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Beyond the specimen

Fossils, which are a different legal regime

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The adjacent material most mineral collectors pick up, and the one with the sharpest legal edge.

The same hammer, different law

Fossils are found in the same places, collected with the same tools and displayed in the same cabinets.

They are governed by an entirely separate federal statute, and the collecting rules that apply to minerals do not carry over.

What PRPA says

The Paleontological Resources Preservation Act of 2009 governs fossils on federal land.

Vertebrate fossils remain federal property. Collecting them requires a permit, they belong in a public repository, and they are never yours to sell.

Common invertebrate and plant fossils may be collected in reasonable amounts for personal, noncommercial use, the same structure as the mineral allowance, with the same commercial line.

The distinction is the animal. A trilobite and a plant leaf are one category; a bone, a tooth or a vertebra is another, and the difference in consequence is very large.

State and private land

State land has its own rules, and some states protect particular fossils specifically.

On private land with the owner's permission, fossils are generally the landowner's to give, which is why the commercial fossil trade runs on private land.

That is also why provenance matters even more for fossils than for minerals: a specimen's legitimacy rests entirely on where it came from and who owned the ground.

Why it matters to a mineral collector

Because you will find one. Fossiliferous rock is common and a good specimen is hard to leave.

Know which category it is before it goes in the bag. A vertebrate fossil picked up casually on federal land is a different situation from a handful of brachiopods, and "I thought it was a rock" is not a position anybody wants to be in.

And keep them documented to the same standard. The rules are harder, so the paperwork matters more.

References

Paleontological Resources Preservation Act of 2009, 16 U.S.C. 470aaa. Vertebrate fossils on federal land require a permit and remain federal property; common invertebrate and plant fossils may be collected in reasonable amounts for personal, noncommercial use. blm.gov
US Bureau of Land Management. Rockhounding on Public Lands. Reasonable amounts of rocks, mineral specimens and semiprecious gemstones may be collected for noncommercial purposes; a permit or a mining claim is required to sell collected material. blm.gov
US National Park Service, 36 CFR 2.1, which prohibits possessing, destroying or removing from a park any mineral, rock or paleontological specimen except as specifically authorized. ecfr.gov
Written from the federal land-management rules, the conservation literature and the agency guidance named on each page. Collecting rules differ by agency, by unit and sometimes by parcel, and the land manager for the ground you are standing on is the authority on it, not this page.