J. MILLARD TAWES, Governor                      425

nated 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 any one year for a license
hereunder an aggregate amount of more than $500.00 for its desig-
nated place of business, including the additional fees for his agents
or subagents and further provided that if any agent or subagents
of an applicant is exempt from the provisions of this subtitle pur-
suant to Section 210 hereof, no license fee shall be required to be
paid by the applicant with respect to such agent or subagent.

(4) BEFORE ANY LICENSE SHALL BE ISSUED TO THE
APPLICANT, THE APPLICANT SHALL FILE WITH AND HAVE
APPROVED BY THE COMMISSIONER A SURETY BOND, IS-
SUED BY A BONDING COMPANY OR INSURANCE COMPANY
AUTHORIZED TO DO BUSINESS IN THIS STATE IN THE
PRINCIPAL SUM OF $50,000 AND SHALL ANNUALLY FILE A
SIMILAR BOND WITH THE COMMISSIONER PRIOR TO THE
ISSUANCE OF A RENEWAL LICENSE FOR ANY CALENDAR
YEAR IN THE AMOUNTS PROVIDED HEREIN. FOR A LI-
CENSEE WITH AVERAGE TOTAL OUTSTANDING AND UN-
PAID CHECKS, DRAFTS AND/OR MONEY ORDERS FOR THE
PREVIOUS YEAR OF NOT OVER $50,000 THE BOND SHALL
BE $50,000; FOR A LICENSEE WITH AVERAGE TOTAL OUT-
STANDING AND UNPAID CHECKS, DRAFTS AND/OR
MONEYS ORDERS FOR THE PREVIOUS LICENSE YEAR IN
EXCESS OF $50,000 BUT LESS THAN $75,000 THE BOND
SHALL BE $75,000; FOR A LICENSEE WITH AVERAGE
TOTAL OUTSTANDING AND UNPAID CHECKS, DRAFTS
AND/OR MONEY ORDERS FOR THE PREVIOUS LICENSE
YEAR IN EXCESS OF $75,000 SHALL BE $100,000. 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 LI-
CENSEE, 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 SUBTITLE
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 SUBTITLE. THE SECURITIES SO DE-
POSITED 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 PROCEEDS BY THE COM-
MISSIONER ONLY ON THE ORDER OF A COURT OF COM-
PETENT JURISDICTION. SO LONG AS THE LICENSEE SO
DEPOSITING SHALL CONTINUE SOLVENT, SUCH LICENSEE
SHALL BE PERMITTED TO RECEIVE THE INTEREST OR
DIVIDENDS ON THE DEPOSITED SECURITIES. THE COM-
MISSIONER MAY PROVIDE FOR CUSTODY OF SUCH SE-