Maine Revised Statutes

§6105. License qualifications

1. Net worth requirements.  A licensee under this subchapter must have at all times 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 must have an additional net worth of $50,000 per location or agent located in the State, up to a maximum of $500,000.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
2. Corporate applicants.  A corporate applicant, at the time of filing an application for a license under this subchapter and at all times after a license is issued, must be in good standing in the state of its incorporation. A noncorporate applicant, at the time of filing an application for a license under this subchapter and at all times after a license is issued, must be registered or qualified to do business in this State.
[ 1997, c. 155, Pt. A, §2 (NEW) .]
SECTION HISTORY
1997, c. 155, §A2 (NEW).