3003. FINANCIAL STATEMENTS AND NET WORTH REQUIREMENT

3003 FINANCIAL STATEMENTS AND NET WORTH REQUIREMENT 3003.1 An applicant for a student loan servicer license shall submit its audited financial statements for the immediately preceding three (3) years, or for the period the applicant has been in business if less than three (3) years. Financial statements shall be prepared in accordance with generally accepted accounting principles. 3003.2 The financial statements shall include: (a) A balance sheet; (b) An income statement; (c) A statement of cash flows; and (d) All relevant notes included with the documents listed in §§ 3003.2 (a) through (c). 3003.3 A student loan servicer shall demonstrate and continuously maintain a net worth of not less than two hundred fifty thousand dollars ($250,000). SOURCE: Final Rulemaking published at 65 DCR 8395 (August 10, 2018). District of Columbia Municipal Regulations Banking and Financial Institutions 26-C DCMR § 3003