Precious metals bill advances

TRENTON – Senate lawmakers advanced pending legislation that would increase penalties against people who violate precious metal sales rules and regulations.

The bill, S523, cleared the Senate Commerce Committee following a unanimous vote and little discussion.

The legislation would increase penalties for certain violations and would require weights and measures officers to seize scales being used by a precious metal buyer if the scale has not been certified by the Office of Weights and Measures, according to the bill.

Precious metal buyers who fail to comply with state regulations or who use scales that are “obviously generating incorrect weights” could be fined between $500 and $1,000.

Held legislation

Sen. Nia Gill, (D-34), the committee’s chairwoman, held legislation that was originally slated to be voted on during Monday’s hearing.

The bill, S2328, would amend the New Jersey Shareholders’ Protection Act to allow certain business combinations between resident domestic corporations and interested stakeholders, according to the bill.

It is being held for further review.

Other legislation

The committee also released several other proposed bills:

S2152, would establish a procedure for licensure of timeshare salespeople.

The bill was unanimously released from the committee.

S2138/A3035, would “modernize” a lien law by permitting electronic notification in certain circumstances and make other modifications to the state’s Self-Service Storage Facility Act.

The bill was unanimously released from the committee.

Precious metals bill advances