New York S00554 mandates electronic recordkeeping for second-hand dealers and pawnbrokers.

New York S00554 amends the general business law to introduce new recordkeeping requirements for second-hand dealers and pawnbrokers. Dealers in second-hand articles, including those dealing in precious metals, must create electronic records for each transaction. These records must include detailed information about the article, the transaction, and the individuals involved. Pawnbrokers must also create electronic records for every transaction, including pawned or redeemed articles. These records must be maintained in English and retained for a minimum of six years.

New York S00554 mandates electronic recordkeeping for second-hand dealers and pawnbrokers.

New York S00554 amends the general business law to introduce new recordkeeping requirements for second-hand dealers and pawnbrokers. Dealers in second-hand articles, including those dealing in precious metals, must create electronic records for each transaction. These records must include detailed information about the article, the transaction, and the individuals involved. Pawnbrokers must also create electronic records for every transaction, including pawned or redeemed articles. These records must be maintained in English and retained for a minimum of six years.