Financial Code - FIN - FIN § 405

Summary

(a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in an amount sufficient in the commissioner’s judgment to meet the expenses of the department in administering laws relating to banks or trust co

Text

(a)
The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in an amount sufficient in the commissioner’s judgment to meet the expenses of the department in administering laws relating to banks or trust companies or to the banking or trust business that are not otherwise provided for and to provide a reasonable reserve for contingencies.
(b)
The amount of the annual assessment for the fund on any bank or trust company shall not be less than five thousand dollars ($5,000). Above that minimum amount, except as otherwise provided in subdivision (c), the annual assessment shall not exceed the sum of the products of
a base assessment rate, or percentage thereof, and segregated portions of its total resources, according to the following table:
Segregated Total Resources
Percentage of Base
(In Millions or Fractions Thereof)
Assessment Rate
First $2
100.0
Next $18
50.0
Next $80
12.0
Next $100
6.25
Next $800
6.0
Next $1,000
4.0
Next $4,000
3.5
Next $14,000
3.0
Next $20,000
2.5
Excess over $40,000
1.5
(c)
(1)
For purposes of determining the annual assessment on
banks and trust companies that have one or more foreign (other state) branch offices, the resources of foreign (other state) branch offices shall be excluded from total resources, except that the commissioner may order the resources of foreign (other state) branch offices to be included in total resources if and to the extent that it is necessary in the commissioner’s judgment to meet the expenses of the department on account of foreign (other state) branch offices and a reasonable reserve for contingencies.
(2)
If the commissioner finds that a bank or trust company allocated any resource to a foreign (other state) branch office for the purpose, in whole or in part, of reducing its annual assessment, the commissioner may, for purposes of calculating the annual assessment on the bank or trust company, reallocate the resource to
the bank’s or trust company’s head office.
(d)
The base assessment rate shall be set by the commissioner from time to time at the commissioner’s discretion, not to exceed two dollars and twenty cents ($2.20) per one thousand dollars ($1,000) of total resources.

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• #1 | Financial Code - FIN - FIN § 405

  (a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in an amount sufficient in the commissioner’s judgment to meet the expenses of the department in administering laws relating to banks or trust companies or to the banking or trust bus…