Cash4Gold in Compliance with First-Ever Online Gold-Buying Law
The first law of its kind regulating the mail-in gold buying industry was signed into law by the governor of Florida in June 2009. New legislation was needed since the industry had just emerged in 2007, and the laws that were on the books didn’t take into account the new and unique business model pioneered by Cash4Gold.
Unlike many of its gold-buying competitors, Cash4Gold strongly supported the implementation of new legislation (known officially as Part III of Chapter 538) to increase the transparency of the industry to law enforcement. Cash4Gold worked closely with lawmakers to craft the language of the bill.
One of the most significant aspects of the new statute is that it requires mail-in gold-buying companies to keep detailed records of all transactions, including digital photographs of all items received, and to publish this information on a secure database which can be accessed by law enforcement.
Before the law went into effect Cash4Gold was already keeping detailed records, photographing items it received from customers and working with law enforcement agencies from around the country.
Today, all transactions are added by Cash4Gold to the law enforcement database. Cash4Gold requires personal information from its customers in order to complete transactions while remaining in full compliance with the new law.
Every Cash4Gold customer must supply a government-issued ID number or their personal information can be run through a national database to confirm identity. All customers must also sign a sworn statement that they are of legal age, the owners of the property with the right to sell the items, and that all information supplied by them is true and correct.