How much will my New Jersey valuable metals dealer bond cost?
Precious metal dealer bonds are required by the State of New Jersey in the amount of $5,000 or $10,000. NJ metal dealer bonds can be purchased online for as little as $100. These bonds are subject to underwriting consideration, meaning the price you may will vary depending on a review of the applicant's credit and financials.
Why do I need this bond?
Precious metal dealer bonds are required by the State of New Jersey. These bonds protect any person injured by a fraudulent act committed by a precious metal dealer. The principal (dealer of precious metals) must comply with all provisions stated in the New Jersey Statutes Annotated. If a principal violates any of the terms of the bond and a consumer is harmed, the surety will initially cover any damages up to the full bond amount.
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What’s the fine print?
The State of New Jersey requires all dealers of precious metals to be bonded. Dealers must purchase a surety bond in the amount of $5,000 or $10,000. Each bond will have a one-year term, which must coincide with the license term. This bond will not be canceled unless the surety files a ‘notice of intention’ with the state 30 days before the requested cancellation date.
There is no specific bond form for New Jersey precious metals dealer bonds, so all bonds should be filed on a generic license and permit bond form.
