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S.B. 44






Sponsor: Terry R. Spencer

             6      This act modifies the Financial Institutions Code to modify the fee paid by certain financial
             7      institutions and to make technical changes.
             8      This act affects sections of Utah Code Annotated 1953 as follows:
             9      AMENDS:
             10          7-1-401, as last amended by Chapter 260, Laws of Utah 2000
             11      Be it enacted by the Legislature of the state of Utah:
             12          Section 1. Section 7-1-401 is amended to read:
             13           7-1-401. Fees payable to commissioner.
             14          (1) [Each depository institution under the jurisdiction of the department, except] Except
             15      for an out-of-state depository institution with a branch in Utah, a depository institution under the
             16      jurisdiction of the department shall pay an annual fee:
             17          (a) computed [upon the basis of aggregate] by averaging the total assets[, as] of the
             18      depository institution shown [upon the year-end report] on each quarterly report of condition for
             19      the depository institution for the calendar year immediately proceeding the date the annual fee is
             20      due under Section 7-1-402 ; and
             21          (b) at the following rates:
             22          [(a)] (i) on the first $5,000,000 of these assets, the greater of:
             23          (A) 65 cents per $1,000; or
             24          (B) $500[, whichever is greater];
             25          [(b)] (ii) on the next $10,000,000 of these assets, 35 cents per $1,000;
             26          [(c)] (iii) on the next $35,000,000 of these assets, 15 cents per $1,000;
             27          [(d)] (iv) on the next $50,000,000 of these assets, 12 cents per $1,000;

             28          [(e)] (v) on the next $200,000,000 of these assets, 10 cents per $1,000;
             29          [(f)] (vi) on the next $300,000,000 of these assets, 6 cents per $1,000; and
             30          [(g)] (vii) on all amounts over $600,000,000 of these assets, [4] 2 cents per $1,000.
             31          (2) A financial institution with a trust department shall pay a fee determined in accordance
             32      with Subsection (7) for each examination of the trust department by state examiners.
             33          (3) [A] Notwithstanding Subsection (1), a credit union in its first year of operation shall
             34      pay a basic fee of $25 instead of the fee required under Subsection (1).
             35          (4) A trust company that is not a depository institution or a subsidiary of a depository
             36      institution holding company shall pay:
             37          (a) an annual fee of $500; and
             38          (b) an additional fee determined in accordance with Subsection (7) for each examination
             39      by state examiners.
             40          (5) [All other persons and institutions] Any person or institution under the jurisdiction of
             41      the department that [do] does not pay a fee under Subsections (1) through (4) shall pay:
             42          (a) an annual fee of $100; and
             43          (b) an additional fee determined in accordance with Subsection (7) for each examination
             44      by state examiners.
             45          (6) [An applicant] A person filing an application or request under Section 7-1-503 ,
             46      7-1-702 , 7-1-703 , 7-1-704 , 7-1-713 , 7-5-3 , or 7-18a-202 shall pay:
             47          (a) a filing fee of $500; and
             48          (b) all reasonable expenses incurred in processing the application.
             49          (7) (a) Per diem assessments for [examinations] an examination shall be calculated at the
             50      rate of $40 per hour:
             51          (i) for each examiner; and
             52          (ii) per hour worked.
             53          (b) For an examination of [branches] a branch or [offices] office of a financial
             54      [institutions] institution located outside of this state, in addition to the per diem assessment under
             55      this Subsection (7), the institution shall pay all reasonable travel, lodging, and other expenses
             56      incurred by each examiner while conducting the examination.
             57          (8) [A] In addition to a fee under Subsection (5), a person registering under Section
             58      7-23-103 shall pay an original registration fee of $300.

Legislative Review Note
    as of 12-4-00 8:33 AM

A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel

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