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Indiana Code Title 28. Financial Institutions § 28-8-4.1-1001

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 1001. (a) A licensee under this chapter shall maintain at all times a tangible net worth of at least the greater of:

(1) one hundred thousand dollars ($100,000);  or

(2) the total of the following:

(A) Three percent (3%) of the first one hundred million dollars ($100,000,000) of the licensee's total assets.

(B) Two percent (2%) of additional assets that are greater than one hundred million dollars ($100,000,000) but not greater than one billion dollars ($1,000,000,000).

(C) One-half of one percent (0.5%) of additional assets that are greater than one billion dollars ($1,000,000,000).

(b) Tangible net worth must be demonstrated at the time of an initial application for licensure by means of the applicant's most recent audited or unaudited financial statements under section 503(b)(6) of this chapter, as applicable.

(c) Notwithstanding subsections (a) and (b), the director may, for good cause shown, exempt, in whole or in part, any applicant or licensee from the requirements of this section.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-8-4.1-1001 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-8-4-1-1001/

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