If you buy gold, Illinois wants to know about it
This is a few days old now, but it’s interesting. Here’s Rick Santelli:
Here’s the synopsis (HT: AUSBullion)
Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.
Why on earth would Illinois need to know if you own gold or other precious metals? How much more intrusion on legitimate private activity will the government engage in—at the state or federal level—before people say enough is enough?