(a) A licensee under this chapter shall at all times maintain a tangible net worth of:

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Terms Used In Tennessee Code 45-7-135

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Tangible net worth: means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles. See Tennessee Code 45-7-103
(1) The greater of one hundred thousand dollars ($100,000) or three percent (3%) of total assets for the first one hundred million dollars ($100,000,000);
(2) Two percent (2%) of additional assets for one hundred million dollars ($100,000,000) to one billion dollars ($1,000,000,000); and
(3) One-half of one percent (0.5%) of additional assets for over one billion dollars ($1,000,000,000).
(b) Tangible net worth must be demonstrated at initial application by the applicant’s most recent audited or unaudited financial statements pursuant to § 45-7-113(b)(6).
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