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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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AGRICULTURE |
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TITLE 13. GRAIN |
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SUBTITLE 2. GRAIN DEALERS LICENSING |
§ 13-212. Financial statement and bond
Latest version.
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(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