Florida law stops waiting period for bullion sales
- Published: Jun 6, 2023, 12 PM
A campaign that sprouted from an assessment of business conditions for retailers has led to a clearer definition of what is considered “secondhand goods” in the state of Florida.
On May 24, Florida Governor Ron DeSantis signed House Bill 737 into law. The new provision takes effect on July 1, 2023.
The bill amends paragraph (i), subsection (1) of section 538.03 in the Florida Statutes, to revise the definition of “secondhand goods” to exclude, “gold, silver, platinum, palladium and 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.
The campaign for change was led by Emilie and Shane Socash of David Reynolds Jewelry & Coins in St. Petersburg, Florida. In 2022, the Socashes worked with Mark Anderson Consulting to study the restrictions on retailers selling secondhand goods. They zeroed in on the 30-day restriction and began grassroots and legislative efforts to remove the restrictions.
“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.”
“Florida businesses that deal in precious metals bullion owe the Socashes a debt of gratitude,” said National Coin and Bullion Association director David Crenshaw. “We thank Emilie and Shane for their efforts and financial backing that helped change this statute so that these businesses are no longer required to hold bullion for 30 days.”
The Socashes have launched an effort to organize the state’s community of secondhand dealers with the creation of the non-profit Florida Association of Secondhand Dealers (FLASH) to advocate for and support businesses that operate under Statute 538.
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