§ 19. Fees and departmental expenses
(a) The Commissioner shall charge each financial institution or financial institution applicant for Department services rendered. Charges for Department services shall be billed as follows:
(1) New financial institution application or new independent trust company application, $5,000.00.
(2) Interim reorganization application, $2,000.00.
(3) Merger, change in control, or other reorganization, share exchange, consolidation, or acquisition, $2,000.00.
(4) Conversion of a charter, $2,500.00.
(5) Establishment of a branch in the State, $500.00.
(6) Establishment of a remote service unit, $250.00. Where more than one remote service unit performing identical services on single premises are petitioned at the same time, the total charge shall be $250.00. This fee shall not apply if the remote service unit is placed at an existing branch.
(7) Relocation of main office, branch, or remote service unit, $250.00.
(8) For trust powers subsequent to the granting of the authority as financial institution, $2,000.00.
(9) Sale of branch, $500.00.
(10) Sale, lease, or exchange of all an institution's assets, $5,000.00.
(11) Voluntary dissolution or liquidation of an institution, $5,000.00.
(12) Establishment of a special purpose financial institution, $5,000.00.
(13) Establishment of a temporary agency, $150.00.
(14) Activity at a school, $250.00.
(15) Establishment of a loan production office or engaging in loan production activity in the State, $750.00.
(16) Permit a foreign exchange activity, $500.00.
(17) Purchase or establish a subsidiary or service corporation, $2,500.00.
(18) Certificate (good standing), $100.00.
(19) Establish a development credit corporation, $1,000.00.
(20) Permission to use "bank" in name, $100.00.
(21) Advisory interpretations, advisory opinions, non-objection letters, and no action letters, $250.00, plus expenses.
(22) Increase or reduction in permanent capital, $250.00.
(23) New credit union application, new credit union service organization application, or new corporate credit union application, $2,500.00.
(24) Extension of a certificate of general good or extension of a certificate of approval, $50.00.
(25) Contract with another financial institution as agent, $500.00.
(26) Any other corporate organizational changes not covered in this subsection, $250.00 plus expenses. No petition or application shall be considered by the Commissioner until payment for the enumerated charge has been received.
(b) Merchant banks established under section 12603 of this title, uninsured banks established under section 12604 of this title, and independent trust companies assessed as provided in subdivision 2405(f)(1) of this title shall be billed for all examinations. All other institutions subject to assessment under subsection (d) of this section shall not be billed for regular examinations.
(c) Each person, except as otherwise provided in subsection (d) of this section, within 30 days of notification, shall pay the Department fees as prescribed by section 18 of this title, which fees shall be billed when they are incurred.
(d) The Commissioner shall apportion the expenses allowed under the title "Department of Financial Regulation-Banking" in the annual appropriation bill among the several financial institutions, credit unions, and independent trust companies directly regulated under this title, including the operations in Vermont of any such entity organized in another jurisdiction. Annually, on or before November 1, the Commissioner shall notify the institutions of the proposed assessment. The assessment shall consider surpluses or shortfalls from prior year assessments, increases, and decreases in entity deposits and assets under management, and any other factor that may affect the Banking Division's expenditures and revenues. The Commissioner shall send each entity a bill for such entity's portion of the assessment on or before March 1 of each year, which bill shall be paid into the State Treasury on or before April 1.
(1) Financial institutions and credit unions that accept deposits will be assessed based on the amount of their deposits held in this State on the preceding June 30.
(2) In the case of merchant banks established under section 12603 of this title, the assessment shall be based on assets in this State on the preceding June 30.
(3) In the case of nondepository trust companies established under section 12602 of this title, the assessment will be based on assets under management in this State on the preceding June 30.
(4) In the case of an uninsured bank established under section 12604 of this title:
(A) an uninsured bank whose primary activity is transactional shall pay to the Department an annual assessment equal to $0.0001 per dollar volume of activity performed for the most recent year ended December 31, which assessment shall not be greater than $50,000.00; and
(B) an uninsured bank whose primary activity is accepting uninsured deposits shall be assessed based on the amount of deposits on the preceding June 30.
(5) No financial institution, credit union, nondepository trust company, merchant bank, or uninsured bank subject to assessment under subdivision (1), (2), (3), or (4) of this subsection may pay less than $2,000.00 per annual assessment.
(6) Loan production offices or persons engaged in an approved loan production activity authorized under prior law that do not pay an assessment under subdivision (1), (2), (3), or (4) of this subsection shall pay an annual fee of $1,200.00.
(7) In the case of independent trust companies organized under chapter 77 of this title:
(A) an independent trust company whose primary activity in this State is transactional shall pay an assessment calculated under subdivision 2405(f)(1) of this title; and
(B) an independent trust company whose primary activity in this State is asset management shall pay an assessment based on assets under management, provided the annual assessment shall not be less than $2,000.00.
(e) If any entity fails to pay fees or expenses as provided in this section or section 18 of this title, within 45 days after notice from the Department of the amount due, the Commissioner may issue an execution against the property of the delinquent for an amount equal to 150 percent of the amount of the overdue payment. Such execution shall be enforced as an execution of a court.
(f) There is hereby created a fund to be known as the Financial Institution Supervision Fund for the purpose of providing the financial means for the Commissioner of Financial Regulation to administer Parts 2, 4, and 5 of this title, 9 V.S.A. Parts 1 and 3, and Title 9A. All fees and assessments received by the Department pursuant to such administration shall be deposited in this Fund.
(g) All payments from the Banking Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management after receipt of proper documentation regarding services rendered and expenses incurred.
(h) Any entity, subject to the assessment under subsection (d) of this section, that converts or relinquishes its State charter or closes all of its branches or offices in this State will be responsible for a pro rata share of the assessment made under subsection (d) of this section for the final period it was authorized to conduct business under this title. (Added 1999, No. 153 (Adj. Sess.), § 1, eff. Jan. 1, 2001; amended No. 155 (Adj. Sess.), § 7, eff. Jan. 1, 2001; 2005, No. 72, § 1; 2009, No. 42, § 1; 2011, No. 21, §§ 7-9; 2011, No. 78 (Adj. Sess.), §§ 2, 6-8, eff. April 2, 2012; 2013, No. 29, § 2, eff. May 13, 2013; 2015, No. 63, § 4, eff. June 17, 2015; 2019, No. 20, § 107.)