(A) Generally. No person shall engage in the trade or business of pawnbroker or precious metal dealer within the city unless such person is currently licensed under this chapter.
(B) Exceptions.
(1) Precious metal dealers conducting the following transactions are not required to obtain a license under this section:
(a) Transactions at occasional “garage” or “yard” sales, or estate sales or farm auctions held at the decedent’s residence, except that precious metal dealers must comply with the requirements of M.S. §§ 325F.734 through 325F.742, as they may be amended from time to time, for these transactions;
(b) Transactions regulated by M.S. Ch. 80A, as it may be amended from time to time;
(c) Transactions regulated by the Commodity Futures Trading Commission Act of 1974, being Pub. Law No. 93-463 and Pub. Law No. 94-16, being 7 U.S.C., Ch. 1, as they may be amended;
(d) Transactions involving the purchase of precious metal grindings, filings, slag, sweeps, scraps or dust from an industrial manufacturer, dental lab, dentist or agent thereof;
(e) 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;
(f) Transactions involving coins, bullion or ingots;
(g) Transactions in which the second- hand 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, as they may be amended from time to time;
(h) Transactions between precious metal dealers if both dealers are licensed under M.S. § 325F.733, as it may be amended from time to time, or if the seller’s business is located outside of the state and the item is shipped from outside the state to a dealer licensed under M.S. § 325F.733, as it may be amended from time to time; or
(i) Transactions in which the buyer of the secondhand item containing precious metal is engaged primarily in the business of buying and selling antiques, and the items are resold in an unaltered condition except for repair, 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.
(2) A person who holds a motor vehicle dealer license is exempt from the terms of this chapter with respect to motor vehicles.
(Prior Code, § 112.15) (Ord. 583, passed 11-6-1996)