(1) An application under ARM 2.60.802 shall be accompanied by:

(a) an audited financial statement from a certified public accountant confirming that the applicant has available assets in excess of liabilities in an amount sufficient to provide the services the applicant will set forth in a business plan; and

(b) evidence that the applicant's initial paid-in capital is available to establish an undivided profits account in an amount large enough to absorb all operating losses in the business plan and pro forma statement submitted by the applicant pursuant to ARM 2.60.804.

(2) The division, in consultation with the state banking board, shall determine the appropriate initial level of capitalization of an applicant prior to the issuance of the certificate of authorization.   In no event shall such capital be less than $2,000,000 of which at least 50% shall be comprised of United States currency and no more than 50% shall be comprised of tangible personal property.