Bullion Product Dealer Registration

How to Apply

Screening Process Required

Per Minnesota Statute 80G.05: Each bullion product dealer must establish procedures to screen each of its owners and officers and each of its bullion product dealer representatives prior to submitting the application to the commissioner for initial registration and at each renewal. The results of such screenings shall be kept on file by the dealer and, if requested by the commissioner, provided to the commissioner as part of the initial registration and all renewal registrations.

Initial Screening

The screening process for initial registration must be done no more than 60 days before the submission of an application for registration. The process must include a national criminal history record search, a judgment search, and a county criminal history search for all counties where the owner, officer, or bullion product dealer representative has resided within the immediately preceding ten years. Each bullion product dealer shall use a reputable, reliable, and accurate vendor authorized to do business in any state to conduct the background screening process on its owners, officers, and bullion product dealer representatives.

Background Screening Vendor Information

Please contact the National Association of Professional Background Screeners or an equivalent vendor.

Bullion Product Dealer Registration

To register or renew your registration with the Minnesota Department of Commerce, a bullion product dealer must obtain and maintain a current, valid surety bond issued by a surety company admitted to do business in Minnesota. Please review the tab “Surety Bond” for additional details.

Application Instructions

1. Go to www.pulseportal.com, select "Minnesota Department of Commerce" as the “Program” and "Bullion Product Dealers" as the “Board.” Then click on: "Submit License Application.” Click “Organization” as the “Entity Type” and “Bullion Product Dealer” as the “License Type.”
2. Enter the name of the company, the resident state, and the company’s Federal Employer Identification Number (FEIN). Click “Next.”
3. Continue filling out the required information within the electronic application.
4. Fees are paid at the end of the application. The initial registration fee is $25.00. In addition to the registration fee, the online system vendor also charges a $9.95 transaction fee and a $1.00 credit card fee.
5. At the end of the application, you will receive a “Confirmation Number” that can be used to check the status of the application within Pulse Portal by using the “Application Status Inquiry” feature. If a discrepancy is found or the application is approved, that will be indicated by the “Application Status Inquiry” feature.
6. The original Minnesota Surety Bond for the place of business must be mailed to the Minnesota Department of Commerce. The Power of Attorney document must also be attached to the Surety Bond.
7. After the registration is issued, you can print a copy of it. A "State ID and PIN number will be printed on page 2 of the registration. These numbers must be used to set up an account on PulsePortal. Once the account is set up for your business, you will be able to submit individual bullion product dealer representative registration applications and perform other functions on the system.

If you have any questions, e-mail the licensing department or call 651-539-1599.

Bullion Product Dealer Representative Registration

Bullion Product Dealers must be approved first and must also register for a Pulse Portal User Account before submitting applications for bullion product dealer representatives. 

1. Go to www.pulseportal.com, select "Minnesota Department of Commerce" as the “Program” and "Bullion Product Dealers" as the Board.
2. Click on "Submit License Application" in the list of options.
3. Select “Individual” as the “Entity Type” and “Bullion Product Dealer Rep” as the “License Type.” Enter the resident state and proceed. The system will ask for a “User Name” and “Password”. That information is maintained by the registered Bullion Product Dealer.
4. Continue filling out the required information within the electronic application.
5. The registration fee is $10.00. The online system vendor also charges a $9.95 transaction fee and a $1.00 credit card fee.
6. At the end of the application, you will receive a “Confirmation Number” that can be used to check the status of the application within Pulse Portal by using the “Application Status Inquiry” feature. If a discrepancy is found or the application is approved, that will be indicated by the “Application Status Inquiry” feature.
7. Once a registration has been approved, a copy can be printed on PulsePortal.

If you have any questions,  e-mail the licensing department or call 651-539-1599.

Final Checklist as of August 1, 2016

• Determine whether you are a Bullion Products Dealer by following the instructions above.
• Comply with the sales practices/prohibited conduct requirements if your bullion products transactions (both purchases and sales) with consumers between July 1 and June 30 of any year meet the $25,000 aggregate transaction dollar amount discussed in Step Three of the Step-by-Step Instructions.
• Maintain documentation of your transactions for the period of July 1 through June 30 of each year so that you can determine whether you will meet the $25,000 aggregate transaction dollar amount and 
  1. continue to comply with the sales practices/prohibited conduct requirements and 
  2. take necessary steps to comply with the registration, screening and surety bond requirements within 45 days of reaching $25,000 in the aggregate of bullion product transactions. 

If you must comply with the sales practices/prohibited conduct requirements, you must do the following:

Prepare a written invoice for each bullion products transaction and provide a copy of the invoice to the consumer prior to the transaction or concurrent with delivery thereof. You must retain a copy the written invoice. 

