Code of Maryland Regulations (Last Updated: April 6, 2021) |
Title 15. Maryland Department of Agriculture |
Subtitle 19. GRAIN DEALERS' LICENSING |
Chapter 15.19.01. General Regulations |
Sec. 15.19.01.06. Financial Statement
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A. If the applicant chooses to file a financial statement, he shall indicate in the statement a minimum net worth for each type of grain dealer's license as follows:
Type of License Minimum Amounts A 15,000 B 35,000 C 100,000 D 100,000 B. If the applicant does not post a surety bond, irrevocable letter of credit or cash guaranty, the Department may not issue a:
(1) Type A license if the financial statement indicates a minimum net worth less than $15,000;
(2) Type B license if the financial statement indicates a minimum net worth less than $35,000; and
(3) Type C or D license if the financial statement indicates a minimum net worth less than $100,000.
C. An applicant for a Type A or B license shall submit a financial statement that:
(1) Is prepared and signed by a person who is not the applicant or a member of the applicant's business or family;
(2) Establishes a net worth for the applicant; and
(3) Is signed by the applicant.
D. An applicant for a Type C or D license shall file a:
(1) Financial statement reviewed by a certified public accountant establishing the net worth of the applicant's business as provided in §A of this regulation; or
(2) Letter from a certified public accountant stating that a review of the applicant's business records shows a net worth as provided in §A of this regulation.