§ 23-36-107 — Examinations and fees

Arkansas § 23-36-107

• Jurisdiction: Arkansas
• Title: 23

Text

(a) (1) Every industrial loan institution shall pay to the Bank Commissioner, within ten (10) days after notice from the commissioner, in the months of January and July of each year, a fixed fee of fifteen dollars ($15.00). In addition thereto, the industrial loan institution shall pay the commissioner a sum, ascertained according to the following scale: (A) A sum equal to one-fiftieth percent (1/50%) of the assets of the industrial loan institution, as shown by the last call report of the condition of the industrial loan institution, up to and including the first two million dollars ($2,000,000) of its assets, determined as aforesaid; plus (B) One one-hundredth percent (1/100%) on the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (C) One two-hundredth percent (1/200%) of the next one million dollars ($1,000,000) of assets, determined as aforesaid; plus (D) One five-hundredth percent (1/500%) upon all assets, determined as aforesaid, in excess of four million dollars ($4,000,000). (2) The minimum amount thus payable shall not be less than thirty dollars ($30.00). (b) The commissioner may, at his or her discretion, examine every industrial loan institution in the state two (2) times annually or more often if, in his or her opinion, it is necessary. For any examination made in excess of two (2), industrial loan institutions so examined shall pay an additional assessment equal to the January assessment of the year in which the excess examination is made. (c) The assessments provided for in this section may be reduced by the commissioner if they, with other fees received by the State Bank Department, produce a greater sum than is required to pay the expenses of the department. They may be increased if not sufficient in connection with other fees received as aforesaid to defray the expenses of the department.

Legislative History

Acts 1941, No. 111, § 16; A.S.A. 1947, § 67-1016.