§ 13-212
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/md/agriculture/13-212A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§13–212.
(a)A license may not be issued or renewed under this subtitle until the applicant has:
(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.
(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