HOUSE 2nd Reading Unamended April 1, 2010 SENATE 3rd Reading Unamended February 24, 2010 SENATE Amended 2nd Reading February 19, 2010Second Regular Session Sixty-seventh General Assembly STATE OF COLORADO REVISED This Version Includes All Amendments Adopted on Second Reading in the Second House LLS NO. 10-0508.01 Jery Payne SENATE BILL 10-048 SENATE SPONSORSHIP Heath, HOUSE SPONSORSHIP Levy, Senate Committees House Committees Business, Labor and Technology Judiciary A BILL FOR AN ACT Concerning the regulation of the purchase of commodity scrap metals. Bill Summary (Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://www.leg.state.co.us/billsummaries.) Section 1 of the bill requires the buyer of commodity metal to photograph the seller. The buyer is required to keep the photograph for 3 years and cross reference it with the records of the sale. In addition, the buyer must wait 5 days after delivery before paying for the metal and must pay by a check mailed to the seller's address. Section 2 imposes the law regulating scrap metal to sales of less than 25 pounds by repealing an exception. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. 18-13-111 (1), Colorado Revised Statutes, is amended BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPHS to read: 18-13-111. Purchases of commodity metals - definitions. (1) (f) The owner, keeper, proprietor, collector, or dealer shall photograph the seller of a commodity metal and retain a copy of the photograph for at least twelve months. The owner, keeper, proprietor, collector, or dealer shall produce or reproduce the photograph taken in connection with each sale for inspection by law enforcement based upon the entry for the sale in the book or register. (g) If the transaction is more than three hundred dollars, the owner, keeper, proprietor, collector, or dealer shall pay the seller of a commodity metal by check unless the seller is paid by means of an automatic cash machine that takes a frontal picture of the seller when the money is paid. SECTION 2. Repeal. 18-13-111 (3) (e), Colorado Revised Statutes, is repealed as follows: 18-13-111. Purchases of commodity metals - definitions. (3) The following transactions and materials are exempt from the requirements specified in subsections (1) and (2) of this section: (e) Any transaction for the purchase of a commodity metal in which the amount of the metal purchased from a single seller in a single day is less than twenty-five pounds. SECTION 3. 18-13-111 (8) (b.5), Colorado Revised Statutes, is amended to read: 18-13-111. Purchases of commodity metals - definitions. (8) For the purposes of this section, unless the context otherwise requires: (b.5) "Commodity metal" means a metal containing brass, copper, copper alloy, aluminum, stainless steel, or magnesium or another metal traded on the commodity markets that sells for fifty cents per pound or greater. "Commodity metal" does not mean precious metals such as gold, silver, or platinum. SECTION 4. Act subject to petition - effective date - applicability. (1) This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final adjournment of the general assembly (August 11, 2010, if adjournment sine die is on May 12, 2010); except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part shall not take effect unless approved by the people at the general election to be held in November 2010 and shall take effect on the date of the official declaration of the vote thereon by the governor. (2) The provisions of this act shall apply to sales made on or after the applicable effective date of this act.