(a) Each licensee under this chapter shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $50,000 per location or authorized delegate located in the District of Columbia, as applicable. The maximum net worth required for all locations shall not exceed $500,000.
(b) Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All non-corporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be registered or qualified to do business in the District of Columbia.
(July 18, 2000, D.C. Law 13-140, § 5, 47 DCR 3431.)
Structure District of Columbia Code
Title 26 - Banks and Other Financial Institutions
Chapter 10 - Money Transmissions
§ 26–1004. License qualifications
§ 26–1005. Permissible investments and statutory trust
§ 26–1006. License application
§ 26–1007. Bond or other security device
§ 26–1009. Issuance of license
§ 26–1010. Renewal of license and annual report
§ 26–1011. Special reporting requirements
§ 26–1012. Changes in control of a licensee
§ 26–1014. Maintenance of records
§ 26–1015. Suspension or revocation of licenses
§ 26–1016. Authorized delegate contracts
§ 26–1017. Authorized delegate conduct
§ 26–1018. Revocation or suspension of authorized delegates
§ 26–1020. Hearings and procedures
§ 26–1024. Promulgation of rules