17:11C-16 - Net worth requirements for consumer lenders

17:11C-16.  Net worth requirements for consumer lenders

16. a.  Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer loans liquid assets of at least $100,000.

b.  Every consumer lender shall have at all times a net worth of at least $100,000 and shall maintain at all times assets of at least $100,000 in liquid form available for or actually used in the making of consumer loans.

L.1996,c.157,s.16.