How much does an Minnesota bullion coin dealer bond cost?
A bullion coin dealer bond in Minnesota must post a surety bond for at least $25,000. Previously the minimum amount was $5,000. The change was made on July 1, 2016.
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. The best way to find out exactly how much you’ll pay for your Minnesota surety bond is to request your free bond quote now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Bullion Coin Dealer Bond||$25,000+||Starts at 1%||2-9%||10%+||Apply Now|
If you’re ready to purchase a bullion coin dealer surety bond in Minnesota, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form now. We can provide your free, no-obligation bond quote within 1 business day of submitting your application!
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.
Getting bonded is easy when you work with the experts at SuretyBonds.com! Click here to request your free bond quote now!
What’s the fine print?
Bullion coin dealer bonds are in effect for one-year and must be renewed annually unless cancelled 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:
- At least a $25,000 surety bond
- Background check
- Registration fee
- Bullion coin dealer application
For more information, refer to the important links section below.
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