Those wishing to take part in the buying and selling of precious metals, such as gold, silver, or platinum, are required to operate with a permit that is approved by the North Carolina Department of Public Safety. Under this permit, dealers must obtain a $10,000 Precious Metals Dealer Bond. The surety bond ensures compliance of the dealers with applicable state laws and acts as a financial guarantee to any person who suffers damages per the precious metals dealer.
If you are looking to apply for or renew a precious metals dealer permit, Jet will have the Precious Metals Dealer Bond ready for you in minutes and will even file the bond for you!
Jet’s lowest price for the Precious Metals Dealer Bond is $100 annually or $10 monthly. The price for the bond will be based primarily on a required soft credit check, which is completed in seconds. Below you can find a chart for examples of preferred credit pricing tiers and their available bond terms.
Unlike other surety companies, choosing Jet as your provider gives you the option to pay for your bond in monthly installments. Your bond will remain active for as long as you continue to make payments.
Jet can take care of filing the bond for you! Just let Jet know which city or county your business is located in and we will send the original bond form directly to the local law enforcement agency. A copy of the bond will then be sent to you for your personal records. If you prefer to send in the bond form alongside other paperwork, Jet’s application gives you the option to have the original bond sent to you directly.
According to North Carolina General Statute 66-409, initial or renewal precious metals dealer permit applications and the original signed and sealed bond must be submitted to a local law enforcement agency (city police or county sheriff department) where the precious metals business is located. The bond must remain on file throughout the entirety of the precious metal dealer's operation.
The Department of Public Safety provides all approved and required precious metal dealer forms on their website. If you have any questions or need additional details, you can find their mailing address and contact information below.
NC Department of Public Safety
512 North Salisbury Street
Raleigh, NC 27604
The Department of Public Safety has found that the precious metals business vitally affects the North Carolina economy, and therefore finds it necessary to regulate those who are involved in such professions. Because of this, the Department oversees precious metals dealer permits in order to make sure that dealers are meeting state quality standards of business, following all laws pertaining to the dealing of precious metals, and act truthfully when operating their business. Under the permit, the Precious Metals Dealer Bond is required in order to enforce regulations that prevent thefts, the disposal of stolen property, and possible financial abuse upon the public. The bond also acts as a guarantee for possible financial damages brought on by the dealer to the public.
Precious metals dealers are expected to follow all rules and regulations pursuant to North Carolina General Statutes Chapter 66, Article 45. The statutes are quite extensive; Jet recommends dealers to read over them thoroughly before operating a precious metals business.
Failure to comply with such laws may result in a variety penalties. The Department can take action that could result in a Class 1 misdemeanor or felony charge. The law-enforcement agency which issued the permit may revoke the dealers permit and sue for forfeiture of the bond. A financially harmed buyer may also take civil action against the precious metals dealer which could result in a bond claim. Below are a few prohibited acts that could facilitate a bond claim if committed by the dealer:
Before a financially harmed buyer pursues a bond claim, the buyer can choose to file a complaint with the Department of Public Safety or the local law-enforcement agency where the dealer's permit was issued. Ultimately, neither regulatory agency can commence action on behalf of the buyer for the recovery of lost funds and may advise the buyer to take civil action of their own accord. If possible, it is in the best interest of the precious metals dealer to resolve the complaint directly with the buyer before civil action and a bond claim is pursued.
If civil action is taken and the court proceeds to validate the claim for the law-enforcement agency or buyer, the bond may be used to cover financial damages brought on by the precious metals dealer.
Immediately contact Jet upon notice of the court ordered bond claim payout. The Jet team will proceed with a review of the claim details and the court’s investigation. Validated claims that come from the state court system are thoroughly investigated before reaching Jet; therefore there is little Jet can do other than accept the claim and make payment to the claimant.
Jet will commence with payment up to the $10,000 bond limit for justified claims. The precious metals dealer is ultimately responsible for their actions and must reimburse Jet for the paid out claim. Failure to do so will result in difficulties obtaining future surety bonds such as the Precious Metals Dealer Bond which is required for the issuance of a permit.
Jet’s bond application process takes only a few minutes to complete and can be done from the comfort of your home! Our online application for the North Carolina Precious Metals Dealer Bond asks for general information such as business details and the dealer’s social security number. For an approved rate, a soft credit check is completed in seconds (which doesn’t affect your credit score). Once you select the monthly or annual option and make payment, Jet will file the bond for you and send you a copy immediately. Need the bond sent directly to you instead? Our application allows you to select this option!
Not with Jet! If you choose our monthly payment option for the Precious Metals Dealer Bond, there is no bond renewal process as payments will continue to come out of your preferred account until cancellation is requested. Plus, the bond will remain active for you to have on hand when your annual permit renewal occurs.
If you are making payments on an annual basis for this bond, Jet will send a renewal invoice prior to the bond’s expiration. We do not require a renewal fee or any extra paperwork, the annual payment is all that is needed.
Yes, Jet allows you to cancel the bond at any time! Just send us a cancellation request, via mail or email, and the Jet team will proceed with mailing a written cancellation notice to the law-enforcement agency in which the original bond was filed. Liability of the bond will be released within 60 days of the cancellation notice. The precious metals dealer permit will become void upon bond termination.
If the monthly payment option was chosen, Jet will charge for that 60-day period as the bond remains active during that liability timeline. If the annual payment option was chosen, the Jet team will review the bond to see if there is any unused premium available for a refund to the precious metals dealer.