1. A. If the applicant chooses to file a financial statement, he shall indicate in the statement 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

2. B. If the applicant does not post a surety bond, irrevocable letter of credit or cash guaranty, the Department may not issue a:

   1. (1) Type A license if the financial statement indicates a minimum net worth less than $15,000;
   2. (2) Type B license if the financial statement indicates a minimum net worth less than $35,000; and
   3. (3) Type C or D license if the financial statement indicates a minimum net worth less than $100,000.

3. C. An applicant for a Type A or B license shall submit a financial statement that:

   1. (1) Is prepared and signed by a person who is not the applicant or a member of the applicant's business or family;
   2. (2) Establishes a net worth for the applicant; and
   3. (3) Is signed by the applicant.

4. D. An applicant for a Type C or D license shall file a:

   1. (1) Financial statement reviewed by a certified public accountant establishing the net worth of the applicant's business as provided in §A of this regulation; or
   2. (2) Letter from a certified public accountant stating that a review of the applicant's business records shows a net worth as provided in §A of this regulation.

Authority: Agriculture Article, §§13-201—13-216, Annotated Code of Maryland

Effective date: October 11, 1982 (9:20 Md. R. 1981)

Regulation .02B amended effective April 20, 1987 (14:8 Md. R. 939); October 19, 1987 (14:21 Md. R. 2223)

Regulation .03 amended effective April 20, 1987 (14:8 Md. R. 939)

Regulation .03C—E adopted effective October 19, 1987 (14:21 Md. R. 2223)

Regulation .04 amended effective April 20, 1987 (14:8 Md. R. 939); October 19, 1987 (14:21 Md. R. 2223)

Regulation .05B amended effective April 20, 1987 (14:8 Md. R. 939)

Regulation .06 amended effective April 20, 1987 (14:8 Md. R. 939)

Regulations .05 and .06 repealed and new Regulations .05 and .06 adopted effective October 19, 1987 (14:21 Md. R. 2223)

Regulation .07 amended effective April 20, 1987 (14:8 Md. R. 939)

Regulation .07D amended effective October 19, 1987 (14:21 Md. R. 2223)

Regulation .08 amended effective April 20, 1987 (14:8 Md. R. 939)

Regulations .09 and .10 repealed and new Regulations .09—.12 adopted effective April 20, 1987 (14:8 Md. R. 939)

Regulation .11A amended effective September 4, 2000 (27:17 Md. R. 1621)

Regulation .12 amended and recodified to Regulations .13 and .14, and new regulation .12 adopted effective September 4, 2000 (27:17 Md. R. 1621)