§ 2540.
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/vt/title-8/chapter-79/2540A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 2540. Net worth
(a)A licensee under this chapter shall maintain at all times a tangible net worth of the greater of $100,000.00 or three percent of total assets for the first $100,000,000.00, two percent of additional assets for $100,000,000.00 to $1,000,000,000.00, and 0.5 percent of additional assets for over $1,000,000,000.00.
(b)Tangible net worth must be demonstrated at initial application by the applicant’s most recent audited or unaudited financial statements pursuant to subsection 2102(e) of this title.
(c)Notwithstanding subsections
(a)and
(b)of this section, the Commissioner for good cause shown has the authority to exempt an applicant or licensee from the requirements of this section, in part or in whole. (Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.)