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|
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.