(A) Requirement. No person shall exercise, carry on or be engaged in the trade or business of pawnbroker or precious metal dealer without first obtaining a license from the city as provided in this chapter.
(B) Exceptions. Precious metal dealers conducting the following transactions are not required to obtain a license under this chapter:
(1) Transactions at occasional "garage" or "yard" sales, or estate sales or farm auctions held at the decedent's/owner's residence or auction house, except that precious metal dealers must comply with the requirements of M.S. §§ 325F.734 through 325F.742, for these transactions;
(2) Transactions regulated by M.S. Chapter 80A;
(3) Transactions regulated by Federal Commodity Futures Commission Act;
(4) Transactions involving the purchase of precious metal grindings, filings, slag, sweeps or dust from an industrial manufacturer, dental lab, dentist or agent thereof;
(5) Transactions involving the purchase of photographic film, such as lithographic and x-ray film or silver residue or flake recovered in lithographic and x-ray film processing;
(6) Transactions in which the secondhand item containing precious metal is exchanged for a new item containing precious metal and the value of the new item exceeds the value of the secondhand item, except that a person who is a precious metal dealer by engaging in a transaction which is not exempted by this section must comply with the requirements of M.S. §§ 325F.734 through 325F.742;
(7) Transactions between precious metal dealers if both dealers are licensed under M.S. § 325F.733, or if the seller’s business is located outside the state and the item is shipped from outside the state to a dealer licensed under M.S. § 325F.733; or
(8) Transactions in which precious metal dealer or the other party is engaged primarily in the business of buying and selling antiques, and the items are resold in an unaltered condition except for repaid, and the items are resold at retail, and the buyer paid less than $2,500 for secondhand items containing precious metals purchased within any period of 12 consecutive months.
(9) Transactions involving the purchase of precious metal which are extracted from recycled consumer products, such as electronics, by a solid waste or recycling business or facility.
(‘81 Code, § 15-26) (Ord. 508, § 1, 4-25-91; Am. Ord. 842, passed 8-14-08)