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§ 12-708. Imposition of annual assessments

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 7. Supervision and Examination of Tax Exempt Financial Institutions (Refs & Annos)
MD Code, Financial Institutions, § 12-708
§ 12-708. Imposition of annual assessments
Currentness
In general
(a) The Commissioner, not more often than once per year, may impose annual assessments on each financial institution supervised and examined by the Commissioner under this subtitle, to cover the expense of supervising and examining that financial institution.
Calculation of assessment
(b)(1) The Commissioner may assess each financial institution the sum of:
(i) $1,000; plus
(ii) 8 cents for each $1,000 of the assets of the financial institution over $1,000,000.
(2) The assessments shall be based on assets stated in the financial institution's most recent financial report.
Deadline for payment
(c) The financial institution shall pay any assessment imposed under this section to the Commissioner on or before the February 1 after it is imposed.

Credits

Added by Acts 1987, c. 639, § 1, eff. July 1, 1987. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 12-708, MD FIN INST § 12-708
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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