Maryland § 13-212

§ 13-212.

    (a)    A license may not be issued or renewed under this subtitle until the applicant has:

        (1)    (i)    Filed with the Secretary a financial statement, as provided in subsection (b) of this section, establishing the net worth of the applicant’s grain business; or

            (ii)    Posted a surety bond, irrevocable letter of credit, or cash guaranty at least as large as the following amounts for the different types of licenses:

             Type of license    Minimum amounts

                      A        $�15,000

                      B        $35,000

                      C        $100,000

                      D        $100,000; and

        (2)    Demonstrated proof of insurance coverage as required by this subtitle.

    (b)    (1)    An applicant for a Type A or B license shall submit a financial statement that:

            (i)    Is prepared and signed by a person other than the applicant or a member of the applicant’s business or family;

            (ii)    Establishes a net worth for the applicant; and

            (iii)    Is signed by the applicant.

        (2)    A Type C or D license may not be issued or renewed under this subtitle until the applicant has:

            (i)    Filed with the Secretary a financial statement reviewed by a certified public accountant establishing the net worth of the applicant’s business as provided in paragraph (3) of this subsection; or

            (ii)    Filed with the Secretary a letter from a certified public accountant stating that a review of the applicant’s business records shows a net worth as provided in paragraph (3) of this subsection.

        (3)    The financial statement shall indicate a minimum net worth for each type of grain dealer’s license as follows:

             Type of license    Minimum amounts

                      A        $�15,000

                      B        $35,000

                      C        $100,000

                      D        $100,000