Md. Code Regs. 15.19.01.06

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

Section 15.19.01.06 - Financial Statement

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.

Md. Code Regs. 15.19.01.06

Regulation .06 amended effective April 20, 1987 (14:8 Md. R. 939)
Regulations .06 adopted effective October 19, 1987 (14:21 Md. R. 2223)