2016-07-04 Mon

A law that increased inconvenience levels for coin dealers was passed specially for the state of Minnesota in 2013. Many pulled off their businesses from the state and others tried their best to alter the law.

When nothing else worked, they hired a blue-chip lobbying firm to change the law. This tactic proved to be effective and some amendments were made in May 2016 which was reflected from last week onwards.

As per the changes, businesses selling rare coins worth less than $25,000 will not have to comply with the strict regulations of the new law.

The modifications had to be made when after the financial crisis some dealers took undue advantage of the people living in Minnesota by overpromising and underdelivering on investments.

The law was initially intended to protect consumers. But it was so burdensome and unclear that many dealers moved out of the state. After a lot of efforts and with the help of lobbying, the dealers somehow won the fight and the law had to be finally altered.