N.J. Admin. Code § 3:24-2.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:24-2.1 - Proof of net worth; records

(a) An applicant shall submit to the Department an unqualified, audited financial statement prepared by a Certified Public Accountant or a public accountant, in accordance with generally accepted accounting principles, sufficient to satisfy the capital and net worth requirements of 17:15A-37. This statement shall reflect the financial status of the applicant as of a date not more than 12 months prior to the date of the application. The certified public accountant or public accountant issuing the statement shall be in good standing with their State Board of Accountancy or other appropriate regulatory agency.

(b) For each subsequent application, the applicant may use the initial unqualified, audited financial statement, provided that it is less than 12 months old and that it indicates that the applicant meets the higher net worth and liquid assets necessary for the additional offices sought to be approved.

(c) In the event the accountant does not maintain an office in New Jersey, the licensee's records may, at the option of the Department, be examined at the licensee's main office.

(d) Uncollected checks may not be carried on a financial statement more than 90 days after presentment.

N.J. Admin. Code § 3:24-2.1

Amended by R.2000 d.177, effective 5/1/2000.
See: 32 New Jersey Register 344(a), 32 New Jersey Register 1513(b).
Rewrote (a); in (c), substituted "may, at the option of the Department," for "shall" following "records"; and added (d).