Virginia Code 6.2-1202: Fees for supervision and regulation; investigations.
A. For the purpose of defraying the expenses of supervision and regulation of state savings institutions and foreign savings institutions doing business in the Commonwealth, the Commission shall, on or before July 1 of each year, assess against every such savings institution fees in accordance with a schedule to be set by the Commission. Such schedule shall bear a reasonable relationship to the total assets of various individual savings institutions and to the costs of their respective supervision, regulation, and examination.
Terms Used In Virginia Code 6.2-1202
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a savings and loan association or building and loan association that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings and loan business. See Virginia Code 6.2-1100
- Branch office: means an office of a savings institution where, in addition to conducting other business activities of the institution, the institution accepts deposits. See Virginia Code 6.2-1100
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Foreign savings institution: means a savings institution incorporated under the laws of a state other than the Commonwealth, the principal business office of which is located outside the Commonwealth. See Virginia Code 6.2-1100
- Main office: means the office where a savings institution first commences to do business or, if the savings institution has more than one office, the office designated by the institution's board of directors as the institution's main office. See Virginia Code 6.2-1100
- Savings bank: means a savings institution specifically chartered under the laws of the Commonwealth, another state or a territory of the United States, the District of Columbia, or the United States as a savings bank. See Virginia Code 6.2-1100
- Savings institution: means a savings and loan association, a building and loan association, or savings bank, whether organized as a capital stock corporation or a nonstock corporation, that is authorized by law to accept deposits and to hold itself out to the public as engaged in the savings institution business. See Virginia Code 6.2-1100
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- State association: means an association incorporated under the laws of the Commonwealth. See Virginia Code 6.2-1100
- State bank: means a bank incorporated under the laws of the Commonwealth and that has its principal business office in the Commonwealth. See Virginia Code 6.2-1100
- State savings bank: means a savings bank organized and incorporated under the provisions of this chapter. See Virginia Code 6.2-1100
B. All fees so assessed shall be paid into the state treasury on or before July 31 following. The Commission shall mail the assessments to each association 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 a branch, if the branch is to be located within the Commonwealth;
2. As prescribed by the Commission for investigating an application for authority to establish a branch if the branch is to be located outside the Commonwealth;
3. Of $1,000 for investigating an application for authority to change the location of an existing main office or branch office;
4. Of $10,000 for investigating an application for a certificate of authority in the case of a state association;
5. As prescribed by the Commission for investigating an application for a certificate 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 trust powers if such powers are to be exercised through a trust department;
8. Of $10,000 for investigating an application for authority to exercise trust powers if such powers are to be exercised through a trust affiliate or subsidiary;
9. Of $5,000 for investigating an application to convert from a state association to a state savings bank pursuant to subsection B of § 6.2-1143 or from 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 a conversion from a state association or state bank to a state savings bank as provided in subdivision 9.
D. The Commission shall not be entitled to any fees other than as provided in subdivision C 6 for investigating any application to retain existing branches of the applying savings institution as branches of the merged or consolidated institutions. The fee prescribed in subdivision C 6 may be waived by the Commission in the case of supervisory mergers or consolidations made pursuant to § 6.2-1205.
E. Notwithstanding the designation of the several fees set forth in subsection C, the Commission may reduce by regulation or order any such fee or fees, 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, § 6-201.55; 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; 1994, c. 331; 1998, c. 19; 2010, c. 794.