What is the net worth requirement for an applicant for a license under the act?
Answer All of the following: Section 13(1)(a) of the MTSA provides that if subdivision (b) does not apply, the financial statement must show its net worth exceeds $100,000.00. For an applicant that provides money transmission services at more than one location or through authorized delegates, the net worth must equal at least the sum of $100,000.00 plus an additional $25,000.00 for each location or authorized delegate or $1,000,000.00, whichever is less.
Related Questions
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- What is the net worth requirement for an applicant for a license under the act?
