32-11-202. Requisite net worth. (1) In order to receive a license, an applicant shall demonstrate to the satisfaction of the department that the applicant has raised sufficient capital so that:
(a) the net worth of the BIDCO is expected to be adequate, in the context of its business plan, to support the BIDCO's management team and to achieve an appropriate spreading of the risk involved in the BIDCO's provisions of financing assistance; and
(b) the BIDCO has a reasonable promise of being a viable, ongoing BIDCO, satisfying the basic objectives of its business plan, and achieving long-term financial success.
(2) The department may not establish a minimum net worth for a BIDCO under this section of less than $1.5 million.
History: En. Sec. 6, Ch. 411, L. 2007.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 11. Business and Industrial Development Corporations
Part 2. Licensure Procedures -- Board of Directors
32-11-201. Application procedure
32-11-202. Requisite net worth
32-11-203. Fees -- special revenue account
32-11-204. Criteria for directors, officers, and controlling persons
32-11-205. Determination of likelihood of future noncompliance
32-11-206. Denial of application
32-11-207. License -- display -- transfer or assignment -- surrender
32-11-208. Corporate name and representation of status
32-11-213. and 32-11-214 reserved
32-11-216. Notice of officer and director changes
32-11-217. Business of licensee -- general powers
32-11-218. Financing assistance allowed -- forms, terms, conditions
32-11-219. Participation in government programs
32-11-220. Scope of management assistance
32-11-221. Limitation to purposes of business
32-11-222. Control of other businesses
32-11-223. Control of assisted business