(a) Each application for a license shall be accompanied by:
(1) A nonrefundable supervision fee, as provided in § 45-1-118(i); and
(2) A balance sheet and income statement for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm. For a newly created entity, the commissioner may accept a balance sheet only, accompanied by a projected income statement demonstrating that the licensee will have adequate capital after payment of start-up costs.
(b) The supervision fee set forth in subdivision (a)(1) shall be applicable to each location.
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