Virginia Code 6.2-908: Fees for supervision and regulation and for certain examinations and investigations.
A. For the purpose of defraying the expenses of supervision and regulation of banks, the Commission shall assess against each bank an annual fee. A bank’s annual fee shall be calculated according to a schedule set by the Commission. The schedule shall bear a reasonable relationship to the assets of various individual banks and to other factors relating to their respective costs for supervision, regulation, and examination.
Terms Used In Virginia Code 6.2-908
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a corporation authorized by statute to accept deposits and to hold itself out to the public as engaged in the banking business in the Commonwealth. See Virginia Code 6.2-800
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
B. The Commission shall also charge additional fees:
1. Of $330 per day per examiner during examinations for the supervision and regulation of trust departments;
2. Of $10,000 for investigating an application for a certificate of authority pursuant to § 6.2-816;
3. Of $1,800 for investigating an application for authority to establish a branch pursuant to § 6.2-831 or a facility pursuant to § 6.2-835;
4. Of $7,500 for investigating an application of merger. The Commission shall not be entitled to any further fees for investigating any application to retain existing branches of the applying banks as branches of the merged bank;
5. Of $1,000 for investigating an application for authority to change the location of an existing bank or branch bank; and
6. Of $2,000 for investigating an application for authority to exercise trust powers.
C. Notwithstanding the designation of the fees set forth in subdivisions B 1 through B 6, the Commission may reduce by regulation or order any fee, if the Commission concludes that there is a reasonable basis for doing so and that the reduction of the fee will not be detrimental to the effectiveness of the Bureau.
Code 1950, § 6-122; 1956, c. 176; 1966, c. 584, § 6.1-94; 1972, c. 195; 1973, c. 401; 1974, c. 184; 1976, cc. 554, 658; 1981, c. 520; 1982, c. 455; 1987, c. 172; 1992, c. 283; 1997, c. 141; 1998, c. 19; 2010, c. 794.