Ch. 36                                     1995 LAWS OF MARYLAND

(IV) IS CONDITIONED THAT THE APPLICANT WILL ACCOUNT FOR
AND PAY OVER TO THE PERSON ENTITLED TO IT ALL MONEY BELONGING TO THE
PERSON THAT THE APPLICANT GETS AS A BROKER UNDER THE CONTRACT
BETWEEN THE PARTIES.

(2)     THE BOND SHALL REMAIN IN FORCE UNTIL THE SURETY INSURER IS
RELEASED FROM LIABILITY BY THE COMMISSIONER OR UNTIL THE BOND IS
CANCELED BY THE SURETY INSURER.

(3)     THE TOTAL LIABILITY OF THE SURETY INSURER UNDER THE BOND
MAY NOT EXCEED THE PENAL SUM OF THE BOND.

(4)     (I) A SURETY INSURER MAY CANCEL THE BOND AFTER FILING
WRITTEN NOTICE WITH THE COMMISSIONER AT LEAST 30 DAYS BEFORE CANCELING
THE BOND.

(II) A CANCELLATION UNDER THIS PARAGRAPH DOES NOT AFFECT
ANY LIABILITY THAT ACCRUED BEFORE THE CANCELLATION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, §§ 168(c)(1)(i) and (2), (e)(2)(ii) and (iii), (f),
and (b)(1)(iii) and (i), except as it related to an individual being of good
character and trustworthy, and § 177(1)(ii), as it related to an affidavit, and
(iii), as it related to an application and affidavit.

In subsection (a)(1) of this section, the former reference to a partnership or
corporation filing the appropriate form "as adopted by the Commissioner" is
deleted as implicit in filing the form "that the Commissioner provides".

In subsection (d)(1)(i) of this section, the reference to a bond that "runs" to
the State is added for clarity.

In subsection (d)(1)(ii) and (3) of this section, the references to the "penal
sum" of the bond are substituted for the "penalty" of the bond for clarity.

In subsection (d)(2), (3), and (4)(i) of this section, the references to a surety
"insurer" are added for clarity and consistency throughout this subsection.

. Defined terms: "Agent" § 1-101
"Broker" § 1-101

"Certificate of qualification" § 10-101
"Commissioner" § 1-101
"Insurer" § 1-101
"Person" § 1-101

10-113. ISSUANCE OF CERTIFICATE OF QUALIFICATION.

(A) IN GENERAL.

THE COMMISSIONER SHALL ISSUE A CERTIFICATE OF QUALIFICATION IN A
KIND OR SUBDIVISION OF INSURANCE OR A COMBINATION OF KINDS OR
SUBDIVISIONS OF INSURANCE TO EACH APPLICANT WHO MEETS THE
REQUIREMENTS OF THIS SUBTITLE.

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