Arizona Laws 6-1227. Net worth requirements; exemption
Current as of: 2024 | Check for updates
|
Other versions
A. A licensee shall maintain at all times a tangible net worth as follows:
Terms Used In Arizona Laws 6-1227
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Licensee: means a person licensed under this article. See Arizona Laws 6-1201
- Tangible net worth: means the aggregate assets of a licensee excluding all intangible assets, minus liabilities, as determined in accordance with United States generally accepted accounting principles. See Arizona Laws 6-1201
1. The greater of $100,000 or three percent of total assets for the first $100,000,000.
2. Two percent of additional assets for $100,000,000 to $1,000,000,000.
3. One-half percent of additional assets for over $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 section 6-1209, subsection B, paragraph 6.
C. The director may exempt, in part or in whole, an applicant or licensee from this section.