Code · Arizona · Title 6 — Banks and Financial Institutions

6-1227. Net worth requirements; exemption

93 words·~1 min read·/az/title-6/6-1227

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A licensee shall maintain at all times a tangible net worth as follows:

1. The greater of $100,000 or three percent of total assets for the first $100,000,000.

2. Two percent of additional assets for $100,000,000 to $1,000,000,000.

3. One-half percent of additional assets for over $1,000,000,000.

B. Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to section 6-1209, subsection B, paragraph 6.

C. The director may exempt, in part or in whole, an applicant or licensee from this section.