Rockland County Precious Metal Dealer Bond: A Comprehensive Guide
March 7, 2023
At a Glance:
- Average Cost: $100 per year
- Bond Amount: $2,000
- Who Needs it: All precious metal dealers operating in Rockland County, New York
- Purpose: To protect the public from financial harm if the precious metal dealer violates the terms of their license
- Who Regulates Precious Metal Dealers in Rockland County: The Rockland County Office of Consumer Protection
Rockland County Code 340-3 requires all precious metal dealers operating in the county to obtain a secondhand precious metal dealer license from the Office of Consumer Protection. The Rockland County Legislature enacted the licensing requirement to ensure that precious metal dealers engage in ethical business practices and restrict sales of stolen goods. To provide financial security for the enforcement of the licensing law, precious metal dealers must purchase and maintain a $2,000 surety bond to be eligible for licensure.
What is the Purpose of the Rockland County Precious Metal Dealer Bond?
Rockland County requires precious metal dealers to purchase a surety bond as part of the application process to obtain a secondhand precious metal dealer license. The bond protects the public from financial harm if the dealer fails to comply with the regulations set forth in Rockland County Code 340-4. Specifically, the bond protects the public if the dealer engages in any acts of fraud, breaches any consumer contracts, or deals in stolen goods. In short, the bond is a type of insurance that protects the public if the precious metal dealer violates the terms of their license.
How Can an Insurance Agent Obtain a Rockland County Precious Metal Dealer Surety Bond?
BondExchange makes obtaining a Rockland County Precious Metal Dealer bond easy. Simply log in to your account and use our keyword search to find the “Precious Metal Dealer” bond in our database. Don’t have a login? Gain Access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Rockland County Precious Metal Dealer Bond?
No, a credit check is not required for the Rockland County Precious Metal Dealer bond. Because the bond is considered relatively low risk, the same low rate is offered to all precious metal dealers operating in the county, regardless of their credit history.
How Much Does the Rockland County Precious Metal Dealer Bond Cost?
The Rockland County Precious Metal Dealer bond costs just $100 per year.
Who is Required to Purchase the Bond?
Rockland County requires precious metal dealers to purchase a surety bond as a prerequisite to obtaining a secondhand precious metal dealer license. To paraphrase Rockland County Code 340-2, a precious metal dealer is a person who purchases, sells, or exchanges precious metals such as gold, jewelry, or other items containing precious metals or gems from the public.
Purchases of precious metals for resetting, restyling, or remanufacturing jewelry for the owner are exempt from the licensing and bonding requirements.
How Do Precious Metal Dealers Apply for a License in Rockland County?
Precious metal dealers in Rockland County must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the application instructions for details on the process.
License Period – All Rockland County Precious Metal Dealer Licenses expire on November 30 of each year and must be renewed before the expiration date.
Step 1 – Schedule an Appointment for Fingerprinting
Prior to submitting an application, precious metal dealers are required to schedule an appointment for fingerprinting with the Rockland County Sheriff’s Office. Dealers must bring the following items with them to the appointment:
- Application page for signature confirmation
- Form of photo identification (driver’s license)
- $76.25 check or money order
Step 2 – Purchase a Surety Bond
Precious metal dealers must purchase and maintain a $2,000 surety bond.
Step 3 – Complete the Application
Precious metal dealers should submit their completed applications to the Office of Consumer Protection at the following address:
50 Sanatorium Road, Building A, 8th Floor
Pomona, New York 10970
Applicants must complete the form in its entirety, get it notarized, and submit the following items:
- $200 licensing fee
- Surety bond
- NY State Sales Tax ID
- Criminal conviction history
- Copy of the applicant’s fingerprints
- Two passport-type photographs per applicant
- Proof of workers’ compensation insurance, if applicable
- Notarized Child Support Certification
Applicants that wish to pay license fees by credit card must complete a credit card authorization form. All precious metal dealers must also register with Leads Online to record transactions. Contact the Office of Consumer Protection for assistance in the application process.
How Do Rockland County Precious Metal Dealers Renew Their Licenses?
Precious metal dealers should contact the Office of Consumer Protection to obtain a renewal application before their license expires. Dealers must also ensure that they renew their surety bond to avoid termination of their license. All Rockland County Precious Metal Dealer Licenses expire on November 30 of each year and must be renewed before the expiration date.
What are the Insurance Requirements for Precious Metal Dealers in Rockland County?
New York requires nearly all employers in the state to provide workers’ compensation coverage for their employees. Dealers that wish to file an exemption must submit Form CE-200 to the Office of Consumer Affairs. Precious metal dealers must also purchase and maintain a $2,000 surety bond.
How Do Rockland County Precious Metal Dealers File Their Bonds?
Precious metal dealers should submit their completed bond forms, including the power of attorney, to the Office of Consumer Protection at the following address:
50 Sanatorium Road, Building A, 8th Floor
Pomona, New York 10970
The bond requires signatures from both the surety company that issues the bond and the applicant. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Name of the obligee and the license type being applied for
- Date the bond is signed and goes into effect
- Bond amount
What Can Rockland County Precious Metal Dealers do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, precious metal dealers in Rockland County must adhere to all license regulations and also ensure that they:
- Do not engage in any acts of fraud
- Faithfully honor all consumer contracts
- Do not purchase or sell any stolen goods
- Maintain all required records
What Other Insurance Products Can Agents Offer Precious Metal Dealers in Rockland County?
Most reputable precious metal dealers will purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue liability insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Rockland County Precious Metal Dealer Customers?
Rockland County unfortunately does not provide a public database of active precious metal dealers in the county. We suggest contacting the Office of Consumer Protection to obtain this information. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.