Arizona Revised Statutes § 6-125 Annual Examination Assessment Of Financial Institutions And Enterprises; Costs Of Foreign Examination; Payment

6-125. Annual examination assessment of financial institutions and enterprises; costs of foreign examination; payment

A. Before August 31 of each year the superintendent shall make the following annual assessments:

1. Upon banks, the annual assessment set by the superintendent.

2. Upon savings and loan associations, a charge not to exceed the annual assessment set for state banks under paragraph 1 of this subsection.

3. Upon credit unions, the annual assessment set by the superintendent.

B. The superintendent shall assess against the institution or enterprise examined a charge at the rate set by the superintendent but not to exceed sixty-five dollars 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 superintendent in addition to the regular examination required under section 6-122.

4. Any examination of an enterprise ordered by the superintendent.

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 superintendent 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 superintendent shall assess a penalty of fifty dollars for each day after the thirty-day period that the financial institution or enterprise fails to remit the assessment, unless, upon good cause shown, a written request for an extension is approved by the superintendent prior to the expiration of the specified time. In no event shall the total penalty exceed the examination assessment.

E. The superintendent shall set the amount of the annual assessment to be charged to banks and credit unions. In setting the annual assessment upon banks, the superintendent shall consider the annual assessment set by the comptroller of currency for national banks. In setting the annual assessment upon credit unions the superintendent shall consider the annual assessment set by the national credit union administration for federal credit unions.

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Last modified: October 13, 2016