13-10-14. Minimum net worth required.
126 words·~1 min read·
/nd/title-13/chapter-13-10-mortgage-loan-originators/13-10-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A minimum net worth must be continuously maintained for mortgage loan originators in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the net worth of such person subject to this chapter may be used in lieu of the mortgage loan originator's minimum net worth requirement.
1. Minimum net worth must be maintained in the amount of twenty-five thousand dollars.
However, the commissioner may increase the amount of minimum net worth if the
commissioner determines that such an increase is necessary to protect the public
interest.
2. The commissioner may promulgate rules or regulations with respect to the
requirements for minimum net worth as are necessary to accomplish the purposes of
this chapter.