New Jersey Precious Metals Dealer Bond Overview
- Purpose: To prevent fraud and illegal actions by any customers harmed by a precious metals dealer
- Who Needs It: All precious metals dealers working in New Jersey
- Regulating Body: The New Jersey Office of Weights and Measures
- Bond Amount: $5,000 or $10,000
- Premium Price: $100 for one year
What Is a New Jersey Precious Metals Dealer Bond?
New Jersey precious metals and gems dealer bonds ensure that dealers follow government regulations and operate honestly.
They protect government entities and consumers from financial harm if a gems dealer is fraudulent or noncompliant with licensing laws.
Who Needs the Bond?
The New Jersey Office of Weights and Measures oversees regulations for precious metals dealers — dealers of gold, silver, platinum, palladium and their alloys.
You only need to file one surety bond for statewide coverage. However, licenses and permits are issued by local municipalities rather than statewide.
How Much Do Precious Metals Dealer Bonds Cost in New Jersey?
New Jersey precious metals and gems dealer bonds cost a flat rate of $100 for either $5,000 or $10,000 coverage. This covers a one-year term, or you can get a three-year term for $250. Buy online now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does the Bond Work?
A precious metals dealer surety bond creates a contract between three parties.
| Bond Party | Description |
|---|---|
| 1) Principal | The dealer filing the bond |
| 2) Obligee | The New Jersey Office of Weights and Measures |
| 3) Surety | The surety provider issuing the bond |
Under this contract, you are financially liable for upholding license laws and regulations. If not, harmed clients or the state can file bond claims. The surety will pay out valid claims up to the bond amount.
How Do I Get My Bond?
With SuretyBonds.com, you can get your New Jersey precious metals dealer bond in minutes:
- Select the bond you need.
- Checkout instantly online.
- Receive your bond documentation via email.
Once you receive your bond, file it with your local licensing authority to become officially bonded.
Can I Get Bonded With Bad Credit?
Yes, New Jersey precious metals dealers can get bonded regardless of credit score. Everyone qualifies at the same flat rate.
How Do I Renew My Bond?
To renew your bond, pay the annual renewal premium when prompted. The surety will extend your bond for another term as long as there are no active claims.
