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<br /> bloomf ington, minnesota
<br /> Division U. Pawnbrokers/Precious Metal Dealers
<br /> Added by Ord. No. 91-14, 2-25-91
<br /> SEC. 14.295.12. DEFINITIONS.
<br /> The following words and terms when used in this Division shall have the following meanings
<br /> unless the context clearly indicates otherwise:
<br /> Issuing Authority- The City of Bloomington Business License Section.
<br /> Item containing precious metal - an item made in whole or in part of metal and containing
<br /> more than one (1) percent by weight of silver, gold, or platinum.
<br /> Minor- any natural person under the age of 18 years.
<br /> Pawnbroker- a person who loans money on deposit or pledge of personal property or other
<br /> valuable thing; who deals in the purchasing of personal property or other valuable thing on
<br /> condition of selling that same back again at a stipulated pric.:; or who loans money secured by
<br /> chattel mortgage or on personal property, taking possession of the property or any part thereof
<br /> so mortgaged. To the extent that a pawnbroker business includes buying personal property
<br /> previously used, rented, or leased, the provisions of this Division shall be applicable. Any bank,
<br /> savings and loan association, or credit union shall not be deemed a pawnbroker for purposes of
<br /> this Division.
<br /> Pawnshop- any business establishment operated by a pawnbroker.
<br /> Person - one or more natural persons; a partnership, including a limited partnership; a
<br /> corporation, including a foreign, domestic, or nonprofit corporation; a trust; a political subdivision
<br /> of the state; or any other business organization.
<br /> Precious Metal Dealer- any person engaging in the business of buying coins or secondhand
<br /> items containing precious metal, including, but not limited to, jewelry, watches, eating utensils,
<br /> candlesticks, and religious and decorative objects. Persons conducting the following
<br /> transactions shall not be deemed to be Precious Metal Dealers:
<br /> (1) Transactions at ocasional "garage" or "yard" sales, or estate sales or farm
<br /> auctions held at the decedent's residence, except that precious metal dealers must comply with
<br /> the requirements of Minnesota Statutes, Sections 325F.734 to 325F.742, for these transactions.
<br /> (2) Transactions regulated by Minnesota Statutes, Section 80A.
<br /> (3) Transactions regulated by the Federal Commodity Futures Commission Act.
<br /> (4) Transactions involving the purchase of precious metal grindings, filings, slag,
<br /> sweeps, scraps, or dust from an industrial manufacturer, dental lab, dentist, or agent thereof.
<br /> (5) Transactions involving the purchase of photographic film, such as lithographic and
<br /> X-ray film, or silver residue or flake recovered in lithographic and X-ray film processing.
<br /> (6) Transactions involving coins, bullion, or ingots.
<br /> (7) Transactions in which the secondhand item containing precious metal is
<br /> exchanged for a new item containing precious metal and the value of the new item exceeds the
<br /> value of the secondhand item, except that a person who is a precious metal dealer by engaging
<br /> in a transaction which is not exempted by this section must comply with the requirements of
<br /> Minnesota Statutes, Sections 325F.734 to 325F.742.
<br /> (8) Transactions between precious metal dealers if both dealers are licensed under
<br /> Minnesota Statutes, Section 325F.733, or if the seller's business is located outside of the state
<br /> and the item is shipped from outside the state to a dealer licensed under Minnesota Statutes,
<br /> Section 325F.733.
<br /> (9) Transactions in which the buyer of the secondhand item containing precious metal
<br /> is engaged primarily in the business of buying and selling antiques, and the items are resold in
<br /> an unaltered condition except for repair, and the items are resold at retail, and the buyer paid
<br /> less than $2,500 for secondhand items containing precious metals purchased within any period
<br /> of twelve (12) consecutive months.
<br /> Precious Metals- silver, gold, or platinum.
<br /> (Added by Ord. No. 91-14, 2-25-91; Ord. No. 93-51, 12-13-93)
<br /> SEC. 14.295.13. PURPOSE.
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