VETOES

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

[(1) (i) Filed with the Secretary a financial
statement that is reviewed by a certified public accountant
establishing that the applicant's grain business has a net worth
of at least $100,000;

(ii) Filed with the Secretary a letter from a
certified public accountant stating that a review of the records
of the applicant's grain business shows a net worth of at least
$100,000; or

(iii) Posted a surety bond in the amount of
$100,000; and]

(l)(I) FILED WITH THE SECRETARY A FINANCIAL
STATEMENT, AS PROVIDED IN SUBSECTION (B) OF THIS SECTION,
ESTABLISHING THE NET WORTH OF THE APPLICANT'S GRAIN BUSINESS; OR

(II) POSTED A SURETY BOND, IRREVOCABLE LETTER
OF CREDIT, OR CASH GUARANTY AT LEAST AS LARGE AS THE FOLLOWING
AMOUNTS FOR THE DIFFERENT TYPES OF LICENSES:

TYPE OF LICENSE                             MINIMUM AMOUNTS

A                                                             $15,000

B                                                             $35,000

C                                                             $100,000

D                                                             $250,000

$100,000; AND

(2) Demonstrated proof of insurance coverage as
required by this subtitle.

(B) (1) AN APPLICANT FOR A TYPE A OR B LICENSE SHALL SUBMIT
A FINANCIAL STATEMENT THAT:

(I)  IS PREPARED AND SIGNED BY A PERSON WHO IS
OTHER THAN THE APPLICANT OR A MEMBER OF THE APPLICANT'S BUSINESS
OR FAMILY;

(II)  ESTABLISHES A NET WORTH FOR THE APPLICANT;
AND

(III)  IS SIGNED BY THE APPLICANT.

(2) A TYPE C OR D LICENSE MAY NOT BE RENEWED UNDER
THIS SUBTITLE UNTIL THE APPLICANT HAS SUBMITTED A FINANCIAL
STATEMENT THAT WAS PREPARED OR REVIEWED BY A CERTIFIED PUBLIC

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