In this title the following words have the meanings indicated. “Dealer” means: an individual who acquires commercially from the public or trades commercially with the public in secondhand precious metal objects; an individual who for compensation arranges for the sale or delivery of a secondhand precious metal object on behalf of a person that does not hold a license under this title; or unless otherwise provided, a pawnbroker. “Dealer” includes a retail jeweler as to transactions in which the retail jeweler acquires commercially from the public or trades commercially with the public in secondhand precious metal objects. “Employee” means an individual who is employed by a dealer or pawnbroker to buy, sell, or supervise directly the buying or selling of secondhand precious metal objects. “Fixed business address” means a single physical location in Maryland where a licensee regularly conducts business and at which the licensee or an employee of the licensee is physically present: during normal business hours; or other hours as provided in the application for the license which are sufficient to provide an authorized law enforcement officer or agent access to the licensee’s place of business as provided in § 12–306 of this title. “License” means a license issued by the Secretary to do business as a dealer. “Local law enforcement unit” means the Maryland Department of State Police, a Maryland police department, or Maryland sheriff, as designated by resolution of the county or municipal governing body, with jurisdiction over any place where a dealer transacts business other than the dealer’s fixed business address. “Pawnbroker” means a person who engages in pawn transactions. “Pawn transaction” means a loan of money by a dealer on deposit or pledge of personal property or other valuable thing other than securities or printed evidences of indebtedness, or a purchase by a dealer of personal property or other valuable things on condition of selling the same back at a stipulated price. “Precious metal object” means: a precious metal that is: gold; iridium; palladium; platinum; or silver; a precious or semiprecious stone, or a pearl, that is or appears to have been attached to or inlaid in a precious metal listed in item (1) of this subsection or any alloy of a precious metal; or an object that is composed of a precious metal listed in item (1) of this subsection or any alloy of a precious metal if: the market value of the metal in the object lies principally in its precious metal component; or at least 25% of the weight of the object is precious metal. “Primary law enforcement unit” means the Department of State Police, a police department, or sheriff, as designated by resolution of the county or municipal governing body in the county in which the license is held. “Remount sale” means a transaction between a retailer and an existing customer to upgrade the customer’s precious or semiprecious stone or pearl by removing from an existing mounting and placing in a new mounting from the retailer and crediting the value of the existing mounting toward the cost of the new mounting.

This title does not apply to a transaction that involves: merchandise acquired from an established manufacturer or dealer who holds a license under this title, other than a pawnbroker, if the dealer who acquires the merchandise keeps an invoice or other customary proof of origin for the merchandise; a metal acquired for use in dentistry by a dentist licensed to practice dentistry under Title 4 of the Health Occupations Article; coins; or the purchase of junk or scrap metal that is subject to the record keeping and reporting requirements under § 17–1011 of this article. If a retail jeweler has a fixed business address in the State, this title does not apply to a transaction in which the retail jeweler: accepts, in accordance with a posted return policy, the return of an item that the jeweler originally sold; accepts, in accordance with a published trade–in policy, merchandise in trade that the jeweler originally sold; repossesses merchandise that the jeweler originally sold, if the original buyer has defaulted; retains merchandise that the jeweler originally accepted for repair as a bailee for hire, if the customer who deposited the merchandise: defaulted; or failed to reclaim the merchandise within the time agreed on with the jeweler; accumulates pieces of precious metals in the course of performing repairs, remountings, fabrications, or custom orders; or participates in a remount sale. Except as otherwise provided in this title, this title does not apply to a pawnbroker located in a county that regulates pawnbrokers unless the pawnbroker does business as a dealer. A county or municipal corporation may not enact a law to regulate dealers or coins. This title supersedes any existing law of a county or municipal corporation that regulates dealers or coins.

The Secretary may adopt and enforce regulations to carry out this title.

The Secretary shall pay all money collected under this title into the General Fund of the State.