§ 4-209. Fund payments before beginning business

MD Fin Inst Code § 4-209 (2019) (N/A)
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(a)    Payment to the initial guaranty fund shall be:

(1)    Made in money; and

(2)    Evidenced by transferable deferred payment certificates.

(b)    The approval of the Commissioner is required as to:

(1)    The form of the transferable deferred payment certificates;

(2)    The rate of interest that the holder of a certificate will be entitled to receive; and

(3)    The terms under which and the pro rata installments by which the holder of a certificate will be repaid.