Ch. 6                                       2003 LAWS OF MARYLAND

SALE OF TRAILERS OR SEMITRAILERS OVER 15 FEET IN LENGTH, an amount based on
the number of used vehicle sales, OR SALES OF TRAILERS OR SEMITRAILERS OVER 15
FEET IN LENGTH, during the preceding license year, according to the following
schedule:

(i) 1 to 250 vehicles................................................................$15,000;

(ii) 251 to 500 vehicles............................................................$25,000;

(iii) 501 to 1,000 vehicles.........................................................$35,000;

(iv) 1,001 to 2,500 vehicles..............................................$50,000; and

(v) Over 2,500 vehicles.........................................................$150,000.

(c)      (1) This subsection applies only to an applicant who:

(i) Applies for a license to deal in the sale of new or used [motor]
vehicles; and

(ii) Was not licensed to sell [motor] vehicles during the preceding
license year.

(2)     Subject to paragraph (3) of this subsection, the Administration shall
base the amount of a surety bond for an applicant described in paragraph (1) of this
subsection on the estimated volume of sales in the initial year in which the license is
in effect.

(3)     The amount of the surety bond under paragraph (2) of this subsection
may not be less than:

(i) For an applicant for a license to deal in the sale of new motor
vehicles, $50,000; or

(ii) For an applicant for a license to deal in the sale of EITHER used
vehicles OR TRAILERS OR SEMITRAILERS OVER 15 FEET IN LENGTH, $15,000.

(d)     Notwithstanding subsection (c) of this section, if an applicant seeks a
license for a location that is or that previously had been operated by a licensed dealer,
the Administration may require a surety bond under subsection (b)(2) or (3) of this
section based on the volume of sales at that location during a preceding license year.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2003.

Approved April 8, 2003.

- 814 -