MN SF3175

Establishes registration requirement for bullion product dealers in Minnesota, with dealers required to register within 45 days of reaching $25,000 in aggregate transactions in a 12-month period instead of the previous $5,000 threshold.

Bullion product dealer registration fees are $25 per dealer and $10 per dealer representative, with registration valid for one year ending June 30.

Dealers must maintain surety bonds ranging from $25,000 to $200,000 based on transaction volume and comply with sales practice requirements including written invoices, complaint investigation, 30-day delivery/payment deadlines, and prohibition of misrepresentation.

Commissioner of Commerce authority includes power to deny, suspend, or revoke registrations for violations; impose civil penalties up to $10,000 per violation; and take enforcement action through district court.

Violating registration requirements or sales practice prohibitions is a misdemeanor; effective date is July 1, 2016.