PM Chain of Custody Law in Illinois

[OneBiteAtATime]

I was under the impression that this died with the legislative session on January 8. Am I wrong?

http://www.ilga.gov/legislation/BillSta ... ssionID=84

[OneBiteAtATime]

Just emailed my local house member.

Jill -

I am a local Quincy resident who votes.

I see that this bill monitoring the sale and purchase was referred to Judiciary I - Civil Law Committee.

May I ask you the status of SB3341? Does it appear it will be be brought back up soon?

More pointedly, do you think it will pass the house? Is there any reason the state needs to know what is purchased and sold other than for the sake of taxes - which coins and bullion are sales tax exempt in Illinois, at least that's the impression I have. Can the state really forbid someone from purchasing something using "LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE"?

Does this bill concern you, Jil?

If it's dead, great! Let us know. It was recently raised by Rick Santelli: http://www.wnd.com/wnd_video/new-bill-r ... Bx8twz6.99

If not, it must be killed. There is no reason the State of Illinois should be putting their nose into private transactions.

Thanks, Jil.

J*** B**********
(217) *********

[scyther]

I really hate Illinois sometimes. Oh wait, I meant all the time. It's no coincidence that we have the third biggest city in the country and probably the third worst state government... if not higher.

[OneBiteAtATime]

And her response:

This bill was brought to address thefts of silver but I have talked with the sponsor of concerns that it is over reaching. So, yes, it concerns me in that we want to be careful with any bill that would infringe rights. Jil

[OneBiteAtATime]

And her response:

This bill was brought to address thefts of silver but I have talked with the sponsor of concerns that it is over reaching. So, yes, it concerns me in that we want to be careful with any bill that would infringe rights. Jil

The temptation is to ask who's theft she's referring to. Something like: "Congresswoman Tracy, As a former coin collector it confuses me how being forced keep a record of every transaction, the sellers identity and being forebidden from do business with cash (as has been customary and usual in this country for hundreds of years), will protect us from silver theft. Surely the most common sense place to store such records would be with the coins themselves, which would obviously stolen with the silver.

It seems more likely to me that the State wants to know who and where the precious metals are located within the state so when the time comes, like happened in 1933 (executive order 6102), it will make the government's theft of it's people's bullion easier. It seems to me that the only theft that the State is concerned with is making its own easier.

Case in point: A friend is visiting another friend who is a fellow coin collector. Friend A owns an extra 1954 Washington Quarter that Friend B needs to fill his album. Friend A sells the quarter to Friend B for $5. If Friend B doesn't ask Friend A for his identification, document who the seller was, and hands his friend a $5 bill, Friend B has commited no less than 3 petty crimes in the transaction. Right?

Jil, the fact is that statists don't like that concerned citizens secure their savings in gold and silver. It's because it gives the citizen power when the State's systems fail. The State's goal is to rob us of our independence, make us dependant on the State itself.

Will you please tell me if it comes back up, and will you stand to fight it, please?


Something like that, anyway.

[dannan14]

You should definitely send it. It is our duty to instruct our representatives on how to vote.

[beauanderos]

Good letter J***

[OneBiteAtATime]

The more I dig into this thing the more angry I'm getting.

Three of the Four Sponsors in the House are Republicans. The State Senator who brought the bill was a Republican.

"Synopsis As Introduced
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."

It appears as though it is only aimed at "person who is in the business of purchasing precious metal" - so coin stores. Exempts Pawn Stores here:Authorizes inspection of records by local police departments. Requires reports to law enforcement on a daily basis. Exempts persons licensed under the Pawnbroker Regulation Act.

But here is what it DOES DO. "shall obtain a proof of ownership'.
Therefore, if I pull a 1967 Kennedy from cirulation, and cannot provide proof that I bought it from someone, I cannot sell it to a coin store. The coin store owner cannot legally buy it becaue they CANNOT "obtain a proof of ownership."

Create a record of the sale - Anything anyone sells to the coin store will have a bill of sale created, which must be kept for a year or 5 years over $500. Which can (and will) be inspected by local police departments, and must be reported to law enforcement on a daily basis.

But most unbelievable, shall not pay for the precious metal in cash Doesn't it say right on a FRN bill "ALL DEBTS, PUBLIC AND PRIVATE?"


So my original reaction was wrong, this doesn't seem to affect private transactions, however, it does virtually eliminate all transactions with a coin store, because how can I prove where a 1964 Kennedy Half came from? Especially if I had it in my possession for 20 years.

I wonder if the coin stores of Illinois have any idea this thing is out there.... It will kill their business.

Does this affect jewelry stores that buy scrap gold?

Illinois guys, is there a Illinois Coin Dealers Association or anything? There is a coin show in town tomorrow, think I'll make up some flyers and hand them out.

[scyther]

Wow... that's insane. I didn't get a receipt for any of the things I bought so far... so no proof of ownership. Good old old Republicans, always protecting economic liberty.