New Jersey Cracks Down on "Cash for Gold" Shops
New Jersey's cracking down on "Cash for Gold" shops that violate consumer protection laws.
State officials have announced over 900 civil citations have been filed against 21 jewelers in five counties.
Steve Lee's acting director of New Jersey's Division of Consumer Affairs. He says these shops allegedly used tactics to cheat customers, like using faulty scales to jack up prices. He says now the industry will be held more accountable. And consumers can make more informed decisions about selling their gold.
"The price will be posted, they'll be able to trust the scale if they're being used by the jeweler; and they'll have a receipt with all the information that's required," he said. "We just want to make sure that the playing field's level for sellers of jewelry, especially those that are going through financial distress."
Lee says jewelers could face up to $1000 in fines per violation.