California Financial Code

§ 1533

FIN § 1533 Effective Jan 1, 2012Div. 1.1 · Ch. 15 · Art. 1

Statute text

(a)The commissioner shall annually levy on and collect from industrial banks authorized to transact industrial banking business in this state, pro rata on the basis of total assets, an assessment in a total amount that is sufficient in the commissioner’s judgment to (1) meet the expenses of the department in administering laws relating to industrial banks or to the industrial banking business that are not otherwise provided for and (2) provide a reasonable reserve for contingencies.

(b)The amount of the annual assessment on any industrial bank authorized to transact the industrial banking business shall be the greater (1) five thousand dollars ($5,000) or (2) the sum of the products determined by multiplying (A) increments of the bank’s or trust company’s total assets by (B) percentages of the base assessment rate according to the following table: Total Assets (In Percentage of Base Millions) 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

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.