Ch. 635

1995 LAWS OF MARYLAND

(3) THE REQUIREMENTS OF THIS SUBSECTION DO NOT APPLY TO AN
APPLICANT THAT IS ANY FORM OF ASSOCIATION OF ATTORNEYS.

(E) (F)    (1) WHEN THE APPLICATION OF A PARTNERSHIP FOR A

CERTIFICATE   OF QUALIFICATION IS SUBMITTED, THE COMMISSIONER SHALL

INVESTIGATE   THE CHARACTER OF EACH PARTNER OF THE PARTNERSHIP
APPLICANT.

(2) WHEN THE APPLICATION OF A CORPORATION FOR A CERTIFICATE
OF QUALIFICATION IS SUBMITTED, THE COMMISSIONER SHALL INVESTIGATE THE
CHARACTER OF THE MAJORITY OWNER AND EACH OFFICER AND DIRECTOR OF THE
CORPORATE APPLICANT.

[(d)](F) (G) (1) In addition to meeting the requirements for obtaining a
certificate of qualification under § 168(b) of this article, [a] EACH INDIVIDUAL title
insurance agent [who has an appointment from a title insurance insurer] AND EACH
INDIVIDUAL TITLE INSURANCE BROKER shall file with the Commissioner:

(i) [A fidelity bond;

(ii)] A surety bond; or

[(iii)] (II) A letter of credit.

             (2) IN ADDITION TO MEETING THE ANY OF THE APPLICABLE
REQUIREMENTS FOR OBTAINING A CERTIFICATE OF QUALIFICATION UNDER §
168(E) OF THIS ARTICLE, A SOLE PROPRIETOR, A CORPORATE, OR PARTNERSHIP
APPLICANT FOR A CERTIFICATE OF QUALIFICATION AS A TITLE INSURANCE AGENT
OR A TITLE INSURANCE BROKER SHALL FILE WITH THE COMMISSIONER:

(I)      A FIDELITY BOND A BLANKET FIDELITY BOND COVERING
APPROPRIATE EMPLOYEES; AND

(II)     1. A SURETY BOND; OR

2. A LETTER OF CREDIT.

[(2) The] (3) EACH bond or letter of credit shall be in the amount of
$100,000 unless the Commissioner approves a lesser amount.

[(3)](4) The Commissioner [shall] MAY adopt regulations specifying when
a bond or letter of credit less than $100,000 is appropriate.

[(4)](5) Notwithstanding paragraph [(2)] (3) of this subsection, the
Commissioner may waive the requirement for a bond or letter of credit if the
Commissioner finds that the bonds are not generally available or reasonably affordable.

[(5)](6) The Commissioner shall make a specific finding that states the
reason for accepting a bond or letter of credit in an amount less than $100,000.

[(e)](G) (H) The applicant shall file a bond or letter of credit:

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