MARVIN MANDEL, Governor

1873

BOND, CASH, OR CASH EQUIVALENT SHALL RUN TO THE STATE OF
MARYLAND FOR THE USE OF THE SECRETARY OF STATE AND ANY
PERSON WHO MAY HAVE A CAUSE OF ACTION AGAINST THE OBLIGOR
OF THE BOND, CASH, OR CASH EQUIVALENT FOR LOSSES
RESULTING FROM MALFEASANCE, NONFEASANCE, OR MISFEASANCE
IN THE CONDUCT OF SOLICITATION ACTIVITIES. A
PARTNERSHIP, CORPORATION, OR OTHER ENTITY WHICH IS A
PROFESSIONAL FUND-RAISER COUNSEL OR PROFESSIONAL
SOLICITOR MAY FILE A CONSOLIDATED BOND, CASH, OR CASH
EQUIVALENT ON BEHALF OF ALL ITS MEMBERS, OFFICERS, AND
EMPLOYEES IN AN AMOUNT EQUAL, IN THE AGGREGATE TO THE
AMOUNTS OF THE BONDS, CASH, OR CASH EQUIVALENT WHICH
WOULD HAVE BEEN REQUIRED IF ALL THOSE PERSONS REQUIRED TO
BE BONDED HAD FILED SEPARATE BONDS.]]

(B)    EVERY PROFESSIONAL FUND-RAISER AND

PROFESSIONAL SOLICITOR SHALL, AT THE TIME OF MAKING
APPLICATION, FILE WITH AND HAVE APPROVED BY THE SECRETARY
OF STATE A BOND IN WHICH THE APPLICANT SHALL BE THE
PRINCIPAL OBLIGOR IN THE SUM OF TEN THOUSAND DOLLARS
($10,000) WITH ONE OR MORE SURETIES SATISFACTORY TO THE
SECRETARY OF STATE, WHOSE LIABILITY IN THE AGGREGATE AS
SUCH SURETIES WILL AT LEAST EQUAL THE SUM AND MAINTAIN

THE BOND IN EFFECT SO LONG AS A REGISTRATION IS IN

EFFECT. THE BOND SHALL RUN TO THE STATE OF MARYLAND FOR
THE USE OF THE STATE AND ANY PERSON WHO MAY HAVE A CAUSE
OF ACTION AGAINST THE OBLIGOR OF THE BONDS FOR ANY LOSSES
RESULTING FROM MALFEASANCE, NONFEASANCE OR MISFEASANCE IN
THE CONDUCT OF SOLICITATION ACTIVITIES. A PARTNERSHIP OR
CORPORATION WHICH IS A PROFESSIONAL FUND-RAISER MAY FILE
A CONSOLIDATED BOND ON BEHALF OF ALL ITS MEMBERS,
OFFICERS AND EMPLOYEES.

(C)   EACH REGISTRATION IS VALID FOR ONE YEAR AND
MAY BE RENEWED FOR ADDITIONAL ONE YEAR PERIODS UPON
APPLICATION TO THE SECRETARY OF STATE, PAYMENT OF THE
RENEWAL FEE, AND PROOF THAT THE REQUIRED BOND, CASH, OR
CASH EQUIVALENT IS AND WILL REMAIN IN EFFECT.

(D)    IF THE SECRETARY OF STATE FINDS THAT THE
APPLICATION IS IN CONFORMITY WITH THE REQUIREMENTS OF
THIS SECTION AND THE RULES AND REGULATIONS ADOPTED
PURSUANT TO IT, AND THAT THE REGISTRANT HAS COMPLIED WITH
THE REQUIREMENTS OF THIS SUBTITLE AND THE RULES AND
REGULATIONS ADOPTED PURSUANT TO IT, HE SHALL APPROVE THE
REGISTRATION. AN APPLICANT WHOSE APPLICATION FOR
REGISTRATION IS DENIED, MAY WITHIN 30 DAYS FROM THE DATE
OF NOTIFICATION OF THE DENIAL, REQUEST IN WRITING A
HEARING BEFORE THE SECRETARY OF STATE. A HEARING SHALL
BE HELD WITHIN 60 DAYS FROM THE DATE THE SECRETARY OF
STATE RECEIVES THE REQUEST.

103G. INFORMATION FILED TO BECOME PUBLIC RECORDS.

ALL REGISTRATION STATEMENTS, REPORTS, PROFESSIONAL
FUND-RAISER COUNSEL CONTRACTS, PROFESSIONAL SOLICITOR
CONTRACTS, AND OTHER DOCUMENTS AND INFORMATION REQUIRED
TO BE FILED UNDER THIS SUBTITLE WITH THE SECRETARY OF