Minnesota bullion coin dealer bond
A bullion coin dealer bond in Minnesota must post a surety bond for at least $25,000. Previously the minimum amount was $5,000. The change was made on July 1, 2016.The premiums for these bonds depend on a review of the applicant’s credit report. An applicant could pay as little as $250 for a bullion coin dealer bond.
We are offers optional errors and omissions insurance for no additional charge.Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why this bond
The Minnesota Department of Commerce requires bullion coin dealers to post a surety bond. Minnesota Chapter 80G requires bullion dealers to be properly licensed. if a person buys, sells, or markets bullion coins or investments in bullion coins to consumers they must be bonded. The bond protects the consumers from wrongdoing by the principal (bullion coin dealer). If any wrongdoing occurs the surety will cover the cost of the claim. However, the principal must reimburse the surety for the claim amount.
Bullion coin dealer bond details
Bullion coin dealer bonds are in effect for one-year and must be renewed annually unless cancelled or claimed against. The surety has the right to cancel the bond if they give 60-days’ written notice to the obligee.
Become a bullion coin dealer
Applicants must submit the following to become a licensed bullion dealer:
- At least a $25,000 surety bond
- Background check
- Registration fee
- Bullion coin dealer application
For more information, refer to the Additional Information section below.
Apply for your surety bond
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