Kentucky Statutes 286.11-011 – Minimum net worth of licensee
Current as of: 2024 | Check for updates
|
Other versions
Each licensee under this subtitle shall at all times have a net worth of not less than five hundred thousand dollars ($500,000), calculated in accordance with generally accepted accounting principles.
Effective: April 24, 2006
History: Created 2006 Ky. Acts ch. 247, sec. 6, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.
Effective: April 24, 2006
Terms Used In Kentucky Statutes 286.11-011
- Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.11-003
- Net worth: means the excess of assets over liabilities as determined by generally accepted accounting principles. See Kentucky Statutes 286.11-003
- Statute: A law passed by a legislature.
History: Created 2006 Ky. Acts ch. 247, sec. 6, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.