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A1781Assembly2017-2018 Session

Post Metal Prices Publicly

Official title

“Requires businesses that purchase silver, gold and platinum to display current silver, gold and platinum prices”

Sponsor J. Gary PretlowAD-89Affects Public Safety & Consumer Affairs
Status
In Assembly Committee
Consumer Affairs And Protection
Impact
3/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Consumer Affairs And Protection

What's happening

This bill requires businesses buying silver, gold, or platinum to prominently display current prices for these metals.

Why it matters

  1. Increases transparency for consumers. By requiring businesses to prominently display current metal prices, customers can better understand the value of their silver, gold, or platinum when selling, reducing the risk of being underpaid.

  2. Helps prevent deceptive practices. Publicly posted prices make it harder for unscrupulous dealers to offer below-market rates or change prices arbitrarily, promoting fairer transactions.

  3. Supports informed decision-making. Sellers can easily compare the posted rates to market values, empowering them to make more educated choices about where and when to sell their precious metals.

  4. May foster greater trust in the industry. Visible pricing standards can enhance the reputation of businesses that comply, encouraging more people to use their services and potentially increasing overall market activity.

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Who cares

Headline styles

Post Metal Prices Publicly

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
J. Gary Pretlow

Assembly Member · Assembly District 89

Chair, Ways and Means

No co-sponsors yet.

History

  1. Referred to consumer affairs and protection
  2. Referred to consumer affairs and protection

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

1781

2017-2018 Regular Sessions

IN ASSEMBLY

January 13, 2017

Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Consumer Affairs and Protection

AN ACT to amend the general business law, in relation to requiring businesses that purchase silver, gold and platinum to display current silver, gold and platinum prices

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The general business law is amended by adding a new section 391-u to read as follows:

§ 391-u. Silver, gold and platinum prices displayed. Any business that deals in the purchase of silver, gold and platinum for the purpose of resale, melting or refining shall display a sign with the current prices listed for silver, gold and platinum in a prominent or conspicuous location within the business establishment.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD03277-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.