California Code of Regulations
Title 16 - Professional and Vocational Regulations
Division 27 - Bureau of Electronic and Appliance Repair
Article 5.5 - Service Contractors
Section 2757.2 - Net Worth Test on Form 10-K; Defined

Universal Citation: 16 CA Code of Regs 2757.2
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

For purposes of complying with the requirements of Sections 9855.2(a)(1) and 9855.3(c)(1) of the Code, the term "a net worth greater than the sum of the deferred revenues from service contracts in force" shall be calculated by comparing the sum of the "deferred revenues from all service contracts in force" as of the date of the audited financial statement included in the Form 10-K (or acceptable substitute) filing with the stockholders' equity reported on the financial statement. The amount of stockholders' equity shall exceed the sum of the deferred revenues from service contracts in force in order for the requirements of Sections 9855.2(a)(1) and 9855.3(c)(1) of the Code to be met.

1. New section filed 9-21-95; operative 10-21-95 (Register 95, No. 38).

Note: Authority cited: Section 9814, Business and Professions Code. Reference: Sections 9855.2 and 9855.3, Business and Professions Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.