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Current as of January 02, 2024 | Updated by FindLaw Staff
(a) A licensee under this chapter shall at all times maintain a tangible net worth of:
(1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000);
(2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and
(3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000).
(b) Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements pursuant to § 45-7-113(b)(6).
Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-7-135 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-7-135/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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