§ 26–202
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 26-202 (2026)
Title 26. Motor Clubs
Subtitle 2. Licenses
§ 26–202LinkCopy Citation
(a)
To qualify for a license to engage in the business of a motor club, a motor club with capital stock must have and maintain:
(1)
paid-in capital stock with a fixed nominal or par value in an amount not less than $5,000; and
(2)
surplus in an amount not less than $10,000.
(b)
A motor club formed under the laws of the State without paid-in capital stock shall have and maintain unencumbered assets, in addition to required reserves and other liabilities, in an amount equal to that required under subsection (a) of this section.