1301:8-4-04 Net worth.

(A) As used in sections 1321.73 and 1321.74 of the Revised Code, “net worth” shall mean the difference between total assets and total indebtedness, as determined by generally accepted accounting principles, but shall not include furniture, fixtures and equipment, real estate or intangibles.

(B) If the division of financial institutions determines that the net worth of a licensee or an applicant, as provided by section 1321.73 or 1321.74 of the Revised Code, is deficient or inflated, the division may be written notice require an audited financial statement by an independent licensed, certified accountant, the cost of which shall be paid by the licensee or applicant.

HISTORY: Eff. 7-10-95; 6-3-04

Rule promulgated under: RC 119.03

Rule authorized by: RC 1321.77

Rule amplifies: RC 1321.73, 1321.74

R.C. 119.032 review dates: 03/19/2004 and 05/24/2009