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'* i �: <br />� � ,�� ���, °E <br />325F.73'1 Defiin�tions. <br />SubcEivision 1. Terms. For the purposes of �aws 1981, chapter 333, sections <br />1 to 17, the following terms have the meanings given them. <br />Subd. 2. Precious metai dealer. "Precious meta! dealer" means any natural <br />person, partnership, or corporation, either as principal or agent, engaging in the <br />business of buying secondhand items confaining precious metal, incfuding, buf not <br />fimited to, jewelry, watches, eating ufensils, carKtlesticks, and religious and decorative <br />abjects. <br />Subci. 3. Precious metals. "Precious metals" means silver, go1d, and <br />platinum. <br />Subd. 4. Item containing precious metal. "Item containing precious metal" <br />means an item made in whole or in part of inetal and containing more than one percent <br />�y weight of silver, golc� or platinum. <br />H I ST: 1981 c 333 s 1 <br />325Fo732 L�censeo <br />Subdivision 1. Requiremenfi. Except as provided for in subdivision 2, it is <br />unlawfu! far a preciaus metal dealer to engage in or transact any business as such <br />without having a vaiid license as provided in section 325F.733. <br />Subd. 2. Scope. The requirements of Laws 1981, chapter 333, sections 1 ta <br />17 do not apply to the following: <br />(1) iransactions a# occasional "garage" or "yard" sales, or estate sales or #arm <br />auctions held at the decedenf's residence, except that precious metal dealers must <br />comply with #l�e requir�ments of sections 325�.734 to 325F.742 for these transactions. <br />(2) Transactions regu(afed by chapfer 80A. <br />(3) Transactions regulated by ihe Federal Commodity Futures Commission Act. <br />(4) 7ransactions involving ihe purchase of precious metal grindings, filings, <br />siag, sweeps, scraps, or dust frorn an industrial manufacturer, dentai lab, dentist, or <br />agent #hereof. <br />(5) Transactions involving the purchase of photographic film, such as <br />lithographic and X-ray film, or silver residue or flake recovered in lithographic and X-ray <br />film processing. <br />