<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".06" citation="COMAR 15.19.01.06" title_num="15" subtitle_num="19" chapter_num="01" heading="Financial Statement.">
  <paragraph num="A.">
    <text>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:</text>
  </paragraph>
  <paragraph num="B.">
    <text>If the applicant does not post a surety bond, irrevocable letter of credit or cash guaranty, the Department may not issue a:</text>
    <paragraph num="(1)">
      <text>Type A license if the financial statement indicates a minimum net worth less than $15,000;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Type B license if the financial statement indicates a minimum net worth less than $35,000; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Type C or D license if the financial statement indicates a minimum net worth less than $100,000.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>An applicant for a Type A or B license shall submit a financial statement that:</text>
    <paragraph num="(1)">
      <text>Is prepared and signed by a person who is not the applicant or a member of the applicant's business or family;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Establishes a net worth for the applicant; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>Is signed by the applicant.</text>
    </paragraph>
  </paragraph>
  <paragraph num="D.">
    <text>An applicant for a Type C or D license shall file a:</text>
    <paragraph num="(1)">
      <text>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</text>
    </paragraph>
    <paragraph num="(2)">
      <text>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.</text>
    </paragraph>
  </paragraph>
</regulation>