Michigan Laws 487.12203 – Fees; state bank regulatory fund
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 487.12203
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
- department: means the department of insurance and financial services. See Michigan Laws 487.11201
- director: means the director of the department. See Michigan Laws 487.11201
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The director shall periodically establish a schedule of supervisory fees to be paid by banks. Except for a minimum fee consistent with subsection (2), the fee shall not be more than 1 of the following percentages, as applicable, of the total assets of the bank as reported by the bank on its report of condition as of December 31 of the previous year:
(a) In 2016, 1/40 of 1%.
(b) In 2017, 1/20 of 1%.
(c) In 2018 and 2019, 3/40 of 1%.
(d) In 2020 and in subsequent years, 1/10 of 1%.
(2) The annual supervisory fee established by the director under subsection (1) shall be at least $1,000.00.
(3) The director shall provide an invoice of the supervisory fee on or before July 1 of each year. A bank must pay the annual supervisory fee on or before August 15 of that year.
(4) The director shall base the initial supervisory fee for a bank that obtained a charter as a result of a conversion on the total assets of the bank as reported in its report of condition as of December 31 of the previous year under its prior charter.
(5) The supervisory fee of a bank that was not engaged in the business of banking on December 31 of the previous year shall be the minimum supervisory fee established by the director under subsections (1) and (2).
(6) The director shall periodically establish a schedule of fees, beyond those charged for normal supervision, to be paid for applications, special evaluations and analyses, and examinations.
(7) The director shall base the fees established under subsection (6) on the estimated cost to the department of conducting the activities for which the fees are imposed.
(8) The director may charge reasonable fees for furnishing and certifying copies of documents or serving notices required under this act.
(9) To the extent any fees, penalties, or fines assessed under this act are unpaid when due, the director may, after providing proper notice, maintain an action for the recovery of the fees, penalties, or fines plus interest and costs.
(10) The fees, expenses, compensation, penalties, and fines collected under this act are not refundable.
(11) The state bank regulatory fund is established in the department of treasury. All of the following apply to the state bank regulatory fund:
(a) The fund shall consist of the following:
(i) Fees, expenses, compensation, penalties, and fines received or collected under this act.
(ii) Money appropriated to the fund.
(iii) Donations of money made to the fund from any source.
(iv) Interest and earnings from fund investments.
(b) Money in the fund at the close of a fiscal year shall remain in the fund and shall not revert to the general fund.
(c) Upon appropriation, the department shall use the money in the fund only for bank regulatory purposes, as determined by the director.
(d) The state treasurer shall direct the investment of the fund.
(e) The department is the administrator of the fund for auditing purposes.