A new law clarifies which bullion buyers and sellers fall under state regulations, including the types of transactions they perform.
Effective Aug. 1, 2022, it defines a “registered dealer” as someone with a shop or representative in the state, who delivers bullion to a Minnesota address or who purchases from a resident. A dealer will be prohibited from conducting a Minnesota transaction without being registered.
An exception to the dealer registration for someone who engages in 12 or less trade shows per year in this state is deleted.
A dealer’s surety bond requirement is altered. The amount required will be based on their Minnesota transactions during the 12-month period prior to registration, and the minimum Minnesota transaction amount to require a surety bond is increased from zero to $25,000 in the preceding 12 months.
Rep. Aisha Gomez (DFL-Mpls) and Sen. Gary Dahms (R-Redwood Falls) sponsor the law.