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Florida Bill Removes Bullion From Secondhand Goods Regulation

Florida Bill Removes Bullion From Secondhand Goods Regulation
Florida Bill Removes Bullion From Secondhand Goods Regulation

By National Coin and Bullion Association (NCBA) ……
On May 24, 2023, Florida Committee Substitute / House Bill 737 was signed by Governor Ron DeSantis (R). The law will take effect July 1, 2023.

The bill amends paragraph (i), subsection (1) of section 538.03 in the Florida Statutes, to revise its definition of “secondhand goods” to exclude “gold, silver, platinum, palladium, or rhodium bullion that has been assayed and is properly marked as to its weight and fineness.” Entities dealing with these various forms of bullion are no longer required to hold precious metals for 30 days.

Emilie and Shane Socash (David Reynolds Jewelry & Coins, Saint Petersburg) led the campaign to amend the definition of “secondhand goods” in Florida Statute 538, with the help of Mark Anderson Governmental Consulting (Tallahassee).

“We felt a strong need to protect Florida dealers from these additional regulations that are stifling business,” said Emilie Socash. “We’re glad the state legislature was able to bring consistency to the way that precious metals are considered within our statute, and we are grateful for the support of our bills’ sponsors and Governor Ron DeSantis.”

House Bill 737: Secondhand Goods; Revises definition of “secondhand goods” was introduced by its sponsors, Representatives Webster Barnaby (R-29) and James Moody, Jr., and co-sponsor, Representative Christopher Benjamin (D-107). Senator Joe Gruters (R) introduced S.B. 442: Secondhand Dealers; Revising the definition of “secondhand goods” to exclude certain items, etc., with Senators Ed Hooper (R) and Nick DiCeglie (R).

An amendment to the original H.B. 737 resulted in the bill being reclassified as a committee substitute bill, C.S./H.B. 737, which was filed and passed the House (108 Yeas; 1 Nays) and Senate (38 Yeas; 0 Nays) on May 1, 2023.

“Florida businesses that deal in precious-metals bullion owe the Socashes a debt of gratitude,” said NCBA executive director David Crenshaw. “We thank Emilie and Shane for their efforts and financial backing that helped change this statue so that these businesses are no longer required to hold bullion for 30 days.”

The Socashes are now looking to organize Florida’s community of secondhand dealers through the Florida Association of Secondhand Dealers Inc. (FLASH), a nonprofit membership organization that will advocate for and support all businesses that operate under Statute 538. For more information or to join FLASH, please visit www.floridasecondhand.org or email [email protected].

To understand better how secondhand dealer laws can affect coin dealers, see NCBA’s white paper, “Secondhand Dealer Laws: Arguments for Exempting Coins & Precious Metals.”

Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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