N.J. Admin. Code § 3:27-5.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:27-5.1 - Net worth requirements

(a) Each applicant for an initial license as a money transmitter, except those described in (b) below, shall demonstrate a net worth of not less than $ 100,000, calculated in accordance with generally accepted accounting principles, plus an additional net worth of $ 25,000 per location or agent to be located in this State, as applicable, up to a maximum of $ 1,000,000.

(b) Each applicant for an initial license only as a foreign money transmitter shall demonstrate a net worth of not less than $ 50,000, calculated in accordance with generally accepted accounting principles, plus an additional net worth of $ 10,000 per location or agent to be located in this State, as applicable, up to a maximum of $ 400,000.

Amended by R.2004 d.152, effective 4/19/2004.
See: 35 New Jersey Register 4938(a), 36 New Jersey Register 1958(a).
In (a), inserted "except those described in (b) below," preceding "shall demonstrate a net worth".