Ohio § 4728.03

§ 4728.03.

(A) As used in this section, “ experience in the capacity involved ” means that the applicant for a precious metals dealer's license has had sufficient

financial responsibility and experience in the business of precious metals dealer,

or a related business, to act as a precious metals dealer in compliance with this

chapter. (B)(1) Except as provided in division (B)(3) of this section, the division of financial

institutions in the department of commerce may grant a precious metals dealer's license

to any person having experience in the capacity involved, who demonstrates a net worth

of at least ten thousand dollars and the ability to maintain that net worth during

the licensure period.  The superintendent of financial institutions shall compute the applicant's net worth

according to generally accepted accounting principles. (2) In place of the demonstration of net worth required by division (B)(1) of this section,

an applicant may obtain a surety bond issued by a surety company authorized to do

business in this state if all of the following conditions are met: (a) A copy of the surety bond is filed with the division; (b) The bond is in favor of any person, and of the state for the benefit of any person,

injured by any violation of this chapter; (c) The bond is in the amount of not less than ten thousand dollars. (3) The division shall grant a precious metals dealer's license in accordance with Chapter

4796. of the Revised Code to an applicant if either of the following applies: (a) The applicant holds a license in another state. (b) The applicant has satisfactory work experience, a government certification, or a

private certification as described in that chapter as a precious metals dealer in

a state that does not issue that license. (4) Before granting a license under this division, the division shall determine that

the applicant meets the requirements of division (B)(1), (2), or (3) of this section. (C) Except for a license issued under division (B)(3) of this section, the division shall

require an applicant for a precious metals dealer's license to pay to the division

a nonrefundable, initial investigation fee of two hundred dollars which shall be for

the exclusive use of the state.  The license fee for a precious metals dealer's license and the renewal fee shall

be determined by the superintendent, provided that the fee may not exceed three hundred

dollars.  A license issued by the division shall expire on the last day of June next following

the date of its issuance or annually on a different date set by the superintendent

pursuant to section 1181.23 of the Revised Code .  Fifty per cent of license fees shall be for the use of the state, and fifty per

cent shall be paid to the municipal corporation, or if outside the limits of any municipal

corporation, to the county in which the office of the licensee is located.  All portions of license fees payable to municipal corporations or counties shall

be paid as they accrue, by the treasurer of state, on vouchers issued by the director

of budget and management. (D) Every such license shall be renewed annually by the last day of June, or annually

on a different date set by the superintendent pursuant to section 1181.23 of the Revised Code , according to the standard renewal procedure of Chapter 4745. of the Revised Code.  No license shall be granted to any person not a resident of or the principal office

of which is not located in the municipal corporation or county designated in such

license, unless, and until such applicant shall, in writing and in due form, to be

first approved by and filed with the division, appoint an agent, a resident of the

state, and city or county where the office is to be located, upon whom all judicial

and other process, or legal notice, directed to the applicant may be served;  and

in case of the death, removal from the state, or any legal disability or any disqualification

of any agent, service of process or notice may be made upon the superintendent. (E) The division may, pursuant to Chapter 119. of the Revised Code, upon notice to the

licensee and after giving the licensee reasonable opportunity to be heard, revoke

or suspend any license, if the licensee or the licensee's officers, agents, or employees

violate this chapter.  Whenever, for any cause, the license is revoked or suspended, the division shall

not issue another license to the licensee nor to the husband or wife of the licensee,

nor to any copartnership or corporation of which the licensee is an officer, nor to

any person employed by the licensee, until the expiration of at least one year from

the date of revocation of the license. (F) In conducting an investigation to determine whether an applicant satisfies the requirements

for licensure under this section, the superintendent may request that the superintendent

of the bureau of criminal identification and investigation investigate and determine

whether the bureau has procured any information pursuant to section 109.57 of the Revised Code pertaining to the applicant. If the superintendent of financial institutions determines that conducting an investigation

to determine whether an applicant satisfies the requirements for licensure under this

section will require procuring information outside the state, then, in addition to

the fee established under division (C) of this section, the superintendent may require

the applicant to pay any of the actual expenses incurred by the division to conduct

such an investigation, provided that the superintendent shall assess the applicant

a total no greater than one thousand dollars for such expenses.  The superintendent may require the applicant to pay in advance of the investigation,

sufficient funds to cover the estimated cost of the actual expenses.  If the superintendent requires the applicant to pay investigation expenses, the

superintendent shall provide to the applicant an itemized statement of the actual

expenses incurred by the division to conduct the investigation. (G)(1) Except as otherwise provided in division (G)(2) of this section a precious metals

dealer licensed under this section shall maintain a net worth of at least ten thousand

dollars, computed as required under division (B)(1) of this section, for as long as

the licensee holds a valid precious metals dealer's license issued pursuant to this

section. (2) A licensee who obtains a surety bond under division (B)(2) of this section is exempt

from the requirement of division (G)(1) of this section, but shall maintain the bond

for at least two years after the date on which the licensee ceases to conduct business

in this state.