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MICHIGAN STATUTES AND CODES
Section 487.12203 - Fees.
Act 276 of 1999
487.12203 Fees.
Sec. 2203.
(1) The commissioner 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 25 cents for each $1,000.00 of total assets of the bank as reported by the bank on its report of condition as of December 31 of the previous year.
(2) Each bank shall pay an annual supervisory fee which shall be not less than $1,000.00.
(3) The commissioner shall provide an invoice of the supervisory fee no later than July 1 of each year. The annual supervisory fee shall be paid by August 15 of that year.
(4) The initial supervisory fee for a bank that obtained a charter as a result of a conversion shall be based on the total assets 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 which was not engaged in the business of banking on December 31 of the previous year shall be the minimum supervisory fee established by the commissioner consistent with subsection (2).
(6) The commissioner 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 fees established under subsection (6) shall be based on the estimated cost to the bureau of conducting the activities for which the fees are imposed.
(8) The commissioner may charge reasonable fees for furnishing and certifying copies of documents or serving notices required by this act.
(9) To the extent any fees, penalties, or fines assessed under this act are unpaid when due, the commissioner may, upon 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 and shall be paid into the state treasury to the credit of the bureau and used only for the operation of the bureau.
History: 1999, Act 276, Eff. Mar. 1, 2000