Towns Seek Regulation Of Cash-For-Gold Stores
Some New Jersey towns are seeking more regulation of stores that offer cash for gold.The stores have begun to proliferate. Philadelphia Inquirer reports Cherry Hill has 27, compared to five a few years ago. They’ve doubled in Toms River in the same period.
Experts see it as a reflection of difficult economic times.
The stores are required to provide transaction records to police. But those records often are on paper, slowing police efforts to track stolen goods.
Cherry Hill officials want dealers to report transactions by computer. Other towns are weighing similar regulations.
Last summer, state officials accused a dozen jewelers in Passaic County of violating the law by failing to test and weigh the precious metals in front of customers, post prices and provide required receipts.
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