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 onehundred million dollars, two percent of additional assets for one hundred million dollars toone 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 section 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, §32Referred to in §533C.307, 533C.401Section stricken and rewritten Sat Dec 23 01:37:07 2023 Iowa Code 2024, Section 533C.801 (19, 3)
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