A precious metal is defined as silver, gold and platinum. Per MN State Statute 325F.732, a precious metal license is required when any precious metal dealer engages in the business of buying secondhand items containing precious metals.
A precious metal dealer license shall authorize the precious metal dealer to transact business only at the location or locations designated in the license.
The license is valid for 1 year from the date of issuance.
The application fee for a Precious Metal Dealers License is $100.
The application and the following forms must be completed annually for licensure.