1. A. In satisfying the licensure, renewal, and registration requirements provided by the VCBA, including but not limited to R.S. 6:1386(B) through (D), R.S. 6:1388(B)(2)(f), and R.S. 6:1389(A)(7), net worth and tangible net worth shall be clearly evidenced by filing or submitting a current, audited financial statement to the commissioner through the NMLS prepared:

   1. 1. in accordance with General Acceptable Accounting Principles (GAAP) standards; and
   2. 2. consistent with Public Company Accounting Oversight Board (PCAOB) standards.

2. B. Licensure, renewal, and registration requirements relative to net worth and net tangible worth provided by the VCBA, including but not limited to those expressly provided by R.S. 6:1386(B) through (D), R.S. 6:1388(B)(2)(f), and R.S. 6:1389(A)(7), shall be:

   1. 1. satisfied at the time of initial application for licensure, renewal, and registration under the VCBA;
   2. 2. maintained at all times during licensure, renewal, and registration; and
   3. 3. annually reported to the commissioner beginning on the first day of November, in compliance with Subsection A of this Section.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121, R.S. 6:121.2, R.S. 6:1385, R.S. 6:1386, R.S. 6:1387, R.S. 6:1388, R.S. 6:1389, and R.S. 6:1394.

Historical Note

HISTORICAL NOTE: Promulgated by the Office of the Governor, Office of Financial Institutions, LR 48:2564 (October 2022).