(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