1978

LAWS OF MARYLAND

Ch. 541

(3)  Pays to the Bank Commissioner a license fee
of $200;

(4)  Submits the report and pays the agent fee
required by § 12-411 of this subtitle; and

(5)  Submits to the Bank Commissioner:

(I)  [a] A renewal application on the form
that the Bank Commissioner requires; AND

(II)  A FINANCIAL STATEMENT THAT COMPLIES
WITH THE REQUIREMENTS OF § 12-406(B)(2) OF THIS SUBTITLE.

12-410.

(a)  With the application for a new or renewal license,
the applicant either shall file a surety bond or bond
renewal certificate or shall deposit [securities]
PERMISSIBLE INVESTMENTS with the Bank Commissioner as
provided in this section.

(b) (1) A surety bond filed under this section shall
run to this State for the benefit of any person who has a
cause of action against the applicant for any liability
incurred on a [draft] PAYMENT INSTRUMENT OR TRAVELER'S CHECK
issued or sold by the applicant or by any agent of the
applicant.

(2)  The surety bond shall be:

(i) In the amount required by subsection
(d) of this section; and

(ii) With sureties that the Bank

Commissioner approves. Issued by a bonding company or
insurance company that is authorized to do business in this
State; and

(iii) Approved by the Bank Commissioner.

(3)  THE SURETY BOND SHALL PROVIDE THAT IF A
BUYER OR HOLDER OF A PAYMENT INSTRUMENT OR TRAVELER'S CHECK
OBTAINS A JUDGMENT AGAINST THE LICENSEE AND THE JUDGMENT
REMAINS UNSATISFIED FOR MORE THAN 30 DAYS AFTER THE LICENSEE
AND SURETY ARE SERVED WITH NOTICE OF THE ENTRY OF JUDGMENT,
AN ACTION MAY BE BROUGHT AGAINST THE SURETY FOR THE AMOUNT
OF THE JUDGMENT, BUT NOT EXCEEDING THE AMOUNT OF THE BOND.

(4)  THE LIABILITY OF A SURETY:

(I) IS NOT AFFECTED BY THE INSOLVENCY OR
BANKRUPTCY OF THE LICENSEE " OR BY ANY MISREPRESENTATION,
BREACH OF WARRANTY, FAILURE TO PAY A PREMIUM, OR OTHER ACT
OR OMISSION OF THE LICENSEE; AND