S.D. Admin. R. 20:10:11:15

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:10:11:15 - Financial criteria for licensing

At a minimum, the applicant's balance sheet must show a positive net worth. In determining net worth, the commission may disallow the following assets if the assets are withdrawals of equity or are uncollectible:

(1) Accounts and notes receivable from or advances to stockholders, owners, partners, employees, or affiliates;

(2) Accounts receivable over 180 days old;

(3) Investments or equities in cooperatives; or

(4) Goodwill.

At a minimum, the balance sheet must show current assets greater than current liabilities. In determining working capital, the commission may disallow the following assets if the assets are withdrawals of equity or are uncollectible:

(1) Accounts and notes receivable from or advances to stockholders, owners, partners, employees, or affiliates;

(2) Accounts receivable over 180 days old;

(3) Investments or equities in cooperatives; or

(4) Goodwill.

S.D. Admin. R. 20:10:11:15

24 SDR 190, effective 7/15/1998; 40 SDR 39, effective 9/9/2013.

General Authority: SDCL 49-43-4.1(2).

Law Implemented: SDCL 49-43-4.1(2), 49-43-4.2, 49-43-4.3.