1100                           LAWS OF MARYLAND                      [CH. 494

(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 author-
ized 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 licensee with average total out-
standing 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 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 Mary-
land, 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 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 secu-
rities shall be held by the Commissioner to secure the same obligation
as would any bond required by this subtitle. 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 proceeds by the Commissioner
only on the order of a court of competent 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 Commissioner may provide for custody of such secu-
rities 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 Commissioner shall find at any time
that the bond filed or any of the securities 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 addi-
tional or substitute securities to be approved by the Commissioner
shall be filed or deposited by the licensee within thirty (30) days
after written demand therefor by the Commissioner.

217.

[Every licensee shall on or before the first day of December of
each year, and in no event later than the tenth day of December,
pay to the Commissioner the sum of $100.00 as an annual license
fee for the next succeeding calendar year, and shall at the same time
file with the office of the Commissioner, annually, an entirely new
bond, in lieu of a continuing renewal certificate, or deposit securities
in lieu of such bond, in the amount and of the same nature and char-
acter as heretofore required at the time of the issuance of the initial
license. Said licensee shall also pay on or before the first day of
December of each year, and in no event later than the tenth day of
December, an additional fee of $4.00 for every agent certified by him
to the Commissioner as representing the applicant in carrying on