(a) The Commissioner, not more often than once per year, may impose annual assessments on each financial institution supervised and examined by the Commissioner under this subtitle, to cover the expense of supervising and examining that financial institution.

(b) (1) The Commissioner may assess each financial institution the sum of:

(i) $1,000; plus

(ii) 8 cents for each $1,000 of the assets of the financial institution over $1,000,000.

(2) The assessments shall be based on assets stated in the financial institution’s most recent financial report.

(c) The financial institution shall pay any assessment imposed under this section to the Commissioner on or before the February 1 after it is imposed.