§ 98-34. Payment.

(a)

Limitation on cash transactions for specified metals. A secondary metals recycler shall not enter into any cash transaction exceeding $50.00 for purchase of any suspect regulated metals property listed in subsection 98-35(a).

(b)

Payment procedures. For purchases exceeding $50.00 of any suspect regulated metals property listed in subsection 98-35(a), the following shall apply:

(1)

Payment by a secondary metals recycler shall be made by check issued to the seller of the metal and payable to the seller or by electronic payment to the seller's, or employee of the seller's, bank account;

(2)

Each check shall be mailed by the secondary metals recycler directly to the current address or bank account of the seller which is on file with the secondary metals recycler; and

(3)

Each check or electronic payment shall be mailed or electronically transferred by the secondary metals recycler to the seller within three days of the purchase transaction.

(c)

Limited exceptions. The secondary metals recycler may provide a check at the time of the purchase transaction, rather than by mail when required by subsection (b) of this section, if the seller provides satisfactory proof of qualification of one of the following:

(1)

Nonprofit organization registered under the Internal Revenue Code as a 501(c)(3) organization;

(2)

Governmental agency;

(3)

Bankruptcy trustee, personal representative of estate or court appointed receiver;

(4)

Authorized person in execution sale; or

(5)

Manufacturing, industrial or other commercial vendor that generates regulated materials in the ordinary course of business.

(Ord. No. 2010-22, § I, 1-20-11)