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Minnesota Statutes <br /> <br />Precious Metals Dealer License <br /> <br />325F.731 Definitions. <br /> <br /> Subdivision 1. Terms. For the purposes of Laws 1981, chapter 333, sections <br />1 to 17, the following terms have the meanings given them. <br /> <br /> Subd. 2. Precious metal dealer. "Precious metal dealer" means any natural <br />person, partnership, or corporation, either as principal or agent, engaging in the <br />business of buying secondhand items containing precious metal, including, but not <br />limited to, jewelry, watches, eating utensils, candlesticks, and religious and decorative <br />objects. <br /> <br /> Subd. 3. Precious metals. "Precious metals" means silver, gold, and <br />platinum. <br /> <br /> Subd. 4. Item containing precious metal. "Item containing precious metal" <br />means an item made in whole or in part of metal and containing more than one percent <br />by weight of silver, gold or platinum. <br /> <br /> HIST: 1981 c 333 s 1 <br /> <br />325F.732 License. <br /> <br /> Subdivision 1. Requirement. Except as provided for in subdivision 2, it is <br />unlawful for a precious metal dealer to engage in or transact any business as such <br />without having a valid license as provided in section 325F.733. <br /> <br /> Subd. 2. Scope. The requirements of Laws 1981, chapter 333, sections 1 to <br />17 do not apply to the following: <br /> <br /> (1) Transactions at occasional "garage" or "yard" sales, or estate sales or farm <br />auctions held at the decedent's residence, except that precious metal dealers must <br />comply with the requirements of sections 325F.734 to 325F.742 for these transactions. <br /> <br /> (2) Transactions regulated by chapter 80A. <br /> <br /> (3) Transactions regulated by the Federal Commodity Futures Commission Act. <br /> <br /> (4) Transactions involving the purchase of precious metal grindings, filings, <br />slag, sweeps, scraps, or dust from an industrial manufacturer, dental lab, dentist, or <br />agent thereof. <br /> <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.