80G.01 [Renumbered 80G.02, subd. 5] 80G.01 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given to them in this section. Subd. 2. Bullion product. “Bullion product” means any coin, round, bar, or ingot containing silver, gold, platinum, palladium, or other precious metal. Subd. 3. Dealer. (a) Subject to […]
80G.02 REGISTRATION. Subdivision 1. Registration required. It is unlawful for a dealer or dealer representative to conduct a Minnesota transaction without being registered by the commissioner as provided for in this chapter. A dealer must submit an application to register itself and each of its dealer representatives within 45 days of reaching $25,000 in the […]
80G.03 REGISTRATION DENIAL, NONRENEWAL, REVOCATION, AND SUSPENSION. Subdivision 1. Authority. The commissioner may, by order, suspend, revoke, or refuse to issue or renew a dealer or dealer representative registration for any one or more of the following causes: (1) providing incorrect, false, misleading, or incomplete information to the commissioner or refusing to allow a reasonable […]
80G.04 CRIMINAL CONVICTIONS. Subdivision 1. Dealer registration precluded. The commissioner must deny an application for registration or renewal of a dealer, or revoke such registration, if the bullion product dealer or its owners or officers have within the last ten years been convicted in any court of any financial crime or other crime involving fraud […]
80G.05 SCREENING. Subdivision 1. Screening process required. Each registered dealer must establish procedures to screen each of its owners and officers and each of its dealer representatives prior to submitting the application to the commissioner for initial registration and at each renewal. The results of such screenings shall be kept on file by the dealer […]
80G.06 SURETY BOND. Subdivision 1. Surety bond requirement. (a) Every dealer shall maintain a current, valid surety bond issued by a surety company admitted to do business in Minnesota in an amount based on the Minnesota transactions during the 12-month period prior to registration, or renewal, whichever is applicable. (b) The amount of the surety […]
80G.07 PROHIBITED CONDUCT. Subdivision 1. Sales practices. When conducting a Minnesota transaction, a dealer or dealer representative must not: (1) prior to a transaction regarding bullion products, or concurrent with the delivery thereof, fail to provide to the consumer an invoice, which, in a clear and conspicuous manner, discloses the dealer’s registration number, the Department […]
80G.08 CRIMINAL VIOLATION. A person who conducts business as a dealer or as a dealer representative without having first registered with the commissioner as required in section 80G.02, subdivision 1, or who carries on such business after the revocation, suspension, or expiration of a registration, or who violates section 80G.07, subdivision 1, clause (3) or […]
80G.09 OTHER ACTION; LOCAL AUTHORITY. Nothing in this chapter precludes an action under chapter 80A or preempts local government authority under section 325F.742. History: 2013 c 120 s 9
80G.10 INVESTIGATIONS AND CIVIL ENFORCEMENT. Subdivision 1. Civil action instituted by commissioner. If the commissioner believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or that a […]
80G.11 NOTIFICATION TO COMMISSIONER. A registered dealer must notify the commissioner of any dealer representative termination within ten days of the termination if the termination is based in whole or in part on a violation of this chapter. History: 1Sp2021 c 4 art 3 s 20; 2022 c 75 s 11
