Section 13-212 - Financial statement and bond(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.(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