§ 53-208.45 – License application.
53-208.45. License application. (a) Applications under this Article shall be filed through the NMLS in a form acceptable to the Commissioner. To be considered complete, all applications shall be verified by oath or affirmation of the applicant or a designee thereof and shall contain all of the following: (1) The legal name, along with any […]
§ 53-208.46 – Minimum net worth.
53-208.46. Minimum net worth. (a) An applicant shall possess and a licensee shall maintain at all times a net worth of not less than two hundred fifty thousand dollars ($250,000) calculated in accordance with generally accepted accounting principles. (b) The Commissioner may by order increase the amount of net worth required of an applicant or […]
§ 53-208.47 – Surety bond.
53-208.47. Surety bond. (a) Applicants shall be required to post a surety bond with the Commissioner at application and licensees shall maintain a surety bond in the amount of one hundred fifty thousand dollars ($150,000) to be subsequently adjusted as set forth in subsection (b) of this section. (b) The surety bond amount required subsequent […]
§ 53-208.48 – Permissible investments and statutory trust.
53-208.48. Permissible investments and statutory trust. (a) Except as otherwise provided in this section, each licensee under this Article shall possess at all times unencumbered permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding transmission obligations. This requirement […]