§ 12-14. Exemptions from reporting and holding requirements.

(a) Consignment goods.

Consignment goods are not subject to the daily reporting requirements of § 12-7 of this subtitle or to the item retention requirements of § 12-9 of this subtitle, as long as the dealer:

(1) keeps a record, subject to inspection under § 12-13 of this subtitle, of all the information required by § 12-7 of this subtitle; and

(2) complies with all other requirements of this subtitle.

(b) Purchases from certain regulated sources.

(1) This subsection applies to items acquired by a dealer:

(i) from another licensed dealer;

(ii) from a person licensed as a pawnbroker;

(iii) from a person licensed as a scrap metal dealer;

(iv) at a public auction conducted by a licensed auctioneer;

(v) from the personal representative of a decedent; or

(vi) at a public sale commonly known as a lawn sale, garage sale, or flea market.

(2) Items acquired under paragraph (1) of this subsection are not subject to the daily reporting requirements of § 12-7 of this subtitle or to the item retention requirements of § 12-9 of this subtitle, as long as the acquiring dealer:

(i) keeps a record, subject to inspection under § 12-13 of this subtitle, of the information required by § 12-7 of this subtitle; and

(ii) complies with all other requirements of this subtitle.

(c) Flea market dealers.

Second-hand personal property acquired by a dealer for resale, trade, or transfer exclusively at a flea market is not subject to the daily reporting requirements of § 12-7 of this subtitle or to the item retention requirements of § 12-9 of this subtitle, as long as:

(1) all of the dealer's resale, trade, or transfer business is conducted exclusively at the flea market;

(2) the flea market is open for business no more than 2 days a week;

(3) either:

(i) the dealer is licensed under this subtitle; or

(ii) the flea market has obtained a master license as a cooperative and the dealer is identified as a member of that cooperative; and

(4) the dealer keeps a record, subject to inspection under § 12-13 of this subtitle, of all the information required by § 12-7 of this subtitle.