Section 9-586 - [Effective 1/1/2025] [Net worth](a) Every licensee shall maintain at all times a tangible net worth of: (1) The greater of $100,000 or 3% of such licensee's total assets up to $100,000,000;(2) 2% of such licensee's additional assets of $100,000,000 to $1,000,000,000; and(3) 0.5% of such licensee's additional assets of over $1,000,000,000.(b) The licensee's tangible net worth shall be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to section 10, and amendments thereto.(c) Notwithstanding the provisions of this section, the commissioner shall have the authority to exempt any applicant or licensee, in part or in whole, from the requirements of this section.(d) This section shall take effect on and after January 1, 2025.Added by L. 2024, ch. 64,§ 32, eff. 7/1/2024.