Among other things, bullion coin dealers in Minnesota offer customers the ability to potentially hedge against a fiat currency, our US dollar, which has lost some 94% of its value since the creation of the Federal Reserve in the early years of the 20th century. As a bullion dealer, you offer a product which is rare, industrially useful, and has intrinsic value.
Minnesota state’s Commerce Department regulates the registration and licensing of bullion dealers.
The Department also requires you to obtain a surety bond. The amount of the bond is dependent on the amount of purchases from and sales to customers at a retail location in the state of Minnesota.
Additionally, sole proprietors, LLC’s and corporations, and partnerships, each have their own surety bond form.
The amount of the Minnesota bullion coin dealer bond ranges from $25,000 to $200,000. The breakdown of the amount you will be required to purchase is as follows:
Qualifying is by means of a standard surety bond application. Our agency can take some of the information from you when you call. We will then provide a partly pre-filled application to you by email, which you will complete and then scan back to our office.
For the larger amounts, you may or may not be asked to provide a non-audited financial statement. If required, our agency will provide you with the form needed.
A standard credit inquiry is the biggest component of the underwriting process.
The estimated premium is 1% of the bond amount required; however, applicants who don’t qualify may be asked to pay more.
Our agency will work to find you the best surety bond pricing for your situation.
The bond, once issued is active for a period of one year. In most cases, we will be offer to you the ability to prepay your bond for 2 or 3 years. Prepayment of the premium offers you a savings over year to year renewal of the bond amount.
However, no refunds are offered for prepayment and you may wish to consider the adjustment you may need in bond amount at the time of the renewal before prepayment.
The bullion coin dealer bond is a financial guarantee which ensures your compliance with all laws regulating your professional conduct.
While required of you, the bond is for the benefit of Minnesota consumers.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota.
We also provide surety bonds nationwide.
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