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.