§ 6-712. Credit unions with assets of $300,000 or greater; annual assessment

   (a) In general. -- This section applies only to a credit union with assets of $ 300,000 or greater.

(b) Annual assessment. --

   (1) The Commissioner shall impose an annual assessment on each credit union as provided in this subsection to cover the expense of regulating credit unions.

   (2) The Commissioner shall assess each credit union the sum of:

      (i) $ 1,000; and

      (ii) 8 cents for each $ 1,000 of the assets of the credit union over $ 1,000,000.

   (3) The assessment shall be based on assets stated in the credit union's most recent financial report.

(c) When payable. -- A credit union shall pay the assessment imposed under this section to the Commissioner on or before the March 1 after the assessment is imposed.

HISTORY: 1997, ch. 585; 2001, ch. 147, § 1; ch. 148, § 1.