No dealer shall purchase or accept the pledge of any object comprised in whole or in part of precious metal without first having obtained a license to conduct a business in precious metals as herein provided from the business license administrator. Failure to obtain such a license prior to such purchase, trade or pledge shall constitute a Class A misdemeanor and shall be punishable as provided in section 16-66 of this Code.

(Code 1964, § 11.1320)