Md. Code Regs. 15.19.01.05

Current through Register Vol. 52, No. 1, January 10, 2025

Section 15.19.01.05 - Posting

A. If the applicant chooses to post a surety bond, letter of credit or cash guaranty, instead of filing a financial statement, he shall use a form furnished by the Department and post an amount at least as large as the following for the different types of licenses:

Type of License	Minimum Amounts
A	$ 15,000
B	35,000
C	100,000
D	100,000

B. If the applicant does not file a financial statement, the Department may not issue a:

(1) Type A license if the applicant posts an amount less than $15,000;

(2) Type B license if the applicant posts an amount less than $35,000; and

(3) Type C or D license if the applicant posts an amount less than $100,000.

C. If the applicant chooses the posting option, he shall:

(1) Show the same name for the following matters:

(a) The named applicant, in his grain dealer's license application,

(b) The named principal, if he posts a surety bond, or

(c) The named obligor or guarantor, if he posts either an irrevocable letter of credit or cash guaranty;

(2) Name the Maryland Department of Agriculture as the obligee or as the beneficiary of the surety bond, irrevocable letter of credit or cash guaranty.

Md. Code Regs. 15.19.01.05

Regulation .05B amended effective April 20, 1987 (14:8 Md. R. 939)
Regulations .05 adopted effective October 19, 1987 (14:21 Md. R. 2223)