§1386.1. Meeting tangible net worth requirements
A. In satisfying the licensure and renewal requirements provided in this Chapter,
tangible net worth shall be clearly evidenced by filing or submitting a current audited
financial statement to the commissioner through the NMLS that is prepared in accordance
with the general acceptable accounting principles (GAAP) standards or consistent with the
Public Company Accounting Oversight Board (PCAOB) standards.
B. All licensing requirements, including renewals, relative to tangible net worth shall
be evidenced at the time of initial application for licensure and renewal, maintained at all
times during licensure and renewal, and reported annually to the commissioner in compliance
with Subsection A of this Section and in accordance with R.S. 6:1388.
Acts 2023, No. 331, §1, eff. June 13, 2023; Acts 2024, No. 159, §1; Acts 2024, No.
700, §2.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1,
2027. See Acts 2024, No. 700.
NOTE: The provisions of Acts 2023, No. 331, have no termination date. See
Acts 2024, No. 159.