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235.09.1-24. Financial Statements; Guidelines

AR ADC 235.09.1-24Arkansas Administrative CodeEffective: July 1, 2020

West's Arkansas Administrative Code
Title 235. Arkansas Department of Labor and Licensing
Division 9. Professional Bail Bondsman Licensing Board
Rule 1. Rules of Bail Bond Business
Effective: July 1, 2020
Ark. Admin. Code 235.09.1-24
Formerly cited as AR ADC 164.00.1-21
235.09.1-24. Financial Statements; Guidelines
Currentness
A. Assets listed on the financial statement of a corporation seeking to be licensed or re-licensed shall be assets directly owned by the corporation and held in the name of such corporation.
B. Assets listed on the financial statement of a partnership seeking licensure or re-licensure as a professional bail bond company shall be those assets owned by the partnership; assets owned individually by one partner may be listed as long as such assets are identified separately on the financial statement.
C. Assets listed on the financial statement of a sole proprietorship shall be those personally owned and held by such sole proprietor.
D. Property held as collateral on a bond shall not be considered an asset.
E. The Board may request any documentation to verify the worth of any asset listed or to show the extent of any encumbrance or the lack of any encumbrance.

Credits

Amended July 1, 2020.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 235.09.1-24, AR ADC 235.09.1-24
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