Arizona Laws 6-125. Annual examination assessment of financial institutions and enterprises; costs of foreign examination; payment
A. Before August 31 of each year the deputy director shall make the following annual assessments:
Terms Used In Arizona Laws 6-125
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- International banking facility: means a facility that is represented by a set of asset and liability accounts segregated on the books and records of a commercial bank, the principal office of which is located in this state, and that is incorporated and doing business under the laws of the United States or of this state, a United States branch or agency of a foreign bank, an edge corporation organized under section 25(a) of the federal reserve act (12 United States Code §§ 611 through 631) or an agreement corporation having an agreement or undertaking with the board of governors of the federal reserve system under section 25 of the federal reserve act (12 United States Code §§ 601 through 604(a)) that includes only international banking facility time deposits and international banking facility extensions of credit as defined in Title 12 of the Code of Federal Regulations, Part 204. See Arizona Laws 6-101
1. On banks, the annual assessment set by the deputy director.
2. On savings and loan associations, a charge not to exceed the annual assessment set for state banks under paragraph 1 of this subsection.
3. On credit unions, the annual assessment set by the deputy director.
B. The deputy director shall assess against the institution or enterprise examined a charge at the rate set by the deputy director but not to exceed $65 per hour for each examiner employed in the following examinations:
1. Any examination of a trust company.
2. Any examination of the trust operation of a bank or a savings and loan association.
3. Any examination of a financial institution ordered by the deputy director in addition to the regular examination required under section 6-122.
4. Any examination of an enterprise ordered by the deputy director.
5. Any examination of a financial institution holding company or international banking facility.
6. Any examination of a consumer lender.
C. For a financial institution or enterprise maintaining an office outside this state, in addition to the annual assessment or examination assessment, the deputy director shall make an assessment equal to the travel and subsistence expense incurred in the examination of the office in the foreign state or country. Notwithstanding any other limitation prescribed by law, examiners engaged in examination of a foreign office shall be reimbursed for their necessary travel and subsistence expenses. Reimbursement for examiners’ expenses shall be credited to the appropriation account of the department.
D. Assessments under this section are due and payable to the department within thirty days after notice of the assessment is mailed by the department. The deputy director shall assess a penalty of $50 for each day after the thirty-day period that the financial institution or enterprise fails to remit the assessment, unless, on good cause shown, a written request for an extension is approved by the deputy director prior to the expiration of the specified time. In no event shall the total penalty exceed the examination assessment.
E. The deputy director shall set the amount of the annual assessment to be charged to banks and credit unions. In setting the annual assessment on banks, the deputy director shall consider the annual assessment set by the comptroller of currency for national banks. In setting the annual assessment on credit unions the deputy director shall consider the annual assessment set by the national credit union administration for federal credit unions.