J. MILLARD TAWES, GOVERNOR                               875

forth any changes in the list of licensed offices, agents or sub-agents
on or before the first day of April, July and October, of each year.

(3) Such application shall be accompanied by a fee of $100.00
which fee shall be for the cost of investigating the applicant. When
and if the application has been approved by the Commissioner, and
the applicant so advised, an additional sum of $100.00 as an annual
license fee for a period terminating on the last day of the current
calendar year, shall be paid by the applicant to the Commissioner.
The license fee for an applicant applying for a license after July 1
of any year shall be $50.00 for the balance of such year.

In addition to said annual license fee, each applicant shall pay an
annual fee of $5.00 for every agent who is authorized and designated
by the applicant to sell or issue checks, drafts and/or money orders,
for a fee or service charge, under his or their or its name at any
location other than specified in the license, provided, however, that
no licensee shall be required to pay in any one year for a license
hereunder an aggregate amount of more than $500.00 for its des-
ignated place of business, including the additional fees for his agents
or sub-agents and further provided that if any agent or sub-agent
of an applicant is exempt from the provisions of this sub-title pur-
suant to Section 210 hereof, no license fee shall be required to be
paid by the applicant with respect to such agent or sub-agent.

(4) Before any license shall be issued to the applicant, the applicant
shall file with and have approved by the Commissioner a surety bond,
issued by a bonding company or insurance company authorized to do
business in this State in the principal sum of $100,000.00 $25,000 and
shall annually file a similar bond with the Commissioner prior to the
issuance of a renewal license for any calendar year. Such bond shall
run to the State of Maryland, and shall be for the benefit of any
creditors of such licensee for any liability incurred on any checks,
drafts and/or money orders issued or sold by the licensee, and any
liability for any sum or sums due to any payee of any check, draft
or money order. In lieu of 'any bond required under this sub-title
the applicant may deposit with the Commissioner securities with a
market value equal to the amount of any such bond. Such securities
shall consist of (1) general obligations of or fully guaranteed by the
United States; or (2) direct general obligations of the State of
Maryland. Such securities shall be held by the Commissioner to
secure the same obligation as would any bond required by this sub-
title. The securities so deposited may be exchanged from time to
time for other securities deposited as aforesaid. All said securities
shall be subject to sale and transfer and to the disposal of the pro-
ceeds by the Commissioner only on the order of a court of competent
jurisdiction. So long as the licensee so depositing shall continue sol-
vent, such licensee shall be permitted to receive the interest or divi-
dends on the deposited securities. The Commissioner may provide
for custody of such securities by any qualified trust company or
national banking association located in the State of Maryland. The
compensation, if any, of the custodian for acting as such under this
section, shall be paid by the depositing applicant. If the Commis-
sioner shall find at any time that the bond filed or any of the secur-
ities deposited in lieu of such bond is or are in his judgment insecure,
exhausted or otherwise doubtful or unsatisfactory, an additional
bond in like amount or additional or substitute securities to be ap-
proved by the Commissioner shall be filed or deposited by the