1.Except as otherwise provided by statute, all expenses required in the discharge of the
duties and responsibilities imposed upon the banking division of the department of insurance
and financial services, the superintendent, and the state banking council by the laws of this
stateshallbepaidfromfeesprovidedbythelawsofthisstateandappropriatedbythegeneral
assembly from the commerce revolving fund created in section 546.12. All of these fees are
payable to the superintendent. The superintendent shall pay all the fees and other moneys
received by the superintendent to the treasurer of state within the time required by section
12.10 and the fees and other moneys shall be deposited into the commerce revolving fund
created in section 546.12.
2.All fees and assessments generated as the result of
Free access — add to your briefcase to read the full text and ask questions with AI
1. Except as otherwise provided by statute, all expenses required in the discharge of the
duties and responsibilities imposed upon the banking division of the department of insurance
and financial services, the superintendent, and the state banking council by the laws of this
stateshallbepaidfromfeesprovidedbythelawsofthisstateandappropriatedbythegeneral
assembly from the commerce revolving fund created in section 546.12. All of these fees are
payable to the superintendent. The superintendent shall pay all the fees and other moneys
received by the superintendent to the treasurer of state within the time required by section
12.10 and the fees and other moneys shall be deposited into the commerce revolving fund
created in section 546.12.
2. All fees and assessments generated as the result of a national bank or federal savings
association converting to a state bank on or after December 31, 2015, are payable to the
superintendent. The superintendent shall pay all the fees and assessments received by
the superintendent pursuant to this subsection to the treasurer of state within the time
required by section 12.10 and the fees and assessments shall be deposited into the commerce
revolving fund created in section 546.12. An amount equal to such fees and assessments
deposited into the commerce revolving fund is appropriated from the commerce revolving
fund to the banking division of the department of insurance and financial services for the
fiscal year in which a national bank or federal savings association converted to a state bank
and an amount equal to such annualized fees and assessments deposited into the commerce
revolving fund in succeeding years is appropriated from the commerce revolving fund to
the banking division of the department of insurance and financial services for succeeding
fiscal years for purposes related to the discharge of the duties and responsibilities imposed
upon the banking division of the department of insurance and financial services, the
superintendent, and the state banking council by the laws of this state. This appropriation
shall be in addition to the appropriation of moneys otherwise described in this section. If
a state bank converts to a national bank or federal savings association, any appropriation
made pursuant to this subsection for the following fiscal year shall be reduced by the amount
of the assessment paid by the state bank during the fiscal year in which the state bank
converted to a national bank or federal savings association.
3. The superintendent shall account for receipts and disbursements according to the
separate duties imposed upon the superintendent by the laws of this state and each separate
duty shall be fiscally self-sustaining.
4. The banking division may expend additional funds, including funds for additional
personnel, if those additional expenditures are actual expenses which exceed the funds
budgeted for bank or licensee examinations or investigations and directly result from
examinations or investigations of banks or licensees. The amounts necessary to fund the
excess examination or investigation expenses shall be collected from banks and licensees
being regulated, and the collections shall be treated as appropriated receipts as defined
in section 8.2. The division shall notify in writing the legislative services agency and the
department of management when hiring additional personnel. The written notification
shall include documentation that any additional expenditure related to such hiring will be
totally reimbursed as provided in section 546.12, subsection 2, and shall also include the
division’s justification for hiring such personnel. The division must obtain the approval
of the department of management only if the number of additional personnel to be hired
exceeds the number of full-time equivalent positions authorized by the general assembly.
5. All fees and moneys collected shall be deposited into the commerce revolving fund
created in section 546.12 and expenses required to be paid under this section shall be paid
from moneys in the commerce revolving fund and appropriated for those purposes.
6. All moneys received by the superintendent pursuant to a multi-state settlement with a
provider of financial services such as a mortgage lender, a mortgage servicer, or any other
person regulated by the banking division of the department of insurance and financial
servicesshallbedepositedintothecommercerevolvingfundcreatedinsection546.12andan
amount equal to the amount deposited into the fund is appropriated to the banking division
ofthedepartmentofinsuranceandfinancialservicesforthefiscalyearinwhichsuchmoneys
are received and in succeeding fiscal years for the purpose of promoting financial-related
education and supporting those duties of the banking division related to financial regulation
that are limited to nonrecurring expenses such as equipment purchases, training, technology,
and retirement payouts related to the oversight of mortgage lending, state banks, and other
financial services regulated by the banking division. This appropriation shall be in addition
to the appropriation of moneys otherwise described in this section. The superintendent
shall submit a report to the department of management and to the legislative services
agency detailing the expenditure of moneys appropriated to the banking division pursuant
to this subsection during each fiscal year. The initial report shall be submitted on or before
September 15, 2016, and each September 15 thereafter. Moneys appropriated pursuant to
this subsection are not subject to section 8.33 and shall not be transferred, used, obligated,
appropriated, or otherwise encumbered except as provided in this subsection.