§ 19 - Fees and departmental expenses - Vermont Statutes

§ 19. Fees and departmental expenses

(a) The commissioner shall charge each financial institution or financial institution applicant for department services rendered. Charges for department services shall be billed as follows:

(1) New financial institution application or new independent trust company application, $5,000.00;

(2) Interim reorganization application, $2,000.00;

(3) Merger, change in control, or other reorganization, share exchange, consolidation, or acquisition, $2,000.00;

(4) Conversion of a charter, $2,500.00;

(5) Establishment of a branch in the state, $500.00;

(6) Establishment of a remote service unit, $250.00. Where more than one remote service unit performing identical services on single premises are petitioned at the same time, the total charge shall be $250.00. This fee shall not apply if the remote service unit is placed at an existing branch;

(7) Relocation of main office, branch, or remote service unit, $250.00;

(8) For trust powers subsequent to the granting of the authority as financial institution, $2,000.00;

(9) Sale of branch, $500.00;

(10) Sale, lease, or exchange of all an institution's assets, $5,000.00;

(11) Voluntary dissolution or liquidation of an institution, $5,000.00;

(12) Establishment of a special purpose financial institution, $5,000.00;

(13) Establishment of a temporary agency, $150.00;

(14) Activity at a school, $250.00;

(15) Establishment of a loan production office or engaging in loan production activity in the state, $750.00;

(16) Permit a foreign exchange activity, $500.00;

(17) Purchase or establish a subsidiary or service corporation, $2,500.00;

(18) Certificate (good standing), $100.00;

(19) Establish a development credit corporation, $1,000.00;

(20) Permission to use "bank" in name, $100.00;

(21) Letter of non-objection, $250.00, plus expenses;

(22) Increase or reduction in permanent capital, $250.00;

(23) New credit union application, new credit union service organization application, or new corporate credit union application, $2,500.00;

(24) Extension of a certificate of general good or extension of a certificate of approval, $50.00;

(25) Contract with another financial institution as agent, $500.00;

(26) Any other corporate organizational changes not covered in this subsection, $250.00 plus expenses. No petition or application shall be considered by the commissioner until payment for the enumerated charge has been received.

(b) Those institutions subject to assessment under subsection (d) of this section will not be billed for examinations performed under subsection 11501(a) of this title.

(c) Each person, except as otherwise provided in subsection (d) of this section, within 30 days of notification, shall pay the department fees as prescribed by section 18 of this title, which fees shall be billed when they are incurred.

(d) The commissioner shall apportion the expenses allowed under the title "Banking, insurance, securities, and health care administration-banking" in the annual appropriation bill among the several financial institutions and credit unions directly regulated under this title, including the operations in Vermont of any such entity organized in another jurisdiction. Annually, on or before November 1, the commissioner shall issue a bulletin setting forth the assessment. The assessment shall consider surpluses or shortfalls from prior year assessments, increases, and decreases in entity deposits and assets under management, and any other factor that may affect the banking division's expenditures and revenues. The commissioner shall send each entity a bill for such entity's portion of the assessment on or before March 1 of each year, which bill shall be paid into the state treasury on or before April 1.

(1) Financial institutions and credit unions that accept deposits will be assessed based on the amount of their deposits held in this state on the preceding June 30.

(2) In the case of merchant banks established under section 12603 of this title, the assessment shall be based on assets in this state on the preceding June 30.

(3) In the case of special purpose financial institutions that are not permitted to accept deposits, except merchant banks established under section 12603 of this title, and independent trust companies organized or operating under chapter 77 of this title, the assessment will be based on assets under management in this state on the preceding June 30.

(4) No institution, credit union, or independent trust company, or merchant bank subject to assessment under subdivision (1), (2), or (3) of this subsection may pay less than $2,000.00 per annual assessment.

(5) Loan production offices or persons engaged in an approved loan production activity authorized under prior law, which do not pay an assessment under subdivision (1), (2), or (3) of this subsection, shall pay an annual fee of $1,200.00.

(e) If any entity fails to pay fees or expenses as provided in this section or section 18 of this title, within 45 days after notice from the department of the amount due, the commissioner may issue an execution against the property of the delinquent for an amount equal to 150 percent of the amount of the overdue payment. Such execution shall be enforced as an execution of a court.

(f) There is hereby created a fund to be known as the banking supervision fund for the purpose of providing the financial means for the commissioner of banking, insurance, securities, and health care administration to administer chapters 71, 73, 77, 133, and 200-210 of this title, Part 1 and Part 3 of Title 9, and Title 9A. All fees and assessments received by the department pursuant to such administration shall be deposited in this fund.

(g) All payments from the banking supervision fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the state treasury only upon warrants issued by the commissioner of finance and management after receipt of proper documentation regarding services rendered and expenses incurred.

(h) Any entity, subject to the assessment under subsection (d) of this section, that converts or relinquishes its state charter or closes all of its branches or offices in this state will be responsible for a pro rata share of the assessment made under subsection (d) of this section for the final period it was authorized to conduct business under this title. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended No. 155 (Adj. Sess.), § 7, eff. Jan. 1, 2001; 2005, No. 72, § 1; 2009, No. 42, § 1.)