The written invoice must include the following in a clear and conspicuous manner:

1. The registration identification numbers issued to you by the Department of Commerce.
2. The Department of Commerce’s e-mail address and telephone number as follows: 
   • Telephone Number: 651-539-1600 
     
   • Email: consumer.protection@state.mn.us 
3. The bullion product’s sale or purchase price.
4. The quantity of bullion products being purchased or sold.
5. Information that specifically identifies and describes the bullion products being purchased or sold.
6. The bullion product’s precious metal content, but only if it differs from the previous metal content specified by a government mint issuing the product and struck on the product, or if the product is not issued by a government mint.

You must accurately state the following information to consumers purchasing or selling bullion products:

• The date you will deliver the bullion products you have sold to them or the date that you will pay them for the bullion products you have purchased from them.
• Your qualifications, affiliations and registration information and the qualifications, affiliations and registration information for your products dealer representatives.
• The material aspects of the bullion products you are marketing, selling, or purchasing, including the bullion products’ performance, efficacy, nature, investment value, central characteristics, liquidity, earnings potential, or profitability.
• The manner in which you will store or otherwise handle bullion products received from a consumer. 

When selling bullion products to consumers or purchasing bullion products from consumers you must:

• Deliver the bullion products by common carrier to consumers within the time you agreed to deliver them. If you have not agreed to a time, you must deliver the bullion products within thirty days after consumers pay for them.
• Pay consumers for the bullion products you purchase from them within the time you agreed to pay them. If you have not agreed to a time, then you must pay consumers within thirty days after the bullion products is provided to you.
• Respond to consumers’ inquiries about the delivery status of bullion products or payment status of bullion products within 3 business days.  

You are encouraged but not required to prepare and keep the following:

• A separate document that sets out your qualifications and affiliations and those of your  bullion-products dealer representatives that you may then provide to consumers. 
• A document that could be used to obtain a consumer’s consent to renegotiate the terms of a sale or purchase and that the consumer was offered the option of a full refund or return of their bullion products. 
• Carefully document any representations you make regarding any material aspect of the bullion products you are marketing, selling to or purchasing from a consumer, including its performance, efficacy, nature, investment value, central characteristics, liquidity, earnings potential, or profitability. 

Prohibitions

You must not:

• Fail to investigate any consumer complaint and retain records of all consumer complaints, the results of the investigations, any your response to and resolution of the complaint.
• Renegotiate the terms of sale or purchase after receiving a consumer’s bullion products or payment for bullion products without first:
  • obtaining the consumer’s agreement to renegotiate the transaction, and
  • offering to fully refund the consumer’s payment or to return all of the consumer’s bullion products to them.
• Telephone or solicit consumers, sell or provide their names to any other bullion products dealer or products dealer representative if consumers request not to be contacted.
• Violate a subpoena or order from the Department of Commerce or a court.
• Misrepresent that you have a relationship with a government agency or mint.
• Improperly withhold, misappropriate, or convert any money or properties received in the course of a buying, selling, soliciting or marketing bullion products or investments in bullion products to consumers.
• Misrepresent the terms of an actual or proposed purchase or sale of bullion products or investments in bullion products.
• Violate any other federal, state, or local laws or rules related to selling, purchasing, soliciting or marketing bullion products, investments in bullion products, or precious metals, or any federal, state or local laws related to taxation or labor standards.

Note: “You” includes bullion products dealers and their products dealer representatives. Bullion products dealers are responsible for the actions of their bullion-product dealer representatives who are conducting activities on their behalf or at their direction.

Renewal and Modifications

Go directly to Modifications

Important Notice about Renewals

Renewal notifications will be emailed to the business email address that is provided on the Bullion Product Dealer’s company registration. 

Bullion Product Dealer and Representative Registrations expire annually on June 30. Application for renewal of a registration is considered timely filed if received by the Department of Commerce before the date of the issued expiration date. A Bullion Product Dealer and their associated representatives failing to make timely application for renewal of the registration will be deemed inactive.

Electronic Renewal applications and payments must be received by the MN Department of Commerce before 4:30 P.M. Central Time on June 30 of the applicable year on www.pulseportal.com. If you do not know your user name and password to process the renewal, please contact Vertafore Support for assistance at 833-814-0228.

*It is the bullion product dealer’s responsibility to renew the company registration along with all associated bullion product dealer Representative Registrations before the renewal deadline.

Renewal Screening Requirements

Each bullion product dealer must establish procedures to screen each of its owners, officers, and bullion product dealer representatives prior to submitting the renewal payment. 

The screening process for the renewal of a registration must include a national criminal history record search, a judgment search, and county criminal history search for all counties where the owner, officer, or bullion product dealer representative has resided since satisfactorily completing the last screening process conducted pursuant to Minnesota Statute 80G.02. Screening for renewal of the owner, officer, and bullion product dealer representative registrations must take place no more than 60 days before the submission of an application for renewal of a registration.

If this screening process reveals an incident that was not previously reported to the Minnesota Department of Commerce, please contact the Department at 651-539-1599. Please note that the results of such screenings shall be kept on file by the dealer and, if requested by the commissioner, provided to the commissioner as part of the renewal process.

