ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 121
(Senator Minard, original sponsor)
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[Passed March 11, 1994; in effect ninety days from passage.]
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AN ACT to amend and reenact section eight, article two, chapter
thirty-one-a of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to collection of
moneys from financial institutions and bank holding
companies for assessments, fees and other necessary expenses
for the administration of the division of banking; payment
of assessments and fees into a special revenue account;
setting forth the assessments for various financial
institutions; increasing the assessments for state banking
institutions; authority of commissioner to collect necessary
costs and expenses incurred in connection with an
examination for which assessments are not provided;
providing for examination of records of an out-of-state
institution; and allowing the commissioner to maintain an
action for the recovery for all assessments, costs and
expenses.
Be enacted by the Legislature of West Virginia:
That section eight, article two, chapter thirty-one-a of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 2. DIVISION OF BANKING.
§31A-2-8. Commissioner's assessments and examination fund;
assessments, costs and expenses of examinations; collection.
(a) All moneys collected by the commissioner from financial
institutions and bank holding companies for assessments,
examination fees, investigation fees or other necessary expenses
incurred by the commissioner in administering such duties shall
be paid to the commissioner and paid by the commissioner to the
treasurer of the state to the credit of a special revenue account
to be known as the "Commissioner's Assessment and Examination
Fund" which is hereby established. The assessments and fees paid
into this account shall be appropriated by law and used to pay
the costs and expenses of the division of banking and all
incidental costs and expenses necessary for its operations. At
the end of each fiscal year, if the fund contains a sum of money
in excess of twenty percent of the appropriated budget of the
division of banking, the amount of the excess shall be
transferred to the general revenue fund of the state. The
Legislature may appropriate money to start the special revenue
account.
(b) The commissioner of banking shall charge and collect
from each state banking institution or other financial
institution or bank holding company and pay into a special
revenue account in the state treasury for the division of banking
assessments as follows:
(1) For each state banking institution, a semiannual
assessment payable on the first day of January and the first day
of July, each year, computed upon the total assets of the banking
institution shown on the report of condition of the banking
institution filed as of the preceding thirtieth day of June and
the thirty-first day of December respectively as follows:
Total Assets
But Not Of Excess
Over Over This Over
Million Million Amount Plus Million
$ 0 $ 2 $ 0 .001645020 0
2 20 3,290 .000205628 2
20 100 6,991 .000164502 20
100 200 20,151 .000106926 100
200 1,000 30,844 .000090476 200
1,000 2,000 103,225 .000074026 1,000
2,000 6,000 177,251 .000065801 2,000
6,000 20,000 440,454 .000055988 6,000
20,000 40,000 1,224,292 .000052670 20,000
(2) For each industrial loan company an annual assessment as
provided for in section thirteen, article seven, chapter thirty-
one of this code, as follows:
Total Assets
But Not This Of Excess
Over Over Amount Plus Over
$ 0 $ 1,000,000 800 - -
1,000,000 5,000,000 800 .000400 1,000,000
5,000,000 10,000,000 2,400 .000200 5,000,000
10,000,000 - 4,200 .000100 10,000,000
If an industrial loan company's records or documents are
maintained in more than one location in this state, then eight
hundred dollars may be added to the assessment for each
additional location.
(3) For each credit union, an annual assessment as provided
for in section six, article ten, chapter thirty-one of this codeas follows:
Total Assets
Over But Not This Of Excess
Over Amount Plus Over
$ 0 $ 100,000 100 - -
100,000 500,000 300 - -
500,000 1,000,000 500 - -
1,000,000 5,000,000 500 .000400 1,000,000
5,000,000 10,000,000 2,100 .000200 5,000,000
10,000,000 - 3,100 .000100 10,000,000
(4) For each bank holding company, an annual assessment as
provided for in section five, article eight-a of this chapter.
The annual assessment shall not exceed ten dollars per million
dollars in deposits rounded off to the nearest million dollars.
(5) For each supervised lender, an annual assessment as
provided for in section one hundred five, article four, chapter
forty-six-a of this code. Such annual assessment shall not
exceed one hundred dollars on the first twenty-five thousand
dollars of total outstanding loan balances and installment sales
contract balances less unearned finance charges plus forty cents
per thousand dollars on the remaining outstanding balances as of
the preceding calendar year-end.
(c) The commissioner shall each December and each June
prepare and send to each state banking institution a statement of
the amount of the assessment due. The commissioner shall,
further, each June, prepare and send to each industrial loan
company, each state credit union and each supervised lender a
statement of the amount of the assessment due. The commissioner
shall, annually, during the month of January, prepare and send to
each bank holding company a statement of the amount of the
assessment due.
Assessments shall be prescribed annually, not later than the
fifteenth day of June, by written order of the commissioner, but
shall not exceed the maximums as set forth in subsection (b) of
this section. In setting the assessments the primary
consideration shall be the amount appropriated by the Legislature
for the division of banking for the corresponding annual period.
Reasonable notice of the assessments shall be made to all
interested parties. All orders of the commissioner for the
purpose of setting assessments are not subject to the provisions
of the West Virginia administrative procedures act, under chapter
twenty-nine-a of this code.
(d) For making an examination within the state of any other
financial institution for which assessments are not provided by
this code, the commissioner of banking shall charge and collect
from such other financial institution and pay into the special
revenue account for the division of banking the actual and
necessary costs and expenses incurred in connection therewith, as
fixed and determined by the commissioner.
(e) If the records of an institution are located outside
this state, the institution at its option shall make them
available to the commissioner at a convenient location within the
state, or pay the reasonable and necessary expenses for the
commissioner or his or her representatives to examine them at the
place where they are maintained. The commissioner may designate
representatives, including comparable officials of the state in
which the records are located, to inspect them on his or her
behalf.
(f) The commissioner of banking may maintain an action forthe recovery of all assessments, costs and expenses in any court
of competent jurisdiction.