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S.F. No. 3175 - Bullion Product Dealers
Author: Senator David J. Tomassoni
Prepared By: Christopher B. Stang, Senate Counsel (651/296-0539)
Date: April 1, 2016


Section 1 changes definition of "bullion coin" to “bullion product”, which will now include rounds, bars, or ingots containing precious metals. Revises definitions to make changes to parties and locations that will be subject to regulation.

Section 2 requires dealers and dealer representatives to register with the commissioner of commerce within 45 days of selling $25,000 worth of bullion product. Revises criminal conduct that must be disclosed to the commissioner.

Sections 3 and 4 make technical changes.

Section 5 allows a dealer to keep screening information about dealer representatives on file, subject to request by the commissioner. Allows a dealer to choose a screening company located in any state. Makes technical changes.

Section 6 provides that a surety bond is not required unless the dealer sells $25,000 in bullion product sales.

Section 7 makes changes to information a dealer must provide a customer. Requires dealers to investigate consumer complaints and retain certain records pertaining to complaints. Makes technical changes.

Sections 8 and 9 make technical changes.

Section 10 repeals obsolete section 80G.07, subdivision 2.

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