09.25.01.01

.01 License Required.

A. Individuals engaged in the business of buying, acquiring, or trading commercially with members of the public in secondhand precious metals are required to be licensed as dealers unless specially exempt under Business Regulation Article, § 12-102, Annotated Code of Maryland.

B. Each of the following individuals, when engaged in the secondhand precious metals business, shall be licensed as dealers:

(1) In a sole proprietorship, the owner shall be licensed as a dealer;

(2) In a partnership, each partner shall be licensed as a dealer;

(3) In a corporation whose stock is not publicly traded on one of the stock exchanges, the individual who owns the controlling interest in the corporation shall be licensed as a dealer;

(4) In a corporation whose stock is publicly traded, the individual who is the manager of the shop which deals in secondhand precious metals shall be licensed as a dealer.