Illinois § 10-1 Net worth

Illinois Statutes

§ 10-1 — Net worth

Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 658/ Uniform Money Transmission Modernization Act.·Art. Article X - Prudential Standards

(a)A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and 0.5% 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 paragraph (6) of subsection (b) of Section 5-3.

(c)Notwithstanding the provisions of this Section, the Secretary shall have discretionary authority to exempt, in part or in whole, from the requirements of this Section any applicant or licensee.

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(a) A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and 0.5% 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 paragraph (6) of subsection (b) of Section 5-3. (c) Notwithstanding the provisions of this Section, the Secretary shall have discretionary authority to exempt, in part or in whole, from the requirements of this Section any applicant or licensee.

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