SECTIONS 14350-14356

14350.  The commissioner shall annually levy on and collect fromcredit unions holding certificates authorizing them to act as creditunions, pro rata on the basis of total assets, an assessment in atotal amount that is sufficient in the commissioner's opinion to (a)meet the expenses of the department in administering this divisionand other laws relating to credit unions or the credit union businessthat are not otherwise provided for and (b) provide a reasonablereserve for contingencies.14351.  (a) The amount of the annual assessment on any credit unionholding a certificate authorizing it to act as a credit union shallbe the greater of (1) one thousand five hundred dollars ($1,500) or(2) the sum of the products determined by multiplying (A) incrementsof the credit union's total assets by (B) percentages of the baseassessment rate, according to the following table:  Total Assets Percentage of Base  (In millions) Assessment Rate  First $3 85.0%  Next $3 30.0%  Next $4 12.5%  Excess over $10 11.0% (b) The base assessment rate for each annual assessment shall befixed by the commissioner but shall not exceed two dollars and twentycents ($2.20) per one thousand dollars ($1,000) of total assets.14352.  For purposes of the annual assessment, the total assets of acredit union holding a certificate authorizing it to act as a creditunion shall be determined as of a date fixed by the commissioner.However, if a credit union does not hold a certificate authorizing itto act as a credit union as of that date but does so as of the datewhen the annual assessment is levied, its total assets for purposesof the annual assessment shall be determined as of the date of thelevy.14353.  (a) Whenever the commissioner levies an annual assessment oncredit unions holding certificates authorizing them to act as creditunions, the commissioner shall promptly mail or otherwise deliver toeach credit union assessed an invoice that shows (1) the amount ofthe credit union's annual assessment and (2) the date when the annualassessment is due and payable. (b) The annual assessment on a credit union holding a certificateauthorizing it to act as a credit union becomes a liability of thecredit union on the date on which the commissioner levies the annualassessment. (c) If the annual assessment on a credit union holding acertificate authorizing it to act as a credit union is not paid ontime, the commissioner shall be entitled to and may collect, inaddition to the amount of the annual assessment, a penalty of 5percent of the amount of the unpaid annual assessment for each monthor part of a month that the payment is delinquent.14353.5.  Whenever the commissioner finds it necessary or advisableto make an extra examination of a credit union, the commissioner maycharge the credit union a fee of seventy-five dollars ($75) per hourfor each examiner engaged in the extra examination, and the creditunion shall, within 10 days after the mailing or other delivery of astatement by the commissioner, pay the fee charged by thecommissioner.14354.  There is established the Credit Union Fund in the StateTreasury.14355.  All money received or collected by the commissioner underthis division or any other law relating to credit unions or thecredit union business shall be paid at least once each week,accompanied by a detailed statement thereof, into the State Treasuryto the credit of the Credit Union Fund.14356.  All expenses of the department in administering thisdivision and other laws relating to credit unions or the credit unionbusiness shall be paid out of the Credit Union Fund; and, except asotherwise provided in Section 276 or 277, the Credit Union Fund shallbe used only for such purposes.