Iowa Code 533C.801 – Net worth
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Terms Used In Iowa Code 533C.801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
533C.801 Net worth.
1. A licensee under this chapter shall maintain at all times a tangible net worth of the
greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one billion dollars, and half of one percent of additional assets for over one billion dollars.
2. Tangible net worth shall be demonstrated at initial application by the applicant’s most recent audited or unaudited financial statements pursuant to § 533C.303, subsection 2, paragraph “”f””.
3. Notwithstanding the foregoing provisions of this section, the superintendent shall have
the authority, for good cause shown, to exempt any applicant or licensee, in part or in whole, from the requirements of this section.
2003 Acts, ch 96, §33, 42; 2023 Acts, ch 83, §32
Referred to in §533C.307, 533C.401
Section stricken and rewritten
1. A licensee under this chapter shall maintain at all times a tangible net worth of the
greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one billion dollars, and half of one percent of additional assets for over one billion dollars.
2. Tangible net worth shall be demonstrated at initial application by the applicant’s most recent audited or unaudited financial statements pursuant to § 533C.303, subsection 2, paragraph “”f””.
3. Notwithstanding the foregoing provisions of this section, the superintendent shall have
the authority, for good cause shown, to exempt any applicant or licensee, in part or in whole, from the requirements of this section.
2003 Acts, ch 96, §33, 42; 2023 Acts, ch 83, §32
Referred to in §533C.307, 533C.401
Section stricken and rewritten