NET WORTH OF MONEY TRANSMISSION LICENSEE

(a) A money transmission licensee under this chapter shall maintain at all times a tangible net worth in an amount not less than: (1) for a licensee with total assets in an amount not greater than $100 million, the greater of: (A) $100,000; or (B) 3 percent of the value of the licensee's total assets; (2) for a licensee with total assets in an amount greater than $100 million and not greater than $1 billion, the sum of $3 million and 2 percent of the additional assets in excess of $100 million; and (3) for a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion. (b) Tangible net worth under this section must be demonstrated at the initial application by the applicant's most recent audited or unaudited financial statements pursuant to Section 152.104(c)(6) or (7). (c) Notwithstanding other provisions of this section, the commissioner may, for good cause shown, exempt a money transmission licensee wholly or partly from the requirements of this section.