Minnesota Legislature
SF 330
as introduced - 89th Legislature (2015 - 2016) Posted on 01/27/2015 09:41am
Current Version - as introduced
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A bill for an act
relating to commerce; providing an exemption from bullion coin dealer
regulation for dealers in certain coins; amending Minnesota Statutes 2014,
section 80G.01, subdivision 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2014, section 80G.01, subdivision 3, is amended to read:
Subd. 3.
Bullion coin dealer.
(a) Subject to the exceptions in paragraph (b), a
"bullion coin dealer" means any person who buys, sells, solicits, or markets bullion
coins or investments in bullion coins to consumers and is either incorporated, registered,
domiciled, or otherwise located in this state, or who does business with a consumer
domiciled, residing, or otherwise located in this state.
(b) A bullion coin dealer does not include any of the following persons:
(1) a person who engages only in wholesale bullion coin transactions with bullion
coin dealers who sell at retail and are properly registered under this chapter;
(2) a person who engages only in transactions at occasional garage or yard sales
held at the seller's residence, farm auctions held at the seller's residence, or estate sales
held at the decedent's residence;
(3) a person who is properly registered pursuant to chapter 80A, or the federal
Securities Exchange Act of 1934 and rules promulgated thereunder as a securities broker
dealer or broker dealer agent;
(4) an auctioneer who auctions coins at auction on behalf of an owner, if the
auctioneer does not take title or ownership of the coins, or the operator of an Internet Web
site that allows users to offer the sale of coins through that Web site, does not set the price,
is not the seller of record, and does not take possession of any coins to be offered;
(5) 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; deleted text begin or
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(6) a federally or state-chartered bank, bank and trust, savings bank, savings
association, or credit union or any operating subsidiary of themdeleted text begin .deleted text end new text begin ; or
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(7) a person who engages only in transactions in bullion coins struck prior to the
year 1700 A.D.
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Sec. 2. new text begin EFFECTIVE DATE.
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Section 1 is effective the day following final enactment.
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