The Ohio Department of Commerce Division of Financial Institutions (Division) is reminding any and all persons wishing to act as a Precious Metals Dealer that they must be in compliance with the Precious Metals Dealers Act (PMDA). The deadline to apply for a license is June 30, 2015.
The Division is ending a transition period after a federal court ruling allowed the Division to accept applications and monitor compliance with the PMDA. The Division has allowed this time to educate dealers and provide them time to submit their applications before the compliance period begins on July 1st, 2015. The Division has also not conducted compliance examinations or filed any enforcement actions for unlicensed precious metals dealer activity during this timeframe.
Anyone engaging in the business of purchasing articles made of or containing gold, silver, platinum, or other precious metals or jewels after July 1, 2015, without a license issued by the Division may be subject to administrative action.
The PMDA can be found at: http://codes.ohio.gov/orc/4728.
PMDA Administrative Rules can be found at: http://codes.ohio.gov/oac/1301%3A8-6
The PMDA application can be found on the Division’s website at: http://www.com.ohio.gov/fiin/default.aspx.
For questions, please contact the Division at (614) 728-8400 or webdfi-cf@com.state.oh.us.
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