How does the new law affect Depositories?
One of the main benefits of the new law is the elimination of most fees currently paid. Fees ranging from branch applications to examination fees are eliminated.
What will be the cost to me as a regulated depository?
You will pay one billed assessment amount each year in September.
Will depositories pay more or less than they have in the past under the new law?
It is difficult to determine whether the one annual assessment charged to you in September of each year will be less or more than the fees you have been paying throughout the year.
When will I pay the annual assessment?
All depositories will receive a bill annually. Payment of the bill is due to the State within 30 days of mailing of the bill.
What fees are eliminated under the new law?
Virtually all fees are eliminated under the new law with the exception of fees charged for entry into the system (for example, depository charter fees), and charges against entities that we do not assess (for example, GUDPA fees).
What fees will remain under the new law?
- All fines and penalties
- Depository charter fees
- Entry fees for foreign depositories
- Depository Governmental Unit Deposit Protection Act (GUDPA) fees
- Corporate registrar and transfer agent fees
What happens if I don't pay my assessment bill on time?
If the Division of Banking does not receive payment from your depository within 30 days of mailing of the bill, you will face penalties of $150 per day late up to 20 percent of the amount billed.
How is the assessment bill for each depository determined?
The new law and corresponding regulations provide detailed information on the formula for determining how your bill was calculated. In brief, your bill is based on a combination of two factors: 1) a minimum assessment charged to each depository and 2) a calculation based on the depository's percentage of assets.