Senate Bill No. 504
(By Senators Minard and Kessler)
____________
[Introduced February 5, 2002; referred to the Committee
on Banking and Insurance; and then to the Committee on Finance.]
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A BILL 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 the assessments
and examination fund of the commissioner of banking; and
providing that the fund shall include any interest or other
return earned thereon.
Be it 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
along with any interest or other return earned thereon
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
MillionMillion 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
40,0001,224,292.00005267020,000
(2) For each regulated consumer lender, an annual assessment
payable on the first day of July, each year, computed upon the
total outstanding gross loan balances and installment sales
contract balances net of unearned interest of the regulated
consumer lender shown on the report of condition of the regulated
consumer lender as of the preceding thirty-first day of December,
respectively, as follows:
Total Outstanding Balances
But NotThisOf Excess
Over Over Amount Plus Over
$0$ 1,000,000800--
1,000,000 5,000,000800.000400 1,000,000
5,000,000 10,000,000 2,400.000200 5,000,000
10,000,000 - 4,200.00010010,000,000
If a regulated consumer lender'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 eight, article one, chapter thirty-one-c of this
code as follows:
Total Assets
But NotOf Excess
Over Over This Over
AmountPlus
$ 0$ 100,000100 - -
100,000500,000300 - -
500,000 1,000,000500 - -
1,000,000 5,000,000500 .000400 1,000,000
5,000,000 10,000,000 2,100 .000200 5,000,000
10,000,000 - 3,100 .00010010,000,000
(4) For each bank holding company, an annual assessment as
provided for in section eight, article eight-a of this chapter. The annual assessment may not exceed ten dollars per million dollars in
deposits rounded off to the nearest million dollars.
(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 regulated consumer lender and
each state credit union 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. Banks that provide only
trust or other nondepository services, nonbanking subsidiaries of
bank holding companies that provide trust services, nonbanking
subsidiaries of banks that provide trust services and any trust
entity that is jointly owned by federally insured depository
institutions may be assessed for necessary costs and expenses
associated with an examination pursuant to this subsection.
(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 for the
recovery of all assessments, costs and expenses in any court of
competent jurisdiction.
NOTE: The purpose of this bill is to allow the commissioner
of banking to retain in his or her assessment and examination fund
any interest or other return earned thereon.
Strike-throughs indicate language that would be stricken from the
present law, and underscoring indicates new language that would be
added.
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