Section 5-203 - Annual assessments on banking institutions. - Maryland Statutes

§ 5-203. Annual assessments on banking institutions.
 

(a)  Imposition authorized.- The Commissioner shall impose annual assessments on each banking institution as provided in this section, to cover the expense of regulating banking institutions. 

(b)  Amount.-  

(1) Except as provided in paragraph (2) of this subsection, the Commissioner shall assess each banking institution the sum of: 

(i) $8,000; plus 

(ii) 1. 12 cents for each $1,000 of the assets of the institution over $50,000,000, but not more than $250,000,000; 

2. 10 cents for each $1,000 of assets over $250,000,000, but not more than $500,000,000; 

3. 9 cents for each $1,000 of assets over $500,000,000, but not more than $1,000,000,000; 

4. 8 cents for each $1,000 of assets over $1,000,000,000, but not more than $10,000,000,000; and 

5. 7 cents for each $1,000 of assets over $10,000,000,000. 

(2) If a banking institution is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this title, the Commissioner shall assess the banking institution the sum of: 

(i) $5,000; plus 

(ii) 1. 0.3 cents for each $1,000 of managed assets held in a fiduciary capacity up to $5,000,000,000; 

2. 0.2 cents for each $1,000 of managed assets held in a fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000; 

3. 0.1 cent for each $1,000 of managed assets held in a fiduciary capacity over $20,000,000,000 up to $27,500,000,000; 

4. 0.2 cents for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity up to $5,000,000,000; and 

5. 0.1 cent for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000. 

(3) The assessments shall be based on assets stated in a banking institution's most recent financial report. 

(c)  Adjustment related to CAMELS rating.- Notwithstanding subsection (b) of this section, for a banking institution with a composite CAMELS rating of 3, 4, or 5 for its most recent examination, the annual assessment imposed under this section shall be increased by an additional 25%. 

(d)  Payment.- A banking institution shall pay the assessment imposed under this section to the Commissioner on or before the April 15 after it is imposed. 
 

[1981, ch. 618; 1996, ch. 326, § 2; 2008, ch. 293; 2010, ch. 72.]