SF382 Bill Summary

• Requires bullion coin dealers and their representatives to register with the Minnesota Commissioner of Commerce beginning July 1, 2014, if they conduct transactions exceeding $5,000 in aggregate during any 12-month period.

• Defines "bullion coin" as any coin containing more than one percent by weight of precious metals (silver, gold, platinum, or other) and establishes exemptions for wholesalers, banks, occasional sales, and certain licensed securities brokers.

• Mandates dealers maintain a surety bond ranging from $25,000 to $200,000 based on transaction volume in the preceding 12 months, with consumers authorized to file claims for unpaid coins or money owed.

• Prohibits dealers from misrepresenting coins, delivery dates, storage methods, or registration status; requires written disclosure of precious metal content and sale prices; and mandates response to consumer inquiries within three business days.

• Establishes criminal penalties (misdemeanor) for unlicensed dealer operations or violation of delivery/payment requirements, and civil penalties up to $10,000 per violation with authority for asset freezes, injunctions, and receiverships.