§ 2700. Definitions.

A.

Dealer means any person, partnership, sole proprietorship, corporation or association which in the regular course of business, takes, receives, pays for or transfers used precious metals or gems. "Dealer" shall not mean any supervised financial institution, as defined by the Oklahoma Consumer Credit Code, a pawnshop licensed under the Oklahoma Pawnshop Act and jewelers whose principal business is the sale of items purchased directly from the original manufacturer, wholesaler or their authorized representative and who in the regular course of such business, accept trade-in of items defined in this chapter as precious metals or gems, so long as the item or items to be traded are not greater in value than the item or items to be purchased. For purposes of this exception, retail jewelers may not buy used precious metals or gems for cash consideration only.

B.

Employee means any person working for a dealer, whether or not the person is in the direct employment of the dealer or works full time or part time, who handles used precious metals or gems for the dealer. Employee shall not mean a person employed by a bank, armored car company or other business entity acting in the sole capacity of bailee-for-hire relationship with a dealer.

C.

Gem means any precious or semiprecious stone or item containing a precious or semiprecious stone customarily used in jewelry or ornamentation.

D.

Precious metal means platinum, gold or silver, but shall not mean any ingot or bar manufactured by a commercial mint nor shall it mean any or all coins.

E.

Used means previously sold or traded.

(Ord. No. 17084)