Individuals who purchase and sell precious metals such as gold, silver, jewelry, and coins within the City of Wichita Falls, Texas must be registered with the City Clerk’s Office. To be eligible for a precious metals dealer permit, a $5,000 Bond for Purchasers of Gold, Silver, Jewelry, and Coins Bond (Precious Metals Dealer Bond) is required.
Jet Insurance Company provides the Precious Metals Dealer Bond to ensure that the permittee and their employees will follow all license regulations. In cases where a violation such as misrepresentation or fraud is committed, the surety bond will act as a financial guarantee for the damaged party.
At Jet, you can purchase the $5,000 Precious Metals Dealer Bond for the guaranteed price of $100 annually or just $10 a month. Simply click the “Secure Your Bond” button above to purchase the surety bond instantly.
If you are interested in additional payment options, Jet also offers multi-year plans. Take a look at the chart below for our promised prices at monthly, annual, and multi-year bond terms.
Jet can file your surety bond for you at no additional cost! However, if you would prefer to file the bond form yourself, perhaps with your completed Dealers of Precious Metals Permit Application, the option to do so can be chosen at checkout.
The signed and sealed Precious Metals Dealer Bond must be submitted to the City Clerk’s Office at the following mailing address:
City Clerk’s Office
PO Box 1431
Wichita Falls, TX 76307
For first-time permit applicants, check out the City Clerk’s Business Licenses Guide for details on all documentation requirements.
Dealers of gold, silver, and jewelry/coins that are made from precious metals are expected to comply with all regulations set in Chapter 26, Division 3 of the Wichita Falls, Texas Code of Ordinances. If the licensee commits a deceptive business practice such as misrepresentation or fraud, the permittee could face the suspension or revocation of their license, criminal penalties, and/or a bond claim. For example, selling a precious metals item that has had the manufacturer’s identification number or brand name removed is considered a false representation of the product and is subject to civil penalties.
Any damaged purchaser may submit an official complaint with the City of Wichita Falls. For complaints that are found to be valid by the Permit Board, the City can choose to either file a claim on the Precious Metals Dealer Bond on behalf of the claimant or may recommend the damaged party to take civil action themselves. As for claims that are found to valid, the surety bond will act as restitution for losses incurred by the harmed purchaser.
Your permit with the City Clerk’s Office and the Precious Metals Dealer Bond expires on December 31st each year. To be eligible for a renewed permit, the surety bond must be renewed.
If you are part of Jet’s monthly plan, you won’t have to worry about renewing your bond! Your Precious Metals Bond will remain active as long as payments are made. As for those who purchase the bond in full and upfront, the Jet team will send you a renewal invoice prior to your bond term expiration date by mail and email. Just fulfill the standard payment due and your bond will stay active with the City of Wichita Falls for another term.