SECTION 1.  Chapter 93 of the General Laws is hereby amended by inserting, after section 70, the following section:-

Section 70A.  Any person or company that is engaged in the business of selling, trading or bartering jewelry, including, but not limited to, gold and silver, other precious metals, and coins shall retain any such jewelry, precious metals, or coins deposited with him as part of the sale, trade or barter for no less than 6 business days after the date of deposit; provided, however, that the person with whom said person or company transacted the sale, trade or barter shall be entitled to a 5-day right of rescission of said transaction.  No jewelry, precious metals or coins shall be sold, traded, redeemed or disposed of otherwise than as provided in this section, any agreement or contract between the parties thereto to the contrary notwithstanding.  Any person or company that violates the provisions of this section shall be punished by a fine of not more than $1,000 or by imprisonment in a jail or house of correction for not more than 2 years, or by both such fine and imprisonment; and provided, further, that they shall pay to the consumer an amount equal to three times the value of the jewelry, precious metals or coins deposited as part of the sale, trade or barter.             

Violations of any provision of this section shall also constitute an unfair and deceptive trade practice under the provisions of chapter 93A. Such violations may be reported to the office of the attorney general or the director of consumer affairs and business regulation. The office of the attorney general may make such rules and regulations as are necessary to carry out the purposes of this section.