1976                                 LAWS OF MARYLAND                               Ch. 541

COMMISSIONER THAT THE APPLICANT HAS A NET WORTH OF $500,000.

(C) TO QUALIFY FOR A LICENSE TO ISSUE OR SELL

TRAVELER'S CHECKS, AN APPLICANT SHALL SATISFY THE BANK
COMMISSIONER THAT THE APPLICANT HAS A NET WORTH OF

$5,000,000.

12-406.

(B) (1) WITH THE APPLICATION, THE APPLICANT SHALL
SUBMIT THE MOST RECENT UNCONSOLIDATED FINANCIAL STATEMENT OF
THE APPLICANT.

(2) THE STATEMENT SHALL:

(I)  BE PREPARED IN ACCORDANCE WITH
RECOGNIZED GENERALLY ACCEPTED ACCOUNTING PRINCIPLES APPLIED
ON A CONSISTENT BASIS;

(II)  BE AUDITED AND CERTIFIED BY AN

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT WHOM THE BANK

COMMISSIONER APPROVES; AND

(III)  INCLUDE A SCHEDULE OF ALL OF THE
PERMISSIBLE INVESTMENTS OF THE APPLICANT.

(C)  [(b)] With the application, the applicant shall
pay to the Bank Commissioner:

(1)  An investigation fee of [$100] $500;

(2)  The agent fee required by § 12-411 of this
subtitle; and

(3)  A license fee of either:

(i) $200 if the applicant applies for the
license on or after January 1 and on or before June 30; or

(ii) $100 if the applicant applies for the
license on or after July 1 and on or before December 31.

(D)  [(c)] With the application, the applicant shall
file a surety bond or deposit [securities] PERMISSIBLE
INVESTMENTS with the Bank Commissioner as provided in §
12-410 of this subtitle.

(E)  [(d)] (1) For each license for which an applicant
applies, the applicant shall:

(i) Submit a separate application;

(II)  SUBMIT A SEPARATE FINANCIAL
STATEMENT;

(III)  [(ii)] Pay a separate license fee;
and