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MARYLAND STATUTES AND CODES

Section 13-212 - Financial statement and bond.

§ 13-212. Financial statement and bond.
 

(a)  Prerequisites to issuance or renewal of license.- 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)  Type A or B license.-  

(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

 

[1981, ch. 778; 1982, ch. 404; 1986, ch. 210; 1987, ch. 510.] 
 

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