Section 110.16 Positive Net Worth

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Illinois Administrative Code › Title 38 FINANCIAL INSTITUTIONS › CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION › Part 110 CONSUMER INSTALLMENT LOAN ACT › Section 110.16 Positive Net Worth

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

Section 110.16 Positive Net

Worth

a) A licensee shall maintain a positive net worth of a minimum of

$30,000 at all times.

b) A licensee shall provide a year-end balance sheet

demonstrating that it has maintained a positive net worth of $30,000 no later

than March 31 of the next year. The balance sheet shall be prepared in

accordance with generally accepted accounting principles.

c) The Secretary may require a licensee to produce financial

statements demonstrating that the licensee has maintained a positive net worth

of a minimum of $30,000 at any other time when the Secretary has good cause to

believe that the licensee may not have a positive net worth of a minimum of

$30,000. Any such financial statements shall be prepared in accordance with generally

accepted accounting principles.

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