California Financial Code

§ 405

FIN § 405 Effective Jan 1, 2014Div. 1 · Ch. 3 · Art. 6

Statute 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

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Legislative history

Amended by Stats. 2013, Ch. 334, Sec. 24. (SB 537) Effective January 1, 2014.