A Bullion Product Dealer is any person who buys, sells, solicits, or markets bullion products or investments in bullion products to consumers and is incorporated, registered, domiciled, or otherwise located in this state; has a dealer representative located in this state; or does business with a consumer at an address in this state, or delivers or ships a bullion product or makes a payment to a consumer at an address in this state, unless the transaction occurs when the consumer is at a business location outside of this state.
A Bullion Product Dealer Representative is any natural person acting as an employee, contractor, or agent of a dealer and who has interactions with consumers for the purpose of the buying, selling, solicitation, or marketing of bullion products or investments in bullion products. This term does not mean a natural person who has interactions with consumers solely for administrative purposes.
Bullion product is defined as any coin, round, bar, or ingot containing silver, gold, platinum, palladium, or other precious metal.
Minnesota Department of Commerce
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Audience: Hold
Application URL: https://www.sircon.com/landingPages/states/minnesota/otherBiz/content.jsp
Renewal URL: https://www.sircon.com/landingPages/states/minnesota/otherBiz/content.jsp
Applying for registration as a Bullion Product Dealer
Before applying for registration as a bullion product dealer, you must conduct the background history screening described above.
To apply for registration, you will need to
create an account at sircon.com (or sign into your account if you already have one). You will be able to complete the Bullion Product Dealer application once you are signed into sircon.com.
1. The application requires you to enter the firm name, Doing Business As name (DBA), Employer Identification Number (EIN), incorporation date, business structure, street address, mailing address, business telephone number, and an email address for business use. You will also need to enter the name, Social Security Number, birth date, title, and ownership percentage for the firm’s owners, partners, officers, and directors, as applicable.
You will also need to provide the following:
- each address where business is conducted
- any fictitious, alias, or trade names in which you are doing business or intend to do business
- the name and primary work location of each dealer representative
- information on any unclaimed property to report
- answers to background questions regarding criminal history, civil judgments, cease and desist orders, settlement agreements, administrative proceedings, and lawsuits or arbitration proceedings involving allegations of fraud, misappropriation or conversion of funds, misrepresentation, or breach of fiduciary duty
3. You must have registered the legal name of the firm, and if applicable, filed a Certificate of Assumed Name with the Minnesota Secretary of State's office. You must attach the supporting documents to the online application.
4. The fee is $25.
5. Registrations expire annually on June 30 and must be renewed.
Applying for registration of a Bullion Product Dealer Representative
All applications for registration of a bullion product dealer representative must be submitted by the affiliated bullion product dealer.
Dealer procedure. To apply for registration of a bullion product dealer representative, you must first have applied and received approval for registration as a bullion product dealer. You must also have conducted the background history screening described above.
The application requires you to enter your firm’s bullion product dealer license number and the representative’s name, Social Security Number, birth date, residence address, business address, mailing address, residence phone number, business phone number, email address, and email address for business use.
You will also need to enter answers to background questions regarding the following:
- criminal history
- civil judgments
- settlement agreements
- cease and desist orders
- administrative proceedings
- lawsuits or arbitration proceedings involving allegations of fraud, misappropriation or conversion of funds, misrepresentation, or breach of fiduciary duty
2. The fee is $10.
3. Registrations expire annually on June 30 and must be renewed.
Renewing a Bullion Product registration
Sign in to your Sircon account and complete the Bullion Product Dealer renewal application and Bullion Product Dealer Representative mass license renewal application process.
1. Renewal applications will be available on April 1. The renewal deadline is June 30.
2. The renewal fee is $25 for a bullion product dealer registration, and $10 for each bullion product dealer representative registration.
One year.
