(a) Any person, firm, or corporation purchasing or otherwise dealing in antique, used or scrap jewelry and precious metals, where the purchase is for resale in its original form or as changed by remounting, melting, reforming, remolding or recasting or for resale as scrap or in bulk, shall be required to register with the chief of police and sheriff of each city and county in which the activity is carried on.
(b) This part shall not be applicable to:
(1) Any person, firm or corporation purchasing or otherwise dealing solely in coins or recyclable aluminum cans; or
(2) Any transaction between dealers, when the selling dealer has previously complied with the requirements set out in §§ 38-1-202 and 38-1-203 relative to the items sold pursuant to the transaction.
(c) Business activities regulated under this part shall be subject to the Business Tax Act, compiled in title 67, chapter 4, part 7.
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