6.2-1202 - (Effective October 1, 2010) Fees for supervision and regulation; investigations.
§ 6.2-1202. (Effective October 1, 2010) Fees for supervision and regulation;investigations.
A. For the purpose of defraying the expenses of supervision and regulation ofstate savings institutions and foreign savings institutions doing business inthe Commonwealth, the Commission shall, on or before July 1 of each year,assess against every such savings institution fees in accordance with aschedule to be set by the Commission. Such schedule shall bear a reasonablerelationship to the total assets of various individual savings institutionsand to the costs of their respective supervision, regulation, and examination.
B. All fees so assessed shall be paid into the state treasury on or beforeJuly 31 following. The Commission shall mail the assessments to eachassociation on or before July 1 of each year.
C. The Commission shall charge a fee:
1. Of $1,800 for investigating an application for authority to establish abranch, if the branch is to be located within the Commonwealth;
2. As prescribed by the Commission for investigating an application forauthority to establish a branch if the branch is to be located outside theCommonwealth;
3. Of $1,000 for investigating an application for authority to change thelocation of an existing main office or branch office;
4. Of $10,000 for investigating an application for a certificate of authorityin the case of a state association;
5. As prescribed by the Commission for investigating an application for acertificate of authority in the case of a foreign savings institution;
6. Of $7,500 for investigating an application for merger or consolidation;
7. Of $2,000 for investigating an application for authority to exercise trustpowers if such powers are to be exercised through a trust department;
8. Of $10,000 for investigating an application for authority to exercisetrust powers if such powers are to be exercised through a trust affiliate orsubsidiary;
9. Of $5,000 for investigating an application to convert from a stateassociation to a state savings bank pursuant to subsection B of § 6.2-1143 orfrom a state bank to a state savings bank pursuant to § 6.2-829; and
10. Of $10,000 for investigating an application for a conversion other than aconversion from a state association or state bank to a state savings bank asprovided in subdivision 9.
D. The Commission shall not be entitled to any fees other than as provided insubdivision C 6 for investigating any application to retain existing branchesof the applying savings institution as branches of the merged or consolidatedinstitutions. The fee prescribed in subdivision C 6 may be waived by theCommission in the case of supervisory mergers or consolidations made pursuantto § 6.2-1205.
E. Notwithstanding the designation of the several fees set forth insubsection C, the Commission may reduce by regulation or order any such feeor fees, if the Commission concludes that there is a reasonable basis fordoing so and that the reduction of the fee will not be detrimental to theeffectiveness of the Bureau.
(Code 1950, § 6-201.55; 1960, c. 402; 1966, c. 584, § 6.1-185; 1972, c. 796,§ 6.1-195.65; 1974, c. 181; 1976, c. 658; 1982, c. 455; 1984, c. 344; 1985,c. 425, § 6.1-194.85; 1986, c. 122; 1987, c. 172; 1988, c. 5; 1991, c. 230, §6.1-194.149; 1992, c. 283; 1998, c. 19; 2010, c. 794.)