2003 Planning Commission Packets

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(6) Transactions involving coins, bullion, or ingois. {7) Transactions in which the second hand item containing precious meial is exchanged for a new item coniaining precious metal and the value of the new item exceeds the value of the secondhand item, except that a natural persen, parinership ar corporation who is a precious metal dealer by engaging in a#ransaction whicl� is no� exempted by ihis section must comply with the requirements of sections 325F.734 to 325F.742. (8) Transactions be4ween precious meta{ deaiers if both dealers are licansed under section 325F.733 or if the seller's business is lacated oufside of the state and the item is shipped from outside the state to a dealer ficensed under section 325F.733. (9) Transacfions in which #he buyer of the secondhand item containing precious metaf is engaged primariiy in the business of buying and sefling antiques, and the items are resofd in an unaliered condition except for repair, and the items are resold at retail, and the buyer paid less than $2,500 for secondhand items containing precious metals purchased wifhin any period of 12 consecutive months. HIST: 1981 c 333 s 2 r ... . . , . + Subdivision 1. Appiication. 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 af �he county ir� which the dealer desires to do business. The appiication shafl incfude the applicant's name, dafie 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 fhe app(ican� infends to holci secondhand precious metals. If the person in charge of the business or a branch office is someor� other than the applicant, #he name, date of birth, and resident address of the persan in charge shall be stated with the location or branches indicated. If the appiicant is a corporation or partnership the name, date of birth and resident address of each officer and genera[ partn�r shali be stated. Each appGcation sha[! be kepi by the auditor �or a period of no less than #hree years and shall be avaifab[e for inspection only by emplayees of the county auditar, #he county attorney, the attorney general, or by a peace officer. Subd. 2. �ee. Each applicant shall pay to the treasurer of the caunty a license fee in an amount determined by the board of county commissioners of the county to be necessary to covsr the expenses of administering this lice�ing function. Subd. 3. Business Iocations. A precious metal deafer license shall authorize the p�-ecious mefial dealer fo transact business only at fihe Iocatian or locations designated in #he (icertse.