Precious metals and gem dealers in Virginia are statutorily required to secure a surety bond. AmeriPro Surety Bonds provides you with the precious metals dealer bond as required, both as a new surety bond and a renewal surety bond.
According to § 54.1-4106 of the Virginia Code, precious metals and gem dealers are required to furnish a $10,000 surety bond in order to lawfully operate.
Additionally, according to the same statute, Virginia cities and towns are also permitted to issue their own surety bond required in addition to the requirement of the Commonwealth.
For a $10,000 surety bond, after a surety application, a candidate will typically pay about 1% annually for this bond.
The precious metals surety bond may also have a credit check involved which may be a determinate for pricing.
The Virginia precious metals and gem dealer bond will be active for one year from the date of issuance; thereafter the bond is renewed.
Options may sometimes exist to prepay the precious metals surety bond for a period of several years. When such options are available, typically, a small savings is offered vis-a-vis the annual renewal premium.
The purpose of this surety bond is a financial guarantee in favor of the Commonwealth that a licensed dealer will be in compliance with all laws and regulations involved in handling precious metals.
The protections afforded the public by this bond also extend to any wrongdoings committed by employees, agents, and managers of a precious metals dealer; such persons are also included in your surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia.
Our agency also provides surety bonds nationwide. Please call AmeriPro Surety Bonds today at:
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