New Bullion Law in Minnesota|
June 03, 2013
Minnesota has passed legislation that would regulate bullion coin dealers.
But it has coin dealers and coin club officials scratching their heads over just what it means and how to comply.
Text of the legislation was posted on the Northwest Coin Club website at www.northwestcoinclub.com.
Implementation of the bill will have the effect of licensing bullion coin dealers in the state.
Bullion coin dealers will be subjected to registration as of July 1, 2014, with the state commissioner of commerce at a fee of $25 for a bullion coin dealer and $10 for his representatives.
The legislation defines “bullion coin” as any coin that contains “more than one percent by weight of silver, gold, platinum, or other precious metals.”
A bullion coin dealer is one who buys and sells bullion coins.
By that definition virtually all dealers are bullion coin dealers.
However, there is a list of exceptions to this definition of a bullion coin dealer. One of them is “a person who engages only in transactions at occasional trade shows where the consumer is present and the transaction is made at the trade show.”
Does this exempt dealers who visit Minnesota from out of state a few times a year to attend various annual shows? Lawyers and accountants will be sorting that out.
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On June 4, 2013 Roger
On June 5, 2013 s v
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