How to Renew

1. Renewals can be submitted online within www.pulseportal.com. Do not use your web browser’s back button at any point within this process or your data will be lost.
2. Go to www.pulseportal.com, select "Minnesota Department of Commerce" as the “Program” and "Bullion Product Dealers" as the “Board.”
3. Under "License Renewals," click on "Mass License Renewals." This will call up the "Login" screen.
4. Enter your User Name and Password and click the "Login" button. If you need help logging into the database or have forgotten your user name or password, call Pulse Portal Support at 1-866-274-4756.
5. Next to "License Type," click the "Bullion Product Dealer" button, then click the "Submit" button.
6. You will be presented with a list of all the representatives that are associated with your company. Click the check-box that is next to the name of each representative that you would like to renew and then click the "Submit" button.
7. The list of renewed registrations will appear. Click the "Submit" button. 
8. Read the Attestation and click “I Agree.” 
9. You will be presented with a screen that has a breakdown of the fees; review this page and click “Submit.” 
10. The Credit Card Information screen will appear. Enter all required information that is highlighted in blue. Click the "Continue" button.
11. Verify your information on the next screen. If something needs to be added or corrected, click the "Back" button at the bottom of the page (do not use your browser’s back button). If everything is correct, click the "Submit Credit Card Info" button.
12. The confirmation page will appear. Please write down the Confirmation ID number and print the page for your records. The Confirmation ID number can be used to check the status of your renewal.
    
    

Additional Information

Print your Renewed Registration

Your renewed Bullion Product Dealer and Representative registration will be available immediately for printing on Pulse Portal once the renewal payment has been made. 

1. From the "Choose a Program" drop-down menu, select "Minnesota Department of Commerce." 
2. From the "Choose a Board" drop-down menu, select "Bullion Product Dealers." Click “Print a License” under “Licensing Services.” 
3. Enter your company or your representative’s information and follow the prompts. 
4. Please make sure your pop-up blocker is disabled.

Inactive Status and Reinstatement 

If we do not receive renewal payments for the bullion product dealer and their associated representatives by June 30, the effected registrations will be deactivated.

In order to reinstate an inactive registration, the bullion product dealer must go through the full application process (Please see the “Apply Tab” for instructions). Once the company has been approved, full applications will have to be submitted for all of the associated representatives. 

We will need proof that the bond is still active. We will accept a “Verification Certificate” or Continuation Certificate” from the surety bond company. If the bond is inactive: we will need a new, original bond mailed to our office.

License Modifications

It is the responsibility of the bullion product dealer to maintain their company’s registration along with any associated bullion product dealer representatives. The Bullion Product Dealer and their associated Representative must notify the MN Department of Commerce, Licensing Division of any updates to the registration within 10 days per 80G.02.

Address Change

You must submit an address change via regular mail and include a bond rider with the new address.

Licensing Minnesota Department of Commerce
Attn: Bullion Product Dealer Registration
85 – 7th Place East, Suite 280
St. Paul, MN 55101

Name Change

To change your name, you must complete the Name Change Form (.pdf) and attach the applicable legal documentation.

• Court order
• Marriage certificate
• Divorce decree

A driver's license or Social Security card WILL NOT fulfill this requirement. Please email the form and the legal documentation to licensing.commerce@state.mn.us. 

Terminate an Employee

If an employee / bullion product dealer representative leaves, the bullion product dealer shall terminate their association by using the “Terminate Employee” feature that can be found at www.pulseportal.com. This feature is only available to the bullion product Dealer.

If the dealer is going to work for more than one bullion product Dealer, please call or email our office for specific steps. 

Major Updates

Major company registration updates and changes to the surety bond must be manually processed and cannot be completed online. Please call 651-539-1599 or e-mail licensing.

Print a Registration

This feature is only available to the bullion product dealer. 

1. Go to www.pulseportal.com and select "Minnesota Department of Commerce" as the “Program” and "Bullion Product Dealers" as the “Board.” 
2. Click "Print a License.” 
3. Enter the required information. 
4. You may have to disable your pop-up blocker to view the registration.

Surety Bond Requirements

To register or renew your registration with the Minnesota Department of Commerce, a bullion product dealer must obtain and maintain a current, valid surety bond issued by a surety company admitted to do business in Minnesota.

As part of your application for registration or renewal, a bullion product dealer shall provide documentation, as indicated by the department, which establishes that it has obtained and will maintain a surety bond that meets the statute’s requirements.  

The amount of the required surety bond is based on the bullion product dealer’s transactions and the transactions of its bullion product dealer representatives during the 12 month period prior to the date the dealer applies for registration or applies for renewal of its registration.   

Total amount of transactions upon which the amount of the surety bond shall be based, is the total dollar amount of purchases from and sales to consumers at a location in the state of Minnesota, at retail.  

The surety bond shall be in the amount required by the table included in Minnesota Statute 80G.06 as follows:

Required Forms

• Bullion Product Dealer Surety Bond - Corporation/LLC (.pdf)
• Bullion Product Dealer Surety Bond - Partnership (.pdf)
• Bullion Product Dealer Surety Bond - Individual Proprietorship (.pdf)