S.B. 44 Enrolled

FEES PAYABLE TO THE COMMISSIONER OF
FINANCIAL INSTITUTIONS
2001 GENERAL SESSION
STATE OF UTAH
Sponsor: Terry R. Spencer
This act modifies the Financial Institutions Code to modify the fee paid by certain financial
institutions and to make technical changes.
This act affects sections of Utah Code Annotated 1953 as follows:
AMENDS:
7-1-401, as last amended by Chapter 260, Laws of Utah 2000
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 7-1-401 is amended to read:
7-1-401. Fees payable to commissioner.
(1) [Each depository institution under the jurisdiction of the department, except] Except
for an out-of-state depository institution with a branch in Utah, a depository institution under the
jurisdiction of the department shall pay an annual fee:
(a) computed [upon the basis of aggregate] by averaging the total assets[, as] of the
depository institution shown [upon the year-end report] on each quarterly report of condition for
the depository institution for the calendar year immediately proceeding the date the annual fee is
due under Section 7-1-402 ; and
(b) at the following rates:
[(a)] (i) on the first $5,000,000 of these assets, the greater of:
(A) 65 cents per $1,000; or
(B) $500[, whichever is greater];
[(b)] (ii) on the next $10,000,000 of these assets, 35 cents per $1,000;
[(c)] (iii) on the next $35,000,000 of these assets, 15 cents per $1,000;
[(d)] (iv) on the next $50,000,000 of these assets, 12 cents per $1,000;
[(e)] (v) on the next $200,000,000 of these assets, 10 cents per $1,000;
[(f)] (vi) on the next $300,000,000 of these assets, 6 cents per $1,000; and

[(g)] (vii) on all amounts over $600,000,000 of these assets, [4] 2 cents per $1,000.
(2) A financial institution with a trust department shall pay a fee determined in accordance
with Subsection (7) for each examination of the trust department by state examiners.
(3) [A] Notwithstanding Subsection (1), a credit union in its first year of operation shall pay
a basic fee of $25 instead of the fee required under Subsection (1).
(4) A trust company that is not a depository institution or a subsidiary of a depository
institution holding company shall pay:
(a) an annual fee of $500; and
(b) an additional fee determined in accordance with Subsection (7) for each examination by
state examiners.
(5) [All other persons and institutions] Any person or institution under the jurisdiction of the
department that [do] does not pay a fee under Subsections (1) through (4) shall pay:
(a) an annual fee of $100; and
(b) an additional fee determined in accordance with Subsection (7) for each examination by
state examiners.
(6) [An applicant] A person filing an application or request under Section 7-1-503 , 7-1-702 ,
7-1-703 , 7-1-704 , 7-1-713 , 7-5-3 , or 7-18a-202 shall pay:
(a) a filing fee of $500; and
(b) all reasonable expenses incurred in processing the application.
(7) (a) Per diem assessments for [examinations] an examination shall be calculated at the
rate of $40 per hour:
(i) for each examiner; and
(ii) per hour worked.
(b) For an examination of [branches] a branch or [offices] office of a financial [institutions]
institution located outside of this state, in addition to the per diem assessment under this Subsection
(7), the institution shall pay all reasonable travel, lodging, and other expenses incurred by each
examiner while conducting the examination.
(8) [A] In addition to a fee under Subsection (5), a person registering under Section 7-23-103

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shall pay an original registration fee of $300.

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