1997 Minnesota Statutes

     325F.733 License; application; terms and conditions. 

    Subdivision 1.    Application.  Any precious metal 
 dealer desiring to engage in or transact business as such in any 
 county of this state shall file an application for a license for 
 that purpose with the auditor of the county in which the dealer 
 desires to do business.  The application shall include the 
 applicant's name, date of birth, resident address, and locations 
 of the proposed principal place of business and branch offices 
 within the county, and other locations within the county where 
 the applicant intends to hold secondhand precious metals.  If 
 the person in charge of the business or a branch office is 
 someone other than the applicant, the name, date of birth, and 
 resident address of the person in charge shall be stated with 
 the location or branches indicated.  If the applicant is a 
 corporation or partnership the name, date of birth and resident 
 address of each officer and general partner shall be stated.  
 Each application shall be kept by the auditor for a period of no 
 less than three years and shall be available for inspection only 
 by employees of the county auditor, the county attorney, the 
 attorney general, or by a peace officer.  

    Subd. 2.    Fee.  Each applicant shall pay to the 
 treasurer of the county a license fee in an amount determined by 
 the board of county commissioners of the county to be necessary 
 to cover the expenses of administering this licensing function.  

    Subd. 3.    Business locations.  A precious metal dealer 
 license shall authorize the precious metal dealer to transact 
 business only at the location or locations designated in the 
 license.  

    Subd. 4.    Term.  A precious metal dealer license shall 
 be valid for a period of one year from the date of its issuance. 

    Subd. 5.    Branch offices.  Each branch office shall be 
 operated under the same name as the principal office.  

    Subd. 6.    Posting of license.  Every precious metal 
 dealer shall prominently post the dealer's license in a 
 conspicuous location at the dealer's principal place of business 
 and a copy of the license in a conspicuous location at each 
 branch office.  

    Subd. 7.    Posting of prices; weighing.  Every precious 
 metal dealer shall prominently post in a conspicuous place and 
 in letters exceeding one inch in height the minimum prices per 
 ounce or pennyweight that are currently being paid by the dealer 
 for precious metals and a warning notice that unless otherwise 
 informed, the prices offered are based on the meltdown value of 
 the precious metal, rather than the value of the item in its 
 existing form.  Precious metal items shall be weighed in plain 
 sight of the prospective seller on scales approved by the 
 division of weights and measures of the department of public 
 service in accordance with sections 239.011 and 239.09. 

    Subd. 8.    Public record of licenses.  The county 
 auditor shall keep a record of the licenses in a book provided 
 for that purpose.  The book shall contain the same information 
 as required on the application for the license; provided, that 
 the applicant's resident address and date of birth shall not be 
 recorded.  The book shall be open for public inspection.  

    HIST: 1981 c 333 s 3; 1986 c 444; 1991 c 198 s 11