"If this upsets some of the gold, jewelry dealers and pawn shop dealers, then so be it," he said. "My intention is not to hurt the businesses in Albany County. My intention is to protect the citizens of Albany County from burglary and robbery and to recover stolen items."
Colonie Police Chief Steve Heider was happy about the law, as he said on Thursday, June 23, that he had just received a formal copy and there were only a few portions of the legislation he would add. His police department is trying to pass a law that is less stringent than the one proposed by Domalewicz.
"I think they've done a very good job in identifying the key factors," he said. "We're very pleased so far."
Heider said the law appears to be protecting local second hand dealers. He recalled local businesses complaining about out-of-state businesses that come in for one weekend with cash-for-gold events.
"I look at that portion of the law trying to protect the local businessman in Albany County, so that out-of-state and out-of-country people aren't flooding into here and taking their business away," he said.
Heider was pleased to see the 21-day hold, as Colonie proposed to do a five-day hold for merchandise sold to second-hand dealers.
But businessman Bill Panitch of W.S. Panitch Rare Coins said it would greatly hurt his business.
Panitch deals in only rare coins, paper money and certain kind of bullion coins. He said that the prices of bullion coins fluctuate by the minute and have a profit margin of 1 to 2 percent. If a 21-day hold was put in place, it could bring an end to his business.
"I would either have to shut the door permanently or offer so little for the merchandise that customers will quickly drive elsewhere to conduct their business," he said in an email.