1980

LAWS OF MARYLAND

Ch. 541

(2) For any subsequent license year:

(i) $50,000, if the average total of
drafts outstanding and unpaid for the previous license year
is $50,000 or less;

(ii) $75,000, if this average total is
more than $50,000 and $75,000 or less; and

(iii) $100,000, if this average total is
more than $75,000.] IN AN AMOUNT OF NOT MORE THAN $500,000,
LESS THAN $50,000 AND NOT MORE THAN $250,000 AS SET BY THE
BANK COMMISSIONER.

(2) IN SETTING THE AMOUNT OF THE BOND, THE BANK
COMMISSIONER SHALL CONSIDER:

(I)  THE FINANCIAL CONDITION OF THE
APPLICANT;

(II)  THE NUMBER OF PLACES OF BUSINESS AT
WHICH THE APPLICANT WILL BE SELLING PAYMENT INSTRUMENTS OR
TRAVELER'S CHECKS; AND

(III)  THE POTENTIAL LOSS OF BUYERS AND
HOLDERS OF PAYMENT INSTRUMENTS OR TRAVELER'S CHECKS IF THE
APPLICANT BECOMES FINANCIALLY IMPAIRED.

(e) (1) IF THE PRINCIPAL AMOUNT OF A BOND IS REDUCED
BY A PAYMENT OF A CLAIM OR JUDGMENT, THE LICENSEE SHALL FILE
WITH THE BANK COMMISSIONER ANY NEW OR ADDITIONAL BOND IN THE
AMOUNT THAT THE BANK COMMISSIONER SETS.

(2) If the Bank Commissioner at any time
believes that the bond filed or [securities] PERMISSIBLE
INVESTMENTS deposited under this section are insecure,
exhausted, or otherwise unsatisfactory, the Bank
Commissioner may require an additional bond to be filed or
additional or substitute [securities] PERMISSIBLE
INVESTMENTS to be deposited by the licensee. Within 30 days
after the Bank Commissioner makes a written demand for the
new bond or [securities] PERMISSIBLE INVESTMENTS, the
licensee shall file the new bond or deposit the new
[securities] PERMISSIBLE INVESTMENTS.

12-413.

(A) AT THE END OF EACH QUARTER FOR WHICH THE LICENSEE
DOES NOT FILE AN AUDITED FINANCIAL STATEMENT, THE LICENSEE
SHALL FILE A REPORT THAT INCLUDES FOR THAT QUARTER:

(1)  AN UNAUDITED, UNCONSOLIDATED STATEMENT OF
INCOME AND A STATEMENT OF THE CONDITION OF THE LICENSEE;

(2)  A SCHEDULE OF THE PERMISSIBLE INVESTMENTS
THAT THE LICENSEE HOLDS AS REQUIRED UNDER § 12-4 §12-414 OF
THIS SUBTITLE; AND