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I was reading the new rulebook when I came across this line: Each model can only carry one of each type of magic item. magic items are divided into six categories (etc read pg. 500). Each category covers a particular kind of item....A model can only ever choose one items from each category.

Does this mean a wizard can only pick one arcane item since arcane items are considered a category? It sure read as if this is the case. So in other words, it seems like in 8th you could not have one wizard carry a dispel scroll and a Sivejir's Hex scroll. Is that assessment correct...one character cannot have two arcane items?

You are correct. No character can take two of the same typre of item, and you cannot have two items with the same name in one army.

that is correct.

There are a few specific exceptions, but yeah thats how it works

Its always been like that since 7th.
The only exception to that rule was Power stones and dispell scrolls, but now you can only take 1 instead of 4.
so yes!
1 arcane, 1 weapon, 1 armour, 1 enchanted, 1 talisman,

1 banner for the bsb!

Other units can have magic banners too.

Thanks for all the quick replies....I thought that was the right answer but the other day I played a guy who had three scrolls for one mage (Dark Elf) and I thought he was wrong. Oh well, I guess with the new rules it takes people time to adjust.