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California Law (Last Updated: March 4, 2014) |
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Financial Code - FIN |
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Division 5. CREDIT UNIONS |
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Chapter 3. Administration and Powers of the Commissioner |
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ARTICLE 4. Costs of Administration |
Section 14351.
Latest version.
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(a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) one thousand five hundred dollars ($1,500) or (2) the sum of the products determined by multiplying (A) increments of the credit union's total assets by (B) percentages of the base assessment 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 be fixed by the commissioner but shall not exceed two dollars and twenty cents ($2.20) per one thousand dollars ($1,000) of total assets.
(Repealed (Jan. 1, 1999) and added by Stats. 1998, Ch. 539, Sec. 11. Effective January 1, 1999. Added section operative July 1, 1999, by Sec. 47 of Ch. 539.)