Maryland Agriculture Section 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