RS 37:1864.3

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RS 37:1864.3

§1864.3. Payment by check for copper, aluminum-copper air conditioning coils, or other metals required; check cashing prohibited; penalties

A.(1) A secondhand dealer shall not enter into any cash transactions in payment for the purchase of copper or aluminum-copper air conditioning coils. Payment for copper or aluminum-copper air conditioning coils shall be made in the form of a check made payable to the seller of the copper or aluminum-copper air conditioning coils and mailed to the address recorded on the photo identification of the seller no earlier than five business days after the date of the transaction.

(2)A secondhand dealer shall not enter into any cash transactions in excess of three hundred dollars in payment for the purchase of metal property other than copper, aluminum-copper air conditioning coils, or a precious metal object. Payments in excess of three hundred dollars for metals other than copper, aluminum-copper air conditioning coils, or a precious metal object shall be made in the form of a check made payable to the name and address of the seller and may be tendered to the seller at the time of the transaction. The secondhand dealer, at his discretion, may make payment by either cash or other method for transactions of three hundred dollars or less for all metals other than copper or aluminum-copper air conditioning coils, or a precious metal object.

B. All payments made by check shall be reported separately in the daily reports required by R.S. 37:1866.

C.(1) No secondhand dealer shall allow a seller to engage in multiple transactions within a twenty-four hour period totaling more than three hundred dollars for the purpose of circumventing this Section.

(2)No secondhand dealer shall cash, offer to cash, or provide the means for exchanging for cash a check issued to a seller pursuant to this Section on the premises of the secondhand dealer's place of business, including but not limited to the use of an automatic teller machine.

D. Violations of this Section shall be subject to the penalties provided for in R.S. 37:1869 and 1870.

Acts 2011, No. 389, §1; Acts 2012, No. 292, §1; Acts 2012, No. 827, §1, eff. June 14, 2012; Acts 2013, No. 381, §1; Acts 2014, No. 243, §1; Acts 2019, No. 255, §1.