State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-208_5

§ 53‑208.5.  Licensequalifications.

(a)        Each licensee shallhave at all times a net worth of not less than one hundred thousand dollars($100,000) calculated in accordance with generally accepted accountingprinciples. Licensees engaging in money transmission at more than one locationor through authorized delegates shall have an additional net worth of tenthousand dollars ($10,000) per location in this State, as applicable, to amaximum of five hundred thousand dollars ($500,000). Licensees with neither locationsnor authorized delegates in this State shall have an additional net worth asestablished by the Commissioner in an amount not to exceed a maximum of fivehundred thousand dollars ($500,000).

(b)        Every corporateapplicant, at the time of filing of an application for license under thisArticle and at all times after a license is issued, shall be in good standingin the state of its incorporation and, if required by the North CarolinaBusiness Corporations Act, Chapter 55 of the General Statutes, shall beregistered or qualified to do business in this State. All noncorporateapplicants shall, at the time of the filing of an application for a licenseunder this Article and at all times after a license is issued, be registered orqualified to do business in the State as required by law. (2001‑443, s. 2.)