This bill amends the Consumer Financial Services Act by updating the requirements for obtaining a license under section 5. Key changes include the modification of language regarding the application process, specifying that an application for a license "must" be accompanied by an annual operating fee, an application fee, and financial statements demonstrating the applicant's net worth. The bill establishes specific net worth thresholds for different classes of licenses and introduces a requirement for licensees to maintain this net worth while conducting business. Additionally, the commissioner is granted the authority to set higher net worth requirements for new class I licensees to ensure safe operations.

The bill also clarifies the determination of net worth, which must be assessed at the end of the fiscal year preceding the application or the most recent month for new corporations. It mandates that net worth be disclosed on a prescribed form and computed according to generally accepted accounting principles. Furthermore, the bill specifies certain assets that must be excluded from the net worth calculation, such as pledged assets, receivables from related parties, and intangible values like goodwill. The amendments are set to take effect on January 1, 2026, contingent upon the enactment of another related bill.

Statutes affected:
House Introduced Bill: 487.2055