The following terms, when used in this subchapter, have the
following meanings:
(1) Broken item--An item that has been damaged so that
it cannot be used for its original purpose without substantial repair.
(2) Crafted precious metal--Has the meaning provided
by Texas Occupations Code, §1956.051(3). The term does not include
a coin, a bar, a commemorative medallion, an item that contains incidental
or trace amounts of precious metal, or an item that is purchased by
a dealer for 105% or more of the item's scrap value.
(3) Date of purchase.
(A) For in-person sales, the date of purchase is the
date the seller transfers the crafted precious metal to the dealer.
(B) For mail order or Internet sales, the date of purchase
is the earlier of:
(i) the date the dealer sends payment for the crafted
precious metal; or
(ii) the date the seller agrees by phone or written
communication to a price offered by the dealer.
(4) Local law enforcement.
(A) For in-person sales, local law enforcement is:
(i) the chief of police of the municipality where the
sale occurs, if the sale occurs in a municipality that maintains a
police department; or
(ii) the sheriff of the county where the sale occurs,
if the sale does not occur in a municipality that maintains a police
department.
(B) For mail order or Internet sales, local law enforcement
is:
(i) if the seller resides in Texas:
(I) the chief of police of the municipality where the
seller resides, if the seller resides in a municipality that maintains
a police department; or
(II) the sheriff of the county where the seller resides,
if the seller does not reside in a municipality that maintains a police
department; or
(ii) if the seller does not reside in Texas and the
dealer's permanent registered location is in Texas:
(I) the chief of police of the municipality of the
dealer's permanent registered location, if the dealer's permanent
registered location is in a municipality that maintains a police department;
or
(II) the sheriff of the county of the dealer's permanent
registered location, if the dealer's permanent registered location
is not in a municipality that maintains a police department.
(5) OCCC--The Office of Consumer Credit Commissioner
of the State of Texas.
(6) Permanent registered location--A location where
a crafted precious metal dealer engages in the business of buying
crafted precious metal for one year or longer.
(7) Scrap--An item that is intended to be melted down
or otherwise transformed so that it will not be used for its original
purpose.
(8) Scrap value--The value at which an item would be
purchased by a person who will melt the item or otherwise transform
it so that it will not be used for its original purpose.
(9) Seller--An individual selling crafted precious
metal to a dealer, including a transferor.
(10) Temporary location--A location where a crafted
precious metal dealer engages in the business of buying crafted precious
metal for less than one year.
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