Section 533C.801 - Net worth1. A licensee under this chapter 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 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 pursuant to section 533C.303, subsection 2, paragraph "f".3. Notwithstanding the foregoing provisions of this section, the superintendent shall have the authority, for good cause shown, to exempt any applicant or licensee, in part or in whole, from the requirements of this section.Amended by 2023 Iowa, ch 83, s 32, eff. 7/1/2023.2003 Acts, ch 96, §33, 42Referred to in §533C.307, 533C.401
Section stricken and rewritten