Section 1 provides definitions for purposes of the bill.

Section 2 provides for registration of bullion coin dealers and coin dealer representatives.

Subdivision 1 requires registration with the Department of Commerce for bullion coin dealers and coin dealer representatives who engage in more than $5,000 in coin transactions in the 12-month period preceding July 1, 2014. Registration subsequent to July 1, 2014 and renewals are provided for.

Subdivision 2 provides that reigstrations expire on June 30 and must be renewed.

Subdivision 3 specifies information required in the application form.

Subdivision 4 requires notice to the commissioner of specified changes in information related to a bullion coin dealer.

Subdivision 5 sets the registration fee for bullion coin dealers and coin dealer representatives. The commissioner has the authority to adjust the fee annually as needed based on the cost of processing registrations. The fees are credited to a separate account in the special revenue fund and the amount collected is annually appropriated to the agency for enforcement.

Section 3 establishes the standards for registration denial, nonrenewal, revocation, and suspension.

Subdivision 1 sets forth the causes that support a decision by the commissioner to suspend, revoke, or refuse to issue or renew a registration.

Subdivision 2 authorizes the commissioner to take action against a bullion coin dealer for actions of its coin dealer representatives.

Subdivision 3 provides authority for the commissioner to enter a revocation order and impose a civil penalty if a registration lapses, or otherwise becomes ineffective.

Subdivision 4 provides that revocation precludes making a new application for registration for 2 years.

Section 4 requires the commissioner to deny an application for or revoke an existing registration if a coin dealer representative or bullion coin dealer has been convicted of specified crimes, within the last ten years.

Section 5 requires screening of owners and officers of bullion coin dealers and coin dealer representatives.

Subdivision 1 requires screening of owners and officers of bullion coin dealers and coin dealer representatives prior to submitting an application for initial registration or renewal.

Subdivision 2 requires a national criminal history search, judgment search, and specified county criminal history search within 60 days of initial registration. Approved vendors are provided for.

Subdivision 3 requires similar screening for renewal of a registration.

Section 6 establishes a surety bond requirement.

Subdivision 1 requires a bullion coin dealer to maintain a surety bond in a defined amount based on transactions in the preceeding 12-month period.

Subdivision 2 permits an injured consumer to bring an action on the bond. The commissioner and attorney general may also bring an action on behalf of a consumer.

Section 7 addresses prohibited conduct.

Subdivision 1 lists conduct prohibited for a bullion coin dealer or coin dealer representative.

Subdivision 2 clarifies application of this section prior to initial registration in 2014.

Section 8 makes specified violations of the chapter a misdemeanor.

Section 9 states that nothing in this chapter precludes an action under chapter 80A (Securities Regulation) or local government authority under section 325F.742 (precious metal regulation).

Section 10 provides for investigative and civil enforcement authority by the commissioner of commerce.

Section 11 provides that the effective date is August 1, 2013.

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