HARRY HUGHES, Governor

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(5)   AS LONG AS A LICENSEE IS SOLVENT, THE
LICENSEE IS ENTITLED TO RECEIVE ANY INTEREST OR DIVIDENDS
EARNED BY THE DEPOSITED SECURITIES.

(6)   THE BANK COMMISSIONER MAY PLACE THE
DEPOSITED SECURITIES IN THE CUSTODY OF ANY QUALIFIED TRUST
COMPANY OR NATIONAL BANKING ASSOCIATION IN THIS STATE. THE
LICENSEE SHALL PAY THE COMPENSATION OF THIS CUSTODIAN .

(D)   MINIMUM AMOUNTS.

THE AMOUNT OF THE BOND TO BE FILED WITH THE BANK
COMMISSIONER OR THE FAIR MARKET VALUE OF THE SECURITIES TO
BE DEPOSITED WITH THE BANK COMMISSIONER SHALL BE:

(1)       FOR ALL OR PART OF THE FIRST LICENSE YEAR,
$50,000; AND

(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.

(E)   ADDITIONAL SECURITY.

IF THE BANK COMMISSIONER AT ANY TIME BELIEVES THAT THE
BOND FILED OR SECURITIES 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 TO BE DEPOSITED BY THE
LICENSEE. WITHIN 30 DAYS AFTER THE BANK COMMISSIONER HAKES
A WRITTEN DEMAND FOR THE NEW BOND OR SECURITIES, THE
LICENSEE SHALL FILE THE NEW BOND OR DEPOSIT THE NEW
SECURITIES.

REVISOR'S NOTE: This section is new language derived
from Art. 11, § 212(4).

In this section, present references to "checks"
and "money orders" are deleted as unnecessary in
light of the definition of "draft" in § 12-401 of
this subtitle.

In subsection (a) of this section, the reference
to the "bond renewal certificate" is new language
added to conform to present Art. 11, § 217 — now
§ 12-409 of this subtitle — which permits the
filing of a bond renewal certificate.