The Division of Financial Institutions regulates precious metals dealers pursuant to Chapter 4728 of the Ohio Revised Code.
Licensing
A person wishing to engage in the business of purchasing articles made of or containing gold, silver, platinum, or other precious metals or jewels of any description if, in any manner, including any form of advertisement or solicitation of customers, the person holds himself, herself or itself out to the public as willing to purchase such articles must first obtain a license.
Instructions and the forms required to apply for a precious metals dealer’s license can be obtained at http://com.ohio.gov/fiin/forms.aspx. The Division will investigate the applicant to determine they meet all the statutory requirements for licensure under the act.
Licenses must be renewed annually. Each precious metals dealer location must be individually licensed. If an office is to be relocated, the licensee must obtain a new license from the Division prior to conducting business at the new location.
Compliance
Registrants and licensees are responsible for understanding and complying with the applicable statutes. The Division will periodically examine registrants for compliance with Ohio law and has the power to issue subpoenas in the process of conducting examinations and investigations.
In addition, the Division may deny applications for registration, revoke, suspend, or refuse to renew certificates of registration, or impose fines against registrants and licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.
Questions regarding the industries regulated by Consumer Finance may be e-mailed to: webdfi-cf@com.state.oh.us
With the price of scrap gold continuing to soar, has there ever been a better time for entrepreneurs to enter the gold buying niche? Mark Rich at CaptainCashForGold and owner of his family’s struggling 40 year old jewelry business, doesn’t think so!
Consumers today are focused on getting their hands on some cash rather than spending it on jewelry. And with the daily news barrage of sky high scrap gold prices, it’s easy to understand why they tend to look in their jewelry boxes first. Around the world, the middle-class is struggling with high unemployment and cutbacks in the number of work hours they’re able to log.
What does this mean for small business startups? Opportunity! To tap into the scrap gold buyng and selling niche, you need knowledge and money. Knowledge you can get from us. Our “Scrap Gold Business Startup Book” covers this topic in depth!
Money to start your gold business? You’ll need at least $300 – $500 liquid cash to begin. You’ll need business cards, a cell phone and cash to make purchases from gold sellers, a small digital scale and scrap gold test acids.
Licensing? Some of us operate under “Tis easier to ask forgiveness than to ask for permission.” If this philosophy doesn’t work for you, check the ‘Licensing Links” to the right and visit your local city hall and police department. Simply tell them you’re contemplating a new scrap gold business and you would like to know what they require, if anything, to allow you to make scrap gold purchases from the public.
Scrap gold buyers licensing has cost us as little as $85/year to as much as $225/year. In our scrap gold buying stores (which we have combined with payday loan and car title loans) we have invested in certified scales.
http://www.ScrapGoldGuru.com http://www.GoldPartyprofits.com
