US Coins

ICTA hosts Q and A on Minnesota dealer law

A panel of four experts will be answering questions about complying with the Minnesota bullion coin dealer law at the upcoming Whitman Baltimore Expo.

The panelists will be Minnesota dealers Gary Adkins (Gary Adkins & Associates, Inc.) and Greg Allen (Greg Allen Coins, LLC). Texas dealer Mike Fuljenz (Universal Coin & Bullion, Ltd.) and Gary Linthicum, Fuljenz’s in-house legal counsel, will also be on the panel.

The Q&A will be hosted by the Industry Council for Tangible Assets from 8 a.m. to 9 a.m. on Friday, Oct. 31, at the Baltimore Convention Center in room 305. A continental breakfast will be provided.

In a press release, ICTA states, "Since the Minnesota bullion coin dealer law (Chapter 80G) became effective on July 1, 2014, ICTA has been receiving many inquiries from its members and non-members about how the law may or may not affect them." 

The Minnesota bullion coin dealer law (Chapter 80G) became effective on July 1, 2014. It states that every precious metals dealer who does business in Minnesota must register with the Minnesota Commissioner of Commerce. The new law requires registration by, not only Minnesota-based dealers, but out-of-state dealers who do more than $5,000 in business annually with consumers in Minnesota.

“There is a lot of confusion about whether coin dealers need to comply with the law or not,” said ICTA Chief Operating Officer David Crenshaw in a press release announcing the Q&A. “The statute affects coin dealers residing in Minnesota, and any coin dealers outside of Minnesota, who buy and/or sell to Minnesota consumer residents, regardless of where the transactions take place.”

“We encourage all dealers at the show to attend the Q&A to see how the law may or may not affect them,” said ICTA Executive Director Kathy McFadden.

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