Okla. Stat. tit. 6, § 6-2110
This is the official text of Okla. Stat. tit. 6, § 6-2110, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Minimum net worth
Official statutory text
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 276
Each licensee under the Sale of Checks Act shall at all times
maintain a minimum net worth of at least Two Hundred Seventy-five
Thousand Dollars ($275,000.00) in order to issue or sell checks at
one (1) to three hundred (300) locations, Five Hundred Thousand
Dollars ($500,000.00) in order to issue or sell checks at three
hundred one (301) to five hundred (500) locations, One Million Five
Hundred Thousand Dollars ($1,500,000.00) in order to issue or sell
checks at five hundred one (501) to eight hundred (800) locations,
or Three Million Dollars ($3,000,000.00) in order to issue or sell
checks at over eight hundred (800) locations. Net worth must be
demonstrated annually by filing with the Commissioner, at the time
of application for a license and at each time of license renewal,
the most current annual audited financial statement of the licensee
certified by a licensed public accountant holding a permit to
practice in this state or by a certified public accountant. For
purposes of this section, a financial statement shall be deemed to
be current if it is no more than twelve (12) months old. Financial
statements may be submitted to the Commissioner at any time in order
to maintain a current status. The Commissioner may require, upon
request, a more current statement than the last statement submitted
by the licensee.
Each licensee under the Sale of Checks Act shall at all times
maintain a minimum net worth of at least Two Hundred Seventy-five
Thousand Dollars ($275,000.00) in order to issue or sell checks at
one (1) to three hundred (300) locations, Five Hundred Thousand
Dollars ($500,000.00) in order to issue or sell checks at three
hundred one (301) to five hundred (500) locations, One Million Five
Hundred Thousand Dollars ($1,500,000.00) in order to issue or sell
checks at five hundred one (501) to eight hundred (800) locations,
or Three Million Dollars ($3,000,000.00) in order to issue or sell
checks at over eight hundred (800) locations. Net worth must be
demonstrated annually by filing with the Commissioner, at the time
of application for a license and at each time of license renewal,
the most current annual audited financial statement of the licensee
certified by a licensed public accountant holding a permit to
practice in this state or by a certified public accountant. For
purposes of this section, a financial statement shall be deemed to
be current if it is no more than twelve (12) months old. Financial
statements may be submitted to the Commissioner at any time in order
to maintain a current status. The Commissioner may require, upon
request, a more current statement than the last statement submitted
by the licensee.
Status: in_force · Read it on the official government site
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