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Current as of January 01, 2025 | Updated by Findlaw Staff
A. A licensee shall maintain at all times a tangible net worth in an amount not less than the following:
1. For a licensee with total assets in an amount not greater than $100 million, the greater of $100,000 or three percent of the value of the licensee's total assets.
2. For a licensee with total assets in an amount greater than $100 million and not greater than $1 billion, the sum of $3 million and two percent of the additional assets in excess of $100 million.
3. For a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion.
B. Tangible net worth shall be demonstrated at initial application and thereafter in a manner prescribed by the Commission.
Cite this article: FindLaw.com - Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1950. Net worth - last updated January 01, 2025 | https://codes.findlaw.com/va/title-6-2-financial-institutions-and-services/va-code-sect-6-2-1950/
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 before relying on it for your legal needs.
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