2013 Maryland Code
AGRICULTURE
§ 13-212 - Financial statement and bond

§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