Section 6100-R - Net worthNet worth requirements are governed by this section. [2023, c. 662, §2 (NEW).]
1.Tangible net worth. A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 and 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. [2023, c. 662, §2 (NEW).]
2.Financial statements. Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to section 6089, subsection 2, paragraph F. [2023, c. 662, §2 (NEW).]
3.Exemption. Notwithstanding the provisions of this section, the administrator may, for good cause shown, exempt, in whole or in part, from the requirements of this section any applicant or licensee. [2023, c. 662, §2 (NEW).]
Added by 2024, c. 662,§ 2, eff. 8/9/2024.