Utah Code 7-1-401. Fees payable to commissioner
Current as of: 2024 | Check for updates
|
Other versions
(1) Except for an out-of-state depository institution with a branch in Utah, a depository institution under the jurisdiction of the department shall pay an annual fee:
Terms Used In Utah Code 7-1-401
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103- Depository institution holding company: means :
(9)(a)(i) a person other than an individual that:(9)(a)(i)(A) has control over a depository institution; or(9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or(9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103- Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103- Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
- Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
(1)(a) computed by averaging the total assets of the depository institution shown on each quarterly report of condition for the depository institution for the calendar year immediately preceding the date on which the annual fee is due under Section 7-1-402; and(1)(b) at the following rates:(1)(b)(i) on the first $5,000,000 of these assets, the greater of:(1)(b)(i)(A) 65 cents per $1,000; or(1)(b)(i)(B) $500;(1)(b)(ii) on the next $10,000,000 of these assets, 35 cents per $1,000;(1)(b)(iii) on the next $35,000,000 of these assets, 15 cents per $1,000;(1)(b)(iv) on the next $50,000,000 of these assets, 12 cents per $1,000;(1)(b)(v) on the next $200,000,000 of these assets, 10 cents per $1,000;(1)(b)(vi) on the next $300,000,000 of these assets, 6 cents per $1,000; and(1)(b)(vii) on all amounts over $600,000,000 of these assets, 2 cents per $1,000.(2) A financial institution with a trust department shall pay a fee determined in accordance with Subsection (7) for each examination of the trust department by a state examiner.(3) Notwithstanding Subsection (1), a credit union in its first year of operation shall pay a basic fee of $25 instead of the fee required under Subsection (1).(4) A trust company that is not a depository institution or a subsidiary of a depository institution holding company shall pay:(4)(a) an annual fee of $500; and(4)(b) an additional fee determined in accordance with Subsection (7) for each examination by a state examiner.(5) Any person or institution under the jurisdiction of the department that does not pay a fee under Subsections (1) through (4) shall pay:(5)(a) an annual fee of $200; and(5)(b) an additional fee determined in accordance with Subsection (7) for each examination by a state examiner.(6) A person filing an application or request under Section 7-1-503, 7-1-702, 7-1-703, 7-1-704, 7-1-713, 7-5-3, or 7-18a-202 shall pay:(6)(a)(6)(a)(i) a filing fee of $500 if on the day on which the application or request is filed the person:(6)(a)(i)(A) is a person with authority to transact business as a depository institution, a trust company, or any other person described in Section 7-1-501 as being subject to the jurisdiction of the department; and(6)(a)(i)(B) has total assets in an amount less than $5,000,000; or(6)(a)(ii) a filing fee of $2,500 for any person not described in Subsection (6)(a)(i); and(6)(b) all reasonable expenses incurred in processing the application.(7)(7)(a) Per diem assessments for an examination shall be calculated at the rate of $55 per hour:(7)(a)(i) for each examiner; and(7)(a)(ii) per hour worked.(7)(b) For an examination of a branch or office of a financial institution located outside of this state, in addition to the per diem assessment under this Subsection (7), the institution shall pay all reasonable travel, lodging, and other expenses incurred by each examiner while conducting the examination.(8) In addition to a fee under Subsection (5), a person registering under Section 7-23-201, 7-24-201, or 7-27-201 shall pay an original registration fee of $300.(9) In addition to a fee under Subsection (5), a person applying for licensure under Chapter 25, Money Transmitter Act, shall pay an original license fee of $300.