HF3309 Summary

• Defines "bullion coin product" as coins, rounds, bars, or ingots containing more than one percent precious metal (silver, gold, platinum, palladium, or other).

• Requires bullion coin dealers to register with the Commissioner of Commerce within 45 days of reaching $25,000 in aggregate transactions (changed from $5,000 threshold), with registration fees of $25 for dealers and $10 for representatives.

• Mandates surety bond requirements based on transaction volume, ranging from $25,000 for transactions of $25,000-$200,000 to $200,000 for over $2,000,000 in annual transactions.

• Establishes sales practice prohibitions including requirements to provide written invoices with registration information, deliver products within 30 days, respond to consumer inquiries within 3 business days, and prohibits misrepresentation of product characteristics or storage.

• Repeals prior registration threshold provisions and grants the Commissioner authority to deny, suspend, or revoke registrations for violations, with penalties up to $10,000 per violation for non-compliance with commissioner orders.