Ohio Code 1315.05 – Continuing duties of licensees
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Each licensee, at all times, shall meet both of the following requirements:
Terms Used In Ohio Code 1315.05
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: means the state of Ohio. See Ohio Code 1.59
(A) Be a legally established business entity that is capitalized separately and distinctly from every other legal entity and qualified to do business in this state;
(B) Have a minimum net worth of not less than five hundred thousand dollars, calculated according to generally accepted accounting principles, but excluding any assets that the superintendent of financial institutions disqualifies and including any off-balance sheet liabilities that the superintendent requires.
(C) No licensee shall fail to comply with this section.