§ 26-141. Limitations on cash transactions.

(a)

A secondary metals recycler shall not enter into any cash transaction for purchase of any restricted regulated metals property listed in section 26-142 of this Code.

(b)

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

(c)

Each check for payment shall be mailed by the secondary metals recycler directly to the current street address of the seller which is on file with the secondary metals recycler unless otherwise provided in this article. Payment shall not be mailed to a 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.

(d)

Each check or electronic payment shall be mailed or electronically transferred by the secondary metals recycler to the seller within three (3) business days of the purchase transaction unless otherwise provided in this article.

(Ord. No. 2010-16 , § 2, 12-7-10)