2006 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 Commerce 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.
History: 1981 c 333 s 3; 1986 c 444; 1991 c 198 s 11; 1Sp2001 c 4 art 6 s 77