1. You buy, sell, solicit, or market bullion products or investments in bullion products to consumers and
2a. You are incorporated, registered, domiciled, or otherwise located in Minnesota or
2b. You have a dealer representative located in Minnesota or
2c. You conduct business with a consumer at a location in Minnesota, or deliver or ship a bullion products or make a payment o a consumer at an address in Minnesota, unless the transaction occurs when the consumer is at a business located outside of Minnesota.
You are not a Bullion Product dealer if:
You may need a Bullion Products Dealer License if:
If any of the above statements described you then you are not a Bullion Products Dealer and you are not required to comply with the law. You may stop here.
If none of the above statements described you then you are a Bullion Products Dealer and you need to begin the registration process.
If the answer is yes to 1 and 2, you need to be registered as a bullion product dealer representative unless your interactions with consumer are solely for administrative purposes.
This page reflects the registration, bonding, and sales practices/ prohibited conduct requirements of the current Minnesota Chapter 80G. To view prior statutory requirements, please visit the Revisor website to determine whether you required a bullion coin dealer license.
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.
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.
Please contact the National Association of Professional Background Screeners or an equivalent vendor.
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.
If you have any questions, e-mail the licensing department or call 651-539-1599.
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.
If you have any questions, e-mail the licensing department or call 651-539-1599.
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.
You must not:
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 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 Pulse Support for assistance at 1-866-274-4756.
*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.
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.
Your renewed Bullion Product Dealer and Representative registration will be available immediately for printing on Pulse Portal once the renewal payment has been made.
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.
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 changes are completed online at www.pulseportal.com by using the “Change Your Address” tab.
If the address change is from state to state or changes your residency status, you must request an address change via email to firstname.lastname@example.org.
To change your name, you must complete the Name Change Form (.pdf) and attach the applicable legal documentation.
A driver's license or Social Security card WILL NOT fulfill this requirement. Please email the form and the legal documentation to email@example.com.
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 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.
This feature is only available to the bullion product dealer.
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:
|Total Amount of Transactions||Amount of Required Surety Bond|
|More than $2,000,000||$200,000|