Positive Net Worth

Section 110.16  Positive Net Worth a)         A licensee shall maintain a positive net worth of a minimum of $30,000 at all times. b)         A licensee shall provide a year-end balance sheet demonstrating that it has maintained a positive net worth of $30,000 no later than March 31 of the next year.  The balance sheet shall be prepared in accordance with generally accepted accounting principles. c)         The Secretary may require a licensee to produce financial statements demonstrating that the licensee has maintained a positive net worth of a minimum of $30,000 at any other time when the Secretary has good cause to believe that the licensee may not have a positive net worth of a minimum of $30,000.  Any such financial statements shall be prepared in accordance with generally accepted accounting principles.