361.999. Net worth.
138 words·~1 min read·
/mo/chapter-361/361-999A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
361.999. Net worth. — 1. A licensee under sections 361.900 to 361.1035 shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one billion dollars, and one-half of one percent of additional assets for over one billion dollars.
2. Tangible net worth shall be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements under subdivision
(6)of subsection 2 of section 361.936 .
3. Notwithstanding the provisions of this section, the director shall have the authority, for good cause shown, to exempt, in part or in whole, from the requirements of this section any applicant or licensee.
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(L. 2024 S.B. 1359)