Cal. Code Regs. tit. 13 § 80.00

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 80.00 - Definitions

As used in this article, the following definitions shall apply:

(a) A "financial statement" shall include, but not be limited to, the documents commonly known as balance sheets, profit and loss statements, explanatory notes or other documents which allow the department to determine an applicant's net financial worth.

(b) An "independent certified public accountant" is a certified public accountant, lawfully licensed to audit financial statements and render an opinion of an applicant's financial condition. For purposes of this regulation, an independent certified public accountant shall not be an employee of, or have any material or vested interest in the entity being audited.

(c) "Net worth" shall be defined as an applicant's net financial worth determined by calculating financial assets minus liabilities as identified on the financial statements and application or renewal attachments.

(1) Liabilities include unresolved past, current and future financial responsibility obligations and assessed risk factors.

Cal. Code Regs. Tit. 13, § 80.00

1. New section filed 6-26-2001; operative 7-26-2001 (Register 2001, No. 26).

Note: Authority cited: Section 1651, Vehicle Code. Reference: Section 16053, Vehicle Code.

1. New section filed 6-26-2001; operative 7-26-2001 (Register 2001, No. 26).