The bill amends the Consumer Financial Services Act by updating the requirements for obtaining a license under section 5. Key changes include the replacement of the word "shall" with "must" in several instances, emphasizing the mandatory nature of the requirements. The bill specifies that an application for a license must include an annual operating fee, a non-refundable application fee, and financial statements demonstrating the applicant's net worth, which must exceed specified amounts depending on the class of license. Additionally, the bill introduces a provision allowing the commissioner to establish higher net worth requirements for new class I licensees to ensure safe and sound operations.

Furthermore, the bill 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. The bill also outlines specific assets that must be excluded from the net worth calculation, such as pledged assets, receivables from related parties, and certain intangible values. The amendments are set to take effect on January 1, 2026, contingent upon the enactment of House Bill No. 5544.

Statutes affected:
House Introduced Bill: 487.2055
As Passed by the House: 487.2055