6.2-908 - (Effective October 1, 2010) Fees for supervision and regulation and for certain examinations and investigations.

VIRGINIA STATUTES AND CODES

6.2-908 - (Effective October 1, 2010) Fees for supervision and regulation and for certain examinations and investigations.

§ 6.2-908. (Effective October 1, 2010) Fees for supervision and regulationand for certain examinations and investigations.

A. For the purpose of defraying the expenses of supervision and regulation ofbanks, the Commission shall assess against each bank an annual fee. A bank'sannual fee shall be calculated according to a schedule set by the Commission.The schedule shall bear a reasonable relationship to the assets of variousindividual banks and to other factors relating to their respective costs forsupervision, regulation, and examination.

B. The Commission shall also charge additional fees:

1. Of $330 per day per examiner during examinations for the supervision andregulation of trust departments;

2. Of $10,000 for investigating an application for a certificate of authoritypursuant to § 6.2-816;

3. Of $1,800 for investigating an application for authority to establish abranch pursuant to § 6.2-831 or a facility pursuant to § 6.2-835;

4. Of $7,500 for investigating an application of merger. The Commission shallnot be entitled to any further fees for investigating any application toretain existing branches of the applying banks as branches of the merged bank;

5. Of $1,000 for investigating an application for authority to change thelocation of an existing bank or branch bank; and

6. Of $2,000 for investigating an application for authority to exercise trustpowers.

C. Notwithstanding the designation of the fees set forth in subdivisions B 1through B 6, the Commission may reduce by regulation or order any fee, if theCommission concludes that there is a reasonable basis for doing so and thatthe reduction of the fee will not be detrimental to the effectiveness of theBureau.

(Code 1950, § 6-122; 1956, c. 176; 1966, c. 584, § 6.1-94; 1972, c. 195;1973, c. 401; 1974, c. 184; 1976, cc. 554, 658; 1981, c. 520; 1982, c. 455;1987, c. 172; 1992, c. 283; 1997, c. 141; 1998, c. 19; 2010, c. 794.)