§ 26-1004. License qualifications.

Current through October 23, 2012

(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 chapter and at all times after a license is issued, be registered or qualified to do business in the District of Columbia.

                
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(July 18, 2000, D.C. Law 13-140, § 5, 47 DCR 3431.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 13-140, see notes following § 26-1001.