§ 1-10-436. Method of payment.

(1)

A secondary metals recycler shall not enter into any singular or aggregate cash transaction(s) in excess of one thousand dollars ($1,000.00) from any sale in any given day. Payment for any transaction in excess of one thousand dollars ($1,000.00) shall be made by check issued and payable to the seller.

(2)

A secondary metals recycler shall not enter into any cash transaction for the purchase of any restricted regulated metals.

(3)

Payment by any secondary metals recycler for the purchase of regulated metals shall be made by check issued and payable to the seller or by electronic payment to the seller's or seller's employer's bank account.

(4)

Each check for payment for regulated metals shall be mailed by the secondary metals recycler directly to the current street address of the seller or seller's employer as provided by the seller at the time of the transaction. No payments shall be mailed to any post office box. Electronic payments shall be sent to a bank account for which the seller is listed as an account holder or an employee or agent thereof.

(5)

Each check shall be mailed, or electronic payment transferred, by the secondary metals recycler to the seller within three (3) business days of the transaction. However, the secondary metals recycler may provide a check at the time of the transaction, rather than mailing the check if the check is made payable to a seller who in on one of the following exempt categories:

(a)

Organizations, corporations, or associations with the state as charitable, philanthropic, religious, fraternal civic, social, school-sponsored organizations or associations or from any nonprofit corporation;

(b)

A trustee in bankruptcy, executor, administrator, or receiver who has presented proof of such status to the secondary metals recycler;

(c)

Any public official action under judicial process or authority who has presented proof us such status to the secondary metals recycler;

(d)

A sale on the execution, or by virtue of any process issued by a court, if proof thereof has been presented to the secondary metals recycler; or

(e)

A manufacturing, industrial, or other commercial vendor that generates regulated materials in the ordinary course of business and who as presented proof of such status to the secondary metals recycler.

(Ord. No. 2012-003, § 6, 2-14-12)