Bill would ban "cash for gold" exchanges

The days of turning your gold into cash may be numbered.

A bill in the Indiana General Assembly targets businesses that buy precious metals.

While those businesses would still be able to buy from people who walk in off the streets, those businesses would no longer be able to pay in cash if Senate Bill 158 becomes law.

As written, the bill would require that all payments be made by check.

The proposal comes from a lawmaker who used to be a lawman, former LaPorte County Sheriff, Ind. Sen. Jim Arnold. “You know people bring these precious metals in, they get their cash for it and they leave. A lot of times these things are stolen, a lot of times follow up isn’t done, we’re trying to lock it up now that where the bill would say hey, when you come in there, you’re not going to get cash, you’re going to get a check, and if you’re going to have to cash that check, you’re going to have to show ID so we know who cashed that check and they have a record about it.”

Sen. Arnold says he may even push for a provision that would require the seller to have their picture taken.

If the bill becomes law, a violation would be an A infraction that would carry a maximum fine of $10,000.


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