Ch. 239

1996 LAWS OF MARYLAND

OVER ITS FISCAL MANAGEMENT AND EACH MEMBER AND EACH OFFICER,
MANAGER, OFFICER, AND DIRECTOR OF THE LIMITED LIABILITY COMPANY
APPLICANT.

(e) (1) In addition to meeting any of the applicable requirements for a
certificate of qualification to act as an agent or broker under this subtitle, a sole
proprietor, A LIMITED LIABILITY COMPANY, a partnership, or a corporate applicant for
a certificate of qualification as a title insurance agent or title insurance broker shall file
with the Commissioner:

(i) a blanket fidelity bond covering appropriate employees; and

(ii) 1. a surety bond; or

2. a letter of credit.

(2)     Unless the Commissioner approves a lesser amount, each bond or letter
of credit shall be for $100,000.

(3)     The Commissioner may adopt regulations that specify when it is
appropriate for a bond or letter of credit to be less than $100,000.

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

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

10-125.

(d) Notwithstanding any other provision of this subtitle:

(1)     the bonding requirements of this subtitle relating to title insurance
agents and title insurance brokers do not apply to law firms and individual attorneys
practicing law in law firms;

(2)     the [corporate] LIMITED LIABILITY COMPANY, CORPORATE, and
partnership requirements of this subtitle relating to title insurance agents and title
insurance brokers do not apply to law firms; and

(3)     the education, experience, and examination requirements of this subtitle
relating to title insurance agents and title insurance brokers do not apply to individual
attorneys or law firms.

10-126.

(b) Subject to the hearing provisions of Title 2 of this article, the Commissioner
may [ suspend or revoke] SUSPEND, REVOKE, DENY RENEWAL, OR REFUSE TO GRANT
AN APPLICATION FOR the certificate of qualification of a LIMITED LIABILITY
COMPANY, [ partnership] PARTNERSHIP, or corporation for any violation of this subtitle
by IF AN INDIVIDUAL WHO HAS DIRECT CONTROL OVER ITS FISCAL MANAGEMENT
OR an agent, broker, director, officer, or partner, MEMBER, MANAGER, OWNER, OR
EMPLOYEE of the LIMITED LIABILITY COMPANY, partnership, or corporation HAS:

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