§ 23-46-510 — Failure to make report or pay fees - Penalty

(a) Any financial institution that refuses or fails, for thirty (30) days after notice from the Bank Commissioner, to make any report to the commissioner, or fails to pay any fees for ten (10) days after the date of notice by the commissioner, shall be given an additional notice through personal service or by letter from such person of the office of the commissioner as the commissioner may designate. (b) (1) If the failure continues for ten (10) days after the receipt of the additional notice, then the commissioner may assess a monetary penalty against the financial institution for each separate failure or refusal of one hundred dollars ($100) each day for the first thirty (30) days after receiving the notice of delinquency from the commissioner and one thousand dollars ($1,000) per day of violation for every day thereafter. (2) Alternatively, in the case of a state bank or subsidiary trust company, if the failure continues for ten (10) days after the receipt of the additional notice, the commissioner may take charge of the state bank or subsidiary trust company, as provided in case of insolvency.

Legislative History

Acts 1997, No. 89, § 1.