Net worth

(a) A licensee under this chapter shall at all times maintain a tangible net worth of: (1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000); (2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and (3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($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 § 45-7-113(b)(6) . Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024. (a) A licensee under this chapter shall at all times maintain a tangible net worth of: (1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000); (2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and (3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000). (1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000); (2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and (3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($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 § 45-7-113(b)(6) . Added by 2023 Tenn. Acts, ch. 115, s 1, eff. 1/1/2024.