COMMITTEE SUBSTITUTE
FOR
H. B. 2443
(By Delegates R. M. Thompson, Perry and G. White)
(Originating in the Committee on the Judiciary)
[February 12, 2003]
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 assessment of
banking institutions.
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 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 NotOf Excess
Over Over This Over
MillionMillionAmount Plus Million
$ 0$ 2$ 0.001645020 0
2
20 3,290.000205628 2
20
100 6,991.00016450220
100
20020,151.000106926 100
200 1,00030,844.000090476 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 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 Not This Of Excess
Over OverAmount PlusOver
$ 0
$ 1,000,000 800 - -
1,000,000
5,000,000 800.000400 1,000,000
5,000,000
10,000,0002,400.000200 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 Not This Of Excess
Over 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
- 3,100.00010010,000,000
(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 may be prescribed
annually every six months,
not later than the fifteenth day of June
and the fifteenth day of
December, 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.
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