Download as PDF
286.3-480 Fees to be paid commissioner for services.
(1)
(2)
The following fees shall be paid to the commissioner by corporations engaged
in a banking or trust business:
(a) For the investigation incident to the approval of articles of incorporation,
applications for branch banks and loan production offices, and
applications to relocate a main or branch office, the fee shall be sufficient
to cover the cost of the investigation based upon fair compensation for
time and actual expense;
(b) For each state bank and branch of an out-of-state state bank subject to
inspection and examination by the commissioner, an annual assessment
based on the assets of the banks and branches, other than assets held by
it in a fiduciary capacity, as reported to the department by the banks and
branches as of the thirty-first day of December of the previous year. The
assessment schedule shall be at the rates the commissioner shall
determine to be necessary to carry out the duties of the department and
shall be reasonably related to the costs incurred by the department in
regulating banks and branches. The assessment schedule shall be set by
administrative regulation;
(c) For the examination of the assets held by the institution in a fiduciary
capacity, the fee shall be sufficient to cover the cost of the investigation
based upon fair compensation for time and actual expense. The
commissioner may accept examinations made of the trust department in
combined banks and trust companies by examiners for the Federal
Reserve System, Federal Deposit Insurance Corporation, or a certified
public accountant; and
(d) Extraordinary services performed, in addition to examinations, for any
financial institution, including institutions in liquidation under the
supervision of the commissioner, shall be paid for by the institution upon
the basis of fair compensation for time and actual expense.
The commissioner, in his discretion, may enter into cooperative agreements
with other bank supervisory agencies having concurrent jurisdiction over any
bank, bank holding company, branch of an out-of-state state bank or any
branch of a state bank located in any host state, or any organization affiliated
with one (1) or more bank supervisory agencies for the collection, remittance,
and sharing of fees authorized in subsection (1) of this section.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 642, effective July 15, 2010. -Amended 2006 Ky. Acts ch. 183, sec. 12, effective July 12, 2006. -- Amended
1998 Ky. Acts ch. 196, sec. 17, effective July 15, 1998. -- Amended 1996 Ky.
Acts ch. 338, sec. 18, effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 77,
sec. 6, effective July 14, 1992. -- Amended 1984 Ky. Acts ch. 324, sec. 33,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 251, sec. 15, effective
April 1, 1982. -- Amended 1976 Ky. Acts ch. 124, sec. 1. -- Amended 1972 Ky.
Acts ch. 278, sec. 1. -- Amended 1968 Ky. Acts ch. 66, sec. 1. -- Amended 1966
Ky. Acts ch. 11, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 165a-9.
Formerly codified as KRS 287.480.
Legislative Research Commission Note (7/12/2006). This section was amended
in 2006 Ky. Acts ch. 183. In that same session, 2006 Ky. Acts ch. 247, sec. 38
required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the
"Kentucky Financial Services Code." Therefore, the Statute Reviser, acting
under KRS 7.136(1), has changed the number of this section and codified it as a
section of KRS Chapter 286.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.