§489D-6 License qualifications; tangible net worth; good standing.

210 words·~1 min read·/hi/489d-6

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 of the greater of:

(1)$100,000 or three per cent of tangible assets for the first $100,000,000;

(2)Two per cent of additional assets for $100,000,000 to $1,000,000,000; and

(3)0.5 per cent of additional assets for over $1,000,000,000.

Tangible net worth at all times shall be calculated in accordance with generally accepted accounting principles.

(b)Tangible net worth shall be demonstrated at initial application by the applicant's most recent audited financial statements pursuant to section 489D-9(d)(2)(F) and (3)(E).

(c)Each applicant, at the time of filing an application, and at all times after a license is issued, shall be in good standing in the state of its formation. All applicants, at the time of filing an application for a license under this chapter, and at all times after a license is issued, shall be registered or qualified to do business in the State.

(d)Notwithstanding any provision of this section to the contrary, the commissioner may, for good cause shown, exempt, in part or in whole, any applicant or licensee from the requirements of this section. [L 2006, c 153, pt of §1; am L 2023, c 183, §3]