51A-17-6. Minimum net worth required.

Each 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 from one hundred million dollars to one billion dollars, and one-half of one percent of additional assets over one billion dollars. Tangible net worth must be demonstrated in an initial application by the applicant's most recent audited financial statement pursuant to §§ 51A-17-13(8) and 51A-17-14(5).

The director has the authority to exempt, in whole or in part, any applicant or licensee from the requirements of this section for good cause.

Source: SL 2008, ch 253, § 6; SL 2022, ch 178, § 4.