Ohio Precious Metals Dealer Bond Guide
If you’re applying for a precious metals dealer license in Ohio, you’ll need a surety bond. Learn all about the bond requirements and process in this guide.
Bond Overview
- Purpose: To provide financial recourse for any customers harmed by a fraudulent dealer
- Who Needs It: Precious metals and gems dealers in Ohio
- Regulating Body: The State of Ohio, Division of Financial Institutions
- Required Coverage: $10,000
- Premium Rate: $100
What Is an Ohio Precious Metals Dealer Bond?
An Ohio precious metals and gems dealer bond is a type of surety bond that ensures dealers conduct business ethically and lawfully to protect the public from financial harm.
How Much Do Precious Metals Dealer Bonds Cost in Ohio?
The state-required $10,000 precious metals dealer bond costs $100 for a 1-year term. All applicants qualify at the same flat rate. Buy your bond in minutes now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Precious Metals Dealer Bond Work?
An Ohio precious metals dealer bond offers financial recourse for any customers harmed by a fraudulent dealer. The bond contract involves three parties:
- Principal: The precious metals dealer filing the bond
- Obligee: The Ohio Division of Financial Institutions requiring the bond
- Surety: The provider issuing the bond
If you, as the principal, commit fraud, theft or otherwise break license regulations, the surety will compensate harmed parties. However, it’s important to avoid bond claims because you have to repay the surety in full.
How Do I Get a Precious Metals Dealer Bond?
You can buy your Ohio precious metals dealer bond instantly online with SuretyBonds.com. Provide your county and NMLS license number and complete the online bond request form.
Once you submit payment, we’ll process and upload your bond directly to the NMLS on your behalf.
Can I Get Bonded With Bad Credit?
Yes, Ohio precious metals and gems dealers can get bonded regardless of credit score. Buy your bond online now.
How Do I Renew My Precious Metals Dealer 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.
