To register or renew your registration with the Minnesota Department of Commerce, a bullion coin dealer must obtain and maintain a current, valid surety bond issued by a surety company admitted to do business in Minnesota.
As part of your application for registration or renewal, a bullion coin dealer shall provide documentation, as indicated by the department, which establishes that it has obtained and will maintaining a surety bond that meets the new statute’s requirements.
The amount of the required surety bond is based on the bullion coin dealer’s transactions and the transactions of its coin dealer representatives during the 12 month period prior to the date the dealer applies for registration or applies for renewal of its registration.
Total amount of transactions upon which the amount of the surety bond shall be based, is the total dollar amount of purchases from and sales to consumers domiciled, residing, or otherwise located in the state of Minnesota, at retail.
The surety bond shall be in the amount required by the table included in Minn. Stat. § 80G.6 as follows:
|Total Amount of Transactions||Amount of Required Surety Bond|
|More than $2,000,000||$200,000|