INDIANAPOLIS (WOWO): You see the signs offering to buy gold. Precious metal is a big business and the state of Indiana wants to keep buying and selling of it on the up and up. A new law means dealers must register with the Secretary of State and law enforcement agencies.

Part of the law requires dealers to provide daily reports including the seller, payment and description. It’s a way to make sure the metals aren’t stolen and sold for a quick profit.

“These new reporting requirements will help local law enforcement track stolen jewelry sold at cash for gold stores,” said Secretary Lawson. “By requiring these merchants to report the jewelry they acquire, local law enforcement will have a new tool to help them find stolen jewelry before it is melted down and gone forever. This also will give consumers a way to ensure that the places they go to sell precious metals are above board.”

The Secretary of State’s office requires precious metal dealers to include their name, the address of the permanent place of business and a registration fee of $100 when registering. This new registration is to do business in Indiana as a precious metal dealer. Precious metal dealers will be required to separately register with the Secretary of State’s Business Services Division to do business in Indiana.