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Can you summarize 31 CFR Part 1027?
FINANCIAL CRIMES ENFORCEMENT NETWORK, DEPARTMENT OF THE TREASURY > RULES FOR DEALERS IN PRECIOUS METALS, PRECIOUS STONES, OR JEWELS
Short Summary
The provided legal document content pertains to the rules for dealers in precious metals, precious stones, or jewels. It applies to persons engaged within the United States as a business in the purchase and sale of covered goods, which include jewels, precious metals, precious stones, and finished goods deriving 50 percent or more of their value from these materials. The document defines the term ‘dealer’ and provides exceptions for retailers, licensed or authorized pawnbrokers engaged in pawn transactions, and certain retail transactions. Retailers are defined as persons engaged in the business of sales primarily to the public of covered goods. The document does not specify penalties for non-compliance or violations. It is important to refer to 1010.100 of the Code of Federal Regulations for general definitions not noted in this document.
Whom does it apply to?
Persons engaged within the United States as a business in the purchase and sale of covered goods
What does it govern?
Rules for dealers in precious metals, precious stones, or jewels
What are exemptions?
Retailers, licensed or authorized pawnbrokers engaged in pawn transactions, and certain retail transactions
What are the Penalties?
Specific penalties for non-compliance or violations are not mentioned.
Jurisdiction
U.S. Federal Government