New Rules For Gold Buyers In Utica

Utica, NY (WIBX) - The City of Utica has updated its codes pertaining to those who come into the city to buy unwanted gold from residents.

The common council amended the provisions of the Transient Merchant code to include the word "buy."

Councilman Frank Vescera says the previous previsions only centered around selling.

"Over the last couple of years," he said, "people have noticed that vendors come in and they just buy. We had no legislation to deal with that. Other municipalities did, we were losing out on quite a bit of revenue. So, now we have a buying and selling attachment to all of these issues, especially with precious metals and precious stones."

In addition, the new codes law requires that a transient merchant buy a $500 license for each 30 day period they are at a location.

Vescera says previously, the city did not require a license. And, he expects Utica will gain considerably more revenue from the license purchasing.