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How much does an Minnesota bullion coin dealer bond cost?
A bullion coin dealer bond in Minnesota must post a surety bond in an amount based on the annual transaction amount. The premiums for these bonds depend on a review of the applicant’s credit report. An applicant could pay as little as $250 for a bullion coin dealer bond.
Why do I need this bond?
The Minnesota Department of Commerce requires bullion coin dealers to post a surety bond. Minnesota Chapter 80G requires bullion dealers to be properly licensed. if a person buys, sells, or markets bullion coins or investments in bullion coins to consumers they must be bonded. The bond protects the consumers from wrongdoing by the principal (bullion coin dealer). If any wrongdoing occurs, the surety will cover the cost of the claim. However, the principal must reimburse the surety for the claim amount.
What’s the fine print?
Bullion coin dealer bonds are in effect for one year and must be renewed annually unless canceled or claimed against. The surety has the right to cancel the bond if they give 60 days’ written notice to the obligee.
How to become a bullion coin dealer in Minnesota
Applicants must submit the following to become a licensed bullion dealer:
- $25,000 minimum surety bond
- Background check
- Registration fee
- Bullion coin dealer application
For more information, refer to the "Additional Resources" section below.