Section 6100-R - Net worthNet worth requirements are governed by this section.
1. Tangible net worth. A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 and 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000 and 0.5% of additional assets for over $1,000,000,000.2. Financial statements. Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to section 6089, subsection 2, paragraph F.3. Exemption. Notwithstanding the provisions of this section, the administrator may, for good cause shown, exempt, in whole or in part, from the requirements of this section any applicant or licensee.Added by 2024, c. 662,§ 2, eff. 8/9/2024.