04-02-2003 - Laserfiche WebLink

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Subd. 4. Term. A precious metal dealer license shall be valid for a period of one year from the date of its issuance. Subd. 5. Branch offices. Each branch office shall be operated under the same name as the principal office. Subd. 6. Posting of license. Every precious metal dealer shall prominently post the dealer's license in a conspicuous location at the dealer's principal place of business and a copy of the license in a conspicuous location at each branch office. Subd. 7. Posting of prices; weighing. Every precious metal dealer shall prominently post in a conspicuous place and in letters exceeding one inch in height the minimum prices per ounce or pennyweight that are currently being paid by the dealer for precious metals and a warning notice that unless otherwise informed, the prices offered are based on the meltdown value of the precious metal, rather than the value of the item in its existing form. Precious metal items shall be weighed in plain sight of the prospective seller on scales approved by the division of weights and measures of the department of commerce in accordance with sections 239.011 and 239.09. Subd. 8. Public record of licenses. The county auditor shall keep a record of the licenses in a book provided for that purpose. The book shall contain the same information as required on the application for the license; provided, that the applicant's resident address and date of birth shall not be recorded. The book shall be open for public inspection. HIST: 1981 c 333 s 3; 1986 c 444; 1991 c 198 s 11; 1Sp2001 c 4 art 6 s 77 325F.734 Identification of sellers. Every precious metal dealer shall require a seller of secondhand items containing precious metals to present to the dealer at the time of the transaction an identification card of the seller containing a picture of the seller and the seller's address. HIST: 1981 c 333 s 4; 1986 c 444 325F.735 Records required. Every precious metal dealer shall keep a book at the dealer's business location in which shall be clearly written in ink, in the English language, at the time of each transaction, or as close thereto as possible, the following information: (1) an accurate description of every secondhand item containing precious metals bought, including the type of item, number of items, bra nd name of item, if any, engraving or other identifying features of the item, if any, and a description of any gems attached;