1. (a) A license may not be issued or renewed under this subtitle until the applicant has:

   1. (1)

      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

      2. (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. (2) Demonstrated proof of insurance coverage as required by this subtitle.

2. (b)

   1. (1) An applicant for a Type A or B license shall submit a financial statement that:

      1. (i) Is prepared and signed by a person other than the applicant or a member of the applicant's business or family;
      2. (ii) Establishes a net worth for the applicant; and
      3. (iii) Is signed by the applicant.

   2. (2) A Type C or D license may not be issued or renewed under this subtitle until the applicant has:

      1. (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
      2. (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. (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

Added by Acts 1981, c. 778. Amended by Acts 1982, c. 404; Acts 1986, c. 510.