2914                                    LAWS OF MARYLAND                                 Ch. 778

(A)  EACH PERSON LICENSED UNDER THE PROVISIONS OF THIS
SUBTITLE SHALL INSURE AND AT ALL TIMES KEEP INSURED, IN HIS
OWN NAME OR AS A COINSURER, ALL OF THE COMMODITIES RECEIVED
INTO THE PHYSICAL CONTROL OR POSSESSION OF THE LICENSEE.

(B)  THE AMOUNT OF THE INSURANCE SHALL BE THE FULL
MARKET VALUE.

(C)  THE INSURANCE SHALL INCLUDE COVERAGE AGAINST LOSS
OR DAMAGE BY FIRE, LIGHTNING, INHERENT EXPLOSION, WINDSTORM,
CYCLONE, OR TORNADO.

(D)  IN THE EVENT OF ANY LOSS OR DAMAGE TO COMMODITIES,
OR TO THE WAREHOUSE OR WAREHOUSES, WHETHER OR NOT SUCH LOSS
WAS INSURED AGAINST, THE GRAIN BUYER SHALL IMMEDIATELY
NOTIFY THE BOARD SECRETARY, AND AT HIS OWN EXPENSE PROMPTLY
TAKE THE STEPS NECESSARY TO COLLECT ANY MONEYS WHICH MAY BE
DUE AS INDEMNITY FOR SUCH LOSS OR DAMAGE.

13-111.

(A)  A LICENSE MAY NOT BE ISSUED OR RENEWED UNDER THIS
SUBTITLE UNTIL THE APPLICANT HAS:

(1)  FILED WITH THE SECRETARY AN AUDITED
FINANCIAL STATEMENT ESTABLISHING THAT THE APPLICANT'S GRAIN
BUSINESS HAS A NET WORTH OF AT LEAST $100,000; OR

(2)  FILED WITH THE SECRETARY A LETTER FROM A
LICENSED CPA ATTESTING THAT HIS EXAMINATION OF THE RECORDS
OF THE APPLICANT'S GRAIN BUSINESS SHOWS A NET WORTH OF AT
LEAST $100,000; OR

(3)  POSTED A SURETY BOND IN THE AMOUNT OF
$100,000.

(B) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS
SECTION, EACH LICENSEE MUST FILE A FINANCIAL STATEMENT EVERY
6 MONTHS.

(C) IF A LICENSEE'S GRAIN BUSINESS HAS NET WORTH OF
LESS THAN $1,000,000, A FINANCIAL STATEMENT SHALL BE
SUBMITTED TO THE SECRETARY EACH 180 DAYS.

(B)  UNLESS A LICENSEE SHOWS A NET WORTH OF MORE THAN
$1,000,000 AT THE TIME OF APPLICATION, THE LICENSEE MUST
FILE A FINANCIAL STATEMENT EVERY 180 DAYS.

13-112.

THE SECRETARY MAY ADOPT RULES TO IMPLEMENT THE
PROVISIONS OF THIS SUBTITLE.

13-113.

ANY PERSON WHO VIOLATES THE PROVISIONS OF THIS SUBTITLE
IS GUILTY OF A MISDEMEANOR AND UPON CONVICTION IS SUBJECT TO

A FINE OF $1,000 $10,000.