be paid at the time the license is issued.' The Director will have discretion in certain circumstances to waive these capitalization requirements.' SeeTitle 9, Section 721 of the Act. 2 Id at Section 719(b)(3)(A). 3 id at Section 719(b)(3)(B). 4 Id at Section 719(b)(3)(A) & (B). EFTA00623746 Memo to