HF157 Summary

• Establishes registration requirement for bullion coin dealers and their representatives beginning July 1, 2014, if they conduct transactions exceeding $5,000 in aggregate within any 12-month period.

• Defines bullion coins as containing more than one percent by weight of silver, gold, platinum, or other precious metals, with specific exemptions for wholesalers, occasional sales, securities brokers, auctioneers, and financial institutions.

• Requires dealers to maintain surety bonds ranging from $25,000 to $200,000 based on transaction volume in the preceding 12 months.

• Prohibits 15 specific deceptive practices including misrepresenting coin characteristics, failing to deliver within 30 days, failing to respond to inquiries within three business days, and improperly withholding consumer money or property.

• Establishes criminal penalties (misdemeanor) for operating without registration or violating delivery/payment obligations, and grants the Commissioner of Commerce civil enforcement authority including injunctions, asset freezes, and civil penalties up to $10,000 per violation.