District of Columbia Statutes
§ 26-1004 — License qualifications.
(a)Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $50,000 per location or authorized delegate located in the District of Columbia, as applicable. The maximum net worth required for all locations shall not exceed $500,000.
(b)Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants shall, at the time of the filing of an application for a license under this chap
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Legislative History
July 18, 2000, D.C. Law 13-140, § 5, 47 DCR 3431
Nearby Sections
15
§ 26-1001
Definitions.§ 26-1002
License required.§ 26-1003
Exemptions.§ 26-1004
License qualifications.§ 26-1006
License application.§ 26-1007
Bond or other security device.§ 26-1008
Application fee.§ 26-1009
Issuance of license.§ 26-1011
Special reporting requirements.§ 26-1012
Changes in control of a licensee.§ 26-1013
Examinations.§ 26-1014
Maintenance of records.