655.047 Assessments; financial institutions.

180 words·~1 min read·/fl/title-xxxviii/chapter-655/655-047

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Each state financial institution shall pay to the office a semiannual assessment for the 6-month periods beginning January 1 and July 1. Assessments must be based on the total assets as shown on the statement of condition of the financial institution on the last business day in December and the last business day in June of each year.

(2)The semiannual assessment must be received by the office by mail, wire transfer, automated clearinghouse, or other electronic means approved by the office on or before March 31 and September 30 of each year following the semiannual assessment period. The office may levy a late payment penalty of up to $100 per day or part thereof that a semiannual assessment payment is overdue, unless it is excused for good cause. However, for intentional late payment of a semiannual assessment, the office shall levy an administrative fine of up to $1,000 a day for each day the semiannual assessment is overdue.

(3)The office may prorate the amount of the semiannual assessment; however, no portion of a semiannual assessment is refundable.