Section 370.107

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 2005, 2 histories   

  370.107.  Annual fee — how computed — division of credit unions fund, created, uses — salary schedule of division employees to be maintained. — 1.  Every credit union organized pursuant to section 370.010 and operating pursuant to the laws of this state shall pay to the department of revenue a fee determined by the director based on the total assets of the credit union as of December thirty-first of the preceding fiscal year.  One-half of the fee shall be paid on or before July fifteenth, and the balance shall be paid on or before January fifteenth of the next succeeding year.  The maximum fee shall be calculated according to the following table:

Total Assets	Fee
Under $2,000,000	$0.125 per $1,000 of assets up to a maximum of $250
$ 2,000,000 or more but less than $5,000,000	$250, plus $1 per $1,000 of assets in excess of $2,000,000
$ 5,000,000 or more but less than $10,000,000	$3,250, plus $0.35 per $1,000 of assets in excess of $5,000,000
$10,000,000 or more but less than $25,000,000	$5,000, plus $0.20 per $1,000 of assets in excess of $10,000,000
$25,000,000 or more	$8,000, plus $0.15 per $1,000 of assets in excess of $25,000,000.

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The shares of one credit union which are owned by another credit union shall be excluded from the assets of the first credit union for the purpose of computing the supervisory fee levied pursuant to this section.  All fees assessed shall be accounted for as prepaid expenses on the books of the credit union.

  2.  The state treasurer shall credit such payments, including all fees and charges made pursuant to this chapter to a special fund to be known as the "Division of Credit Unions Fund", which is hereby created and which shall be devoted solely and exclusively to the payment of expenditures actually incurred by the division and attributable to the regulation of credit unions.  Any amount remaining in such fund at the end of any fiscal year and any earnings attributed to such fund shall not be transferred and placed to the credit of the general revenue fund as provided in section 33.080 but shall be used, upon appropriation by the general assembly, for the payment of such expenditures of the division in the succeeding fiscal year and shall be applied by the division to the reduction of the amount to be assessed to credit unions in such succeeding fiscal year.  In the event two or more credit unions are merged or consolidated, such excess amounts shall be credited to the surviving or new credit union.

  3.  The expense of every regular and every special examination, together with the expenses of administering the laws pertaining to credit unions, including salaries, travel expenses, supplies and equipment, credit union commission expenses of administrative and clerical assistance, legal costs and any other reasonable expense in the performance of its duties, and an amount not to exceed fifteen percent of the above-estimated expenses to pay the actual costs of rent, utilities, other occupancy expenses and other supporting services furnished by any department, division or executive office of this state and an amount sufficient to cover the cost of fringe benefits shall be paid by the credit unions of this state by the payment of fees yielded by this section.

  4.  The director of the division of credit unions shall prepare and maintain an equitable salary schedule for examiners, professional staff, and support personnel that are employees of the division.  Personnel employed by the division shall be compensated according to the following schedule, provided that such expense of administering the credit union laws is assessed and paid in accordance with this section.  The positions and classification plan for such personnel attributed to the examination of the state credit unions shall allow for a comparison of such positions with similar examiner positions at federal credit union regulatory agencies.  State credit union examiner positions shall not be compensated at more than ninety percent parity for corresponding federal positions for similar geographic locations in the state as determined by the director of the division of credit unions.

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(L. 1959 S.B. 127 § 370.109, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1979 S.B. 24, A.L. 1982 H.B. 1099, A.L. 1985 H.B. 469, A.L. 1991 H.B. 516, A.L. 1992 H.B. H.B. 1596, A.L. 1999 S.B. 386, A.L. 2005 H.B. 379 and A.L. 2005 S.B. 318, A.L. 2011 H.B. 315)