New Jersey Administrative Code
Title 3 - BANKING
Chapter 27 - MONEY TRANSMITTERS
Subchapter 5 - NET WORTH
Section 3:27-5.1 - Net worth requirements

Universal Citation: NJ Admin Code 3:27-5.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Each applicant for an initial license as a money transmitter, except those described in (b) below, shall demonstrate a net worth of not less than $ 100,000, calculated in accordance with generally accepted accounting principles, plus an additional net worth of $ 25,000 per location or agent to be located in this State, as applicable, up to a maximum of $ 1,000,000.

(b) Each applicant for an initial license only as a foreign money transmitter shall demonstrate a net worth of not less than $ 50,000, calculated in accordance with generally accepted accounting principles, plus an additional net worth of $ 10,000 per location or agent to be located in this State, as applicable, up to a maximum of $ 400,000.

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