Sec. 10-1. Net worth.
109 words·~1 min read·
/il/chapter-205/act-658/10-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10-1. Net worth.
(a)A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and 0.5% 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 paragraph
(6)of subsection
(b)of Section 5-3.
(c)Notwithstanding the provisions of this Section, the Secretary shall have discretionary authority to exempt, in part or in whole, from the requirements of this Section any applicant or licensee.