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NYC Administrative Code

§ 28-418.3.1 — Financial solvency.

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What is NYC AC § 28-418.3.1?

Quick Answer

This section defines financial solvency as the requirement that an applicant's operating capital exceeds $25,000. The statute provides clarity on financial criteria necessary for certain applications. Applies to applicants seeking permits or licenses under the relevant article.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 28-418.3.1 Financial solvency.

AC § 28-418.3.1

For the purposes of this article, financial solvency shall mean that the applicant's operating capital shall exceed $25,000. (Am. L.L. 2021/126, 11/7/2021, eff. 11/7/2022) Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2008/008 and L.L. 2021/126.

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