SF 1817

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to consumer protection; requiring certain 
  1.3             disclosures in connection with the sale of certain 
  1.4             precious metals at retail; providing penalties and 
  1.5             remedies; proposing coding for new law in Minnesota 
  1.6             Statutes, chapter 325F. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [325F.749] [SALES OF PRECIOUS METALS; 
  1.9   DISCLOSURES.] 
  1.10     Subdivision 1.  [REQUIREMENT.] A person who in the ordinary 
  1.11  course of business sells precious metals at retail shall 
  1.12  disclose in writing to the other party at the time of the sale: 
  1.13     (1) the amount and description of any service or other fee 
  1.14  or charge that is included in the offering price; and 
  1.15     (2) the amount of any commission or other compensation that 
  1.16  is included in the offering price.  
  1.17     Subd. 2.  [DEFINITION.] "Precious metals" means an object, 
  1.18  including coins, bullion, or ingots containing silver, gold, 
  1.19  platinum, or palladium, whose precious metals content exceeds 40 
  1.20  percent.  The term also includes a nonprecious metal numismatic 
  1.21  coin, or a pattern, which includes either or both of the 
  1.22  following: 
  1.23     (1) copper; 
  1.24     (2) nickel. 
  1.25     For purposes of this section, "pattern" means a coin that 
  1.26  was made as a sample of a design that was not selected to be 
  2.1   minted as official United States coinage. 
  2.2      Subd. 3.  [PENALTIES AND REMEDIES.] A person who violates 
  2.3   this section is subject to the penalties and remedies provided 
  2.4   in section 8.31.  
  2.5      Subd. 4.  [NONAPPLICATION.] This section does not apply to 
  2.6   transactions:  
  2.7      (1) regulated by chapter 80A; 
  2.8      (2) regulated by the Federal Commodity Futures Commission 
  2.9   Act; and 
  2.10     (3) involving the sale of jewelry or the sale of precious 
  2.11  metals used in jewelry or jewelry products.