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§ 13-212. Information and bond requirements

West's Annotated Code of MarylandAgriculture

West's Annotated Code of Maryland
Agriculture
Title 13. Grain
Subtitle 2. Grain Dealers Licensing
MD Code, Agriculture, § 13-212
§ 13-212. Information and bond requirements
Currentness
Requirements
(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.
Financial statement
(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

Credits

Added by Acts 1981, c. 778. Amended by Acts 1982, c. 404; Acts 1986, c. 510.
MD Code, Agriculture, § 13-212, MD AGRIC § 13-212
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document