Minimum Net Worth Required

A minimum net worth shall be continuously maintained for mortgage loan originators in accordance with this Section.

(a)In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Act, the net worth of such COL4122017 CH. 36 MORTGAGES person subject to this Act can be used in lieu of the mortgage loan originator’s minimum net worth requirement.

(b)Minimum net worth shall be maintained in an amount that reflects the dollar amount of loans originated, as determined by the Commissioner.

(c)The Commissioner may promulgate rules or regulations, in accordance with the Administrative Adjudication Law, with respect to the requirements for minimum net worth as are necessary to accomplish the purposes of this Act.