J. MILLARD TAWES, Governor                        59

title, on behalf of such applicant. Each person specified in such cer-
tificate shall be the designated agent of the applicant for all purposes
in connection with the applicant's licensed business. Every licensee
shall also file under oath a supplemental statement setting forth any
changes in the list of licensed officers, agents or subagents, in such
form as the Commissioner may require, covering the periods ending
the first day of May and the first day of November of each year;
such reports shall be filed with the office of the Commissioner not
later than the tenth day of the month following each semiannual re-
porting period. Also, every licensee shall furnish the Commissioner
at the end of each calendar year a complete alphabetical list of each
of said licensee's agents, giving such information as the Commissioner
may require. Such list shall be filed with the office of the Commis-
sioner not later than thirty (30) days from the last business day of
December 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 $4.00 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 loca-
tion other than specified in the license, provided that if any agent or
[subagents] subagent of an applicant is exempt from the provisions
of this sub-title pursuant 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 appli-
cant 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 $50,000 and shall
annually file a similar bond with the Commissioner prior to the issu-
ance of a renewal license for any calendar year in the amounts pro-
vided herein. For a licensee with average total outstanding and unpaid
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
outstanding and unpaid checks, drafts and/or [moneys] money
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 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