan. 1, all Texas crafted precious metals dealers are now required to register with the Office of Consumer Credit Commissioner of Texas.
Industry Council for Tangible Assets Board member Mike Fuljenz of Universal Coin & Bullion, Ltd., explained, “Texas dealers need to register [with the OCCC] if they deal in precious metals other than coins, bar and medallions or precious metals items they pay over 105 percent of melt for. Basically, if they buy scrap jewelry, or silverware made of precious metals, they need to register.”
If qualified dealers fail to register or display their registration correctly, they can risk losing registration for up to five years and other modest criminal penalties.
Links to the registration can be found at www.occc.state.tx.us/pages/industry/CPMD/cpmdindex.html, or on the OCCC’s main page, www.occc.state.tx.us, by selecting “Credit Industry Services” under “What’s New.”
Registration is completed and submitted through the Texas Department of Public Safety Precious Metals portal.
Any questions or requests for more information can be directed to firstname.lastname@example.org.