Hold on stolen regulated metal property -- Hold notice

(1) (a) If a law enforcement agency has reasonable cause to believe that items of regulated metal in the possession of a dealer are stolen, the law enforcement agency may issue a written hold notice. (b) The hold notice described in Subsection (1)(a) shall: (i) identify those items of regulated metal alleged to be stolen and subject to hold; and (ii) inform the dealer of the restrictions imposed on the regulated metal property under Subsection (2). (2) For 60 days after the date of receiving a hold notice, a dealer may not process or remove from the dealer's place of business any regulated metal identified in the hold notice, unless the property is released earlier by the law enforcement agency or by order of a court of competent jurisdiction. (3) On the expiration of the hold notice period, the hold is automatically released, and the dealer may dispose of the regulated metal, unless otherwise directed by a court of competent jurisdiction. (4) A dealer who violates this section is subject to the penalties described in Section 76-6-1409.1.