A. In addition to retention of property required by this Chapter, any police officer having probable cause to believe that any item in possession of a licensee is stolen, may seize such item at any time. In the event of such seizure, the licensee shall be entitled to a written receipt.
B. In lieu of immediate seizure, any police officer having probable cause to believe that any item in the possession of the licensee is stolen may place a “Police Hold” on the item by notation to the record.
C. While an item is being held on “police hold” the dealer is required to:
1. Tag the item and note the hold on the transaction record;
2. Hold the item in a secure area and keep it separate from normal inventory. It shall be accessible at any time during the dealer’s normal business hours;
3. In any event the hold shall expire at the end of one hundred and twenty (120) days unless written notification is given to the dealer. Renewal of the “police hold” results in an additional one hundred and twenty (120) day holding period for each renewal.
D. No licensee shall dispose of any item subject to a “police hold” in any manner.