Ch. 23 1997 LAWS OF MARYLAND

(3) If an applicant has or is applying for more than one license, the
applicant is not required to file a separate investigation fee.

12-409.

(a) (1) A LICENSE ISSUED ON OR BEFORE SEPTEMBER 30. 1997 EXPIRES ON
DECEMBER 31 OF THE YEAR IN WHICH IT WAS ISSUED, UNLESS IT IS RENEWED FOR A 2-YEAR TERM AS PROVIDED IN THIS SECTION.

(2) A license ISSUED ON OR AFTER OCTOBER 1, 1997 expires on [the]
December 31 IN EACH ODD-NUMBERED YEAR after [its effective date] DECEMBER 31,
1997, unless it is renewed for a [1-year] 2-YEAR term as provided in this section.

(b) On or before December [10] 1 OF THE YEAR OF EXPIRATION, a [licensee
may renew a license] LICENSE MAY BE RENEWED for an additional [year] 2 YEARS, if
the licensee:

(1) Otherwise is entitled to be licensed;

(2) Files any bond renewal certificate or new bond or deposits any new
permissible investments required by § 12-410 of this subtitle;

(3) Pays to the Commissioner a license fee of [$200] $400; AND

[(4) Submits the report and pays the agent fee required by § 12-411 of this
subtitle; and

(5)] (4) Submits to the Commissioner:

(i) A renewal application on the form that the Commissioner

requires; and

(ii) A financial statement that complies with the requirements of §
12-406(b)(2) of this subtitle.

12-410.

(a) With the application for a new or renewal license, the applicant either shall
file a surety bond or bond renewal certificate or shall deposit permissible investments
with the Commissioner as provided in this section.

(b) (1) A surety bond filed under this section shall run to this State for the
benefit of any person who has a cause of action against the applicant for any liability
incurred on [a payment instrument or traveler's check issued or sold] ANY MONEY
TRANSMITTED by the applicant or by any agent of the applicant.

(2) The surety bond shall be:

(i) In the amount required by subsection (d) of this section; and

(ii) Issued by a bonding company or insurance company that is
authorized to do business in this State.

(3) The surety bond shall provide that if a buyer or holder of a payment
instrument or [traveler's check] PERSON FOR WHOM OR TO WHOM MONEY IS

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