(a)    A license may not be issued or renewed under this subtitle until the applicant has:

(1)    (i)    Filed with the Secretary a financial statement, as provided in subsection (b) of this section, establishing the net worth of the applicant’s grain business; or

(ii)    Posted a surety bond, irrevocable letter of credit, or cash guaranty at least as large as the following amounts for the different types of licenses:

Type of license Minimum amounts A $�15,000 B $�35,000 C $100,000 D $100,000; and

(2)    Demonstrated proof of insurance coverage as required by this subtitle.

(b)    (1)    An applicant for a Type A or B license shall submit a financial statement that:

(i)    Is prepared and signed by a person other than the applicant or a member of the applicant’s business or family;

(ii)    Establishes a net worth for the applicant; and

(iii)    Is signed by the applicant.

(2)    A Type C or D license may not be issued or renewed under this subtitle until the applicant has:

(i)    Filed with the Secretary a financial statement reviewed by a certified public accountant establishing the net worth of the applicant’s business as provided in paragraph (3) of this subsection; or

(ii)    Filed with the Secretary a letter from a certified public accountant stating that a review of the applicant’s business records shows a net worth as provided in paragraph (3) of this subsection.

(3)    The financial statement shall indicate 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