Sec. 185.503. - Limitations on money transactions.

(a) It is unlawful, and a secondary metals recycler is prohibited from giving the seller of any item of restricted regulated metals property, as herein defined, any form of monetary payment or consideration other than a bank draft or check contemporaneously with the sales transaction. (b) Payment of consideration for any transaction involving any item of restricted regulated metals property shall be made only by bank draft or check, drawn on the secondary metals recycler's business account and made payable to the person from whom the secondary metals recycler actually received the restricted regulated metals property or his or her employer, or by electronic bank draft or electronic funds transfer directly to the seller's bank account or the bank account of the seller's employer. (c) It is unlawful, and a secondary metals recycler is prohibited from accepting from a seller a check that any secondary metals recycler has previously issued for the purchase of restricted regulated metals property in exchange for the subsequent payment of cash by the secondary metals recycler to the seller. (d) Electronic bank drafts or electronic transfers of funds shall be made only to either a bank account for which the seller is the account holder, or to an account for which the seller's employer is the account holder. (Ord. 2011-766-E, § 1)