Section 13-05-04.2 - Minimum net worth requiredA minimum net worth must be continuously maintained by every licensee in accordance with this section.
1. Minimum net worth must be maintained in the amount of twenty-five thousand dollars.2. If the net worth of a licensee falls below the minimum net worth as set forth in subsection 1, the licensee shall provide a plan, subject to the approval of the commissioner, to increase the licensee's net worth to an amount in conformance with this section. Submission of a plan under this section must be made within twenty business days of a notice from the commissioner that the licensee is not in compliance with subsection 1. If the licensee does not submit a plan under this section, fails to comply with an approved plan, or has repeated violations of subsection 1, the commissioner may revoke the license.Added by S.L. 2011, ch. 106 (HB 1080),§ 8, eff. 8/1/2011.