(Commodity Online): The Scott County Board of Supervisors passed a new ordinance recently which imposes tougher regulations and higher fees for pawn brokers and cash-for-gold businesses.

Traders of Gold and other precious metals who intend to conduct business will now be liable to pay $200 annual license fee, a 300% increase. The earlier fee, in effect since 1981 was $50.

Kathy Noe, the County administrator, believes that the new regulations would deter individuals intending to carry businesses unethically.

“They have to have a background check, and there are other time-consuming administrative aspects that the fee will help cover. Plus (the ordinance) covers the reporting requirements and tougher enforcement in case the sheriff sees a new place pop up”, Noe says, timesnews.net reported.

The new ordinance also states that dealers should hold the metals for 10 days before reselling them and should have a full record of sales for at least 24 months

The Scott County Sheriff’s office will carry out the regulation.