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Form a Business

Definitions.

Oklahoma City Municipal Code § 54-191
in effect
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§ 54-191. - Definitions. The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: (1) Gems means any precious or semiprecious stones or any item containing or having any precious or semiprecious stones customarily used in jewelry or ornamentation. (2) Precious metals and gem dealer means a person, firm, or corporation engaged in the business of buying secondhand or used precious metals or gems, whether for cash or trade, and whether or not a fixed place of business is maintained for such purposes. Said precious metals or gems dealer shall be referred to as "dealer" throughout this article. (3) Exemptions. Expressly exempted are licensed pawnbrokers and jewelers, whose principal business is the sale of items purchased directly from the original manufacturer, wholesaler or their authorized representative and who, in the regular course of such business, accept trade-in of items defined in this article as precious metals or gems, so long as the item or items to be traded are not greater in value than the item or items to be purchased. For purposes of this exception, retail jewelers may not buy used precious metals or gems for cash consideration only. (4) Precious metals means platinum, gold or silver, but shall not mean an ingot or bar manufactured by a commercial mint, nor shall it mean any or all coins. (5) Secondhand article means any article which has been used or which has been traded or sold by a retailer. (Ord. No. 16149, § 1, 3-31-81; Ord. No. 16189, § 1, 5-5-81; Ord. No. 16289, § 1, 7-14-81; Code 1980, § 54-136)

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54-191 | Corpus