A bill that would require regisration of all gold & silver dealers and mandating records of purchasers is now working its way through the Illinois legislature. Is this an attempt for more revenue through fines and fees or is something more sinister afoot. (see ‘gold confiscation act of 1933‘). I am really not suprised to see this coming out of Illinois, a state that is ruled by Chicago – one of the most corrupt cities in America.
Text from the bill reads:
Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.