Suffolk County Precious Metals and Gems Dealer Bond Guide
If you’re becoming a precious metals and dealer in Suffolk County, New York, you’ll need this surety bond.
Bond Overview
- Purpose: To provide financial recourse for any customers harmed by a fraudulent dealer
- Who Needs It: Dealers of precious metals and gems in Suffolk County, NY
- Regulating Body: The Suffolk County Division of Consumer Affairs
- Required Coverage: $5,000
- Premium Rate: $175 for a 2-year term
Learn all about the bond requirements and process in this guide.
What Is a Suffolk County Precious Metals and Gems Dealer Bond?
A Suffolk County, NY precious metals and gems dealer bond ensures that dealers operate lawfully to protect the public from financial loss.
If a precious metals dealer commits fraud, theft or otherwise breaks their license regulations, the surety will compensate harmed parties.
How Much Do Precious Metals Dealer Bonds Cost in Suffolk County?
A $5,000 Suffolk County precious metals dealer bond costs a flat rate of $175. Or, you can save 25% by selecting a multi-year term.
Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Precious Metals Dealer Bond?
The Suffolk County Division of Consumer Affairs requires this bond for all applicants to receive a precious metals and gems exchange license.
Working outside of Suffolk County? Visit our New York Precious Metals and Gems Dealer Bond Hub to see all similar bonds.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Suffolk County precious metals dealer bond instantly online. Just enter your information and checkout in minutes.
We’ll email you the bond shortly after purchase. Be sure to file the bond with the Division of Consumer Affairs as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Suffolk County Precious Metals and Gems Dealer Bond Work?
As with all surety bonds, a precious metals dealer bond creates a legal contract between three parties:
- Principal: You, the precious metals and gems dealer filing the bond
- Obligee: The Suffolk County Division of Consumer Affairs requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding municipal codes and ordinances.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire every two years. To renew your precious metals dealer bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
