2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 5-203 - Annual assessments on banking institutions

§5-203.

(a) The Commissioner shall impose annual assessments on each banking institution as provided in this section, to cover the expense of regulating banking institutions.

(b) (1) Except as provided in paragraph (2) of this subsection, the Commissioner shall assess each banking institution the sum of:

(i) $8,000; plus

(ii) 1. 12 cents for each $1,000 of the assets of the institution over $50,000,000, but not more than $250,000,000;

2. 10 cents for each $1,000 of assets over $250,000,000, but not more than $500,000,000;

3. 9 cents for each $1,000 of assets over $500,000,000, but not more than $1,000,000,000;

4. 8 cents for each $1,000 of assets over $1,000,000,000, but not more than $10,000,000,000; and

5. 7 cents for each $1,000 of assets over $10,000,000,000.

(2) If a banking institution is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this title, the Commissioner shall assess the banking institution the sum of:

(i) $5,000; plus

(ii) 1. 0.3 cents for each $1,000 of managed assets held in a fiduciary capacity up to $5,000,000,000;

2. 0.2 cents for each $1,000 of managed assets held in a fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000;

3. 0.1 cent for each $1,000 of managed assets held in a fiduciary capacity over $20,000,000,000 up to $27,500,000,000;

4. 0.2 cents for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity up to $5,000,000,000; and

5. 0.1 cent for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000.

(3) The assessments shall be based on assets stated in a banking institution’s most recent financial report.

(c) Notwithstanding subsection (b) of this section, for a banking institution with a composite CAMELS rating of 3, 4, or 5 for its most recent examination, the annual assessment imposed under this section shall be increased by an additional 25%.

(d) A banking institution shall pay the assessment imposed under this section to the Commissioner on or before the April 15 after it is imposed.