California Financial Code 8032 – (a) On or before the 20th day of June of each year the …
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(a) On or before the 20th day of June of each year the commissioner shall notify each association by mail of the amount assessed and levied against it.
(b) Except as provided in this article, an association shall pay one-half or more of the amount assessed so as to be received by the commissioner not later than the 10th day of July and shall pay the remainder so as to be received by the commissioner not later than the following 10th day of January.
Terms Used In California Financial Code 8032
- association: includes a foreign savings association doing business in this state under an approval issued by the commissioner. See California Financial Code 8030
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(c) If payment is not received by the commissioner on time, the commissioner shall assess and collect in addition to the annual assessment, a penalty of 5 percent of the unpaid assessment for each month or part of a month that the payment is delinquent.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)