HARRY HUGHES, Governor

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(2) To prepare the annual Directory of Grain
Buyers, as required by § 13-205 of this [title.] SUBTITLE.

(b) (1) Any money received from licensing fees in
excess of the amount needed to perform the responsibilities
set forth in subsection (a) of this section shall be placed
in the Grain Indemnification Fund.

(2) However, if no Grain Indemnification Fund
has been established, the excess shall be placed in the
general [funds.] FUND OF THIS STATE.

13-207.

The Secretary may refuse to issue a license or may
suspend or revoke a license for:

(1)  Fraudulent or deceptive statements on an
application for a license; or

(2)  Conviction of a violation of any of the
provisions of this subtitle or the rules or regulations
adopted pursuant to it; or

(3)  Failure to maintain adequate insurance on
all [commodities] GRAIN received into the physical control
or possession of the grain buyer.

13-210.

(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] GRAIN IN the ACTUAL, physical control [or possession]
of the licensee.

(b)  The amount of the insurance shall be the [full]
FAIR market value OF THE GRAIN.

(c)  The insurance shall include coverage against loss
or damage by fire, lightning, inherent explosion, windstorm,
cyclone, [or] tornado, OR OTHER ACT OF GOD.

(d)  In the event of any loss or damage to
[commodities,] GRAIN or to the warehouse or warehouses,
whether or not [such] THE loss was insured against, the
grain buyer shall immediately notify the Secretary, and at
[his] THE GRAIN BUYER'S own expense promptly take the steps
necessary to collect any [moneys] MONEY which may be due as
indemnity for [such] THE loss or damage.

13-211.

[(a)] A license may not be issued or renewed under
this subtitle until the applicant has: