2012 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 17 - CREDIT UNIONS.
Section 5-17-7 - Operating fees; fee filed with certificate of organization.

Section 5-17-7Operating fees; fee filed with certificate of organization.

(a) During 1986 and each year thereafter, all state chartered credit unions shall pay an annual operating fee, the exact amount of which shall be fixed from time to time by the Administrator of the Alabama Credit Union Administration. During 1985, credit unions shall continue to be charged and be liable to the Alabama Credit Union Administration for the examination fee presently fixed by the Supervisor of the Bureau of Credit Unions.

(b) Except as hereinafter provided, the annual operating fee set by the administrator shall not exceed the fee calculated by use of the following scale:

(1) Credit unions having total assets of less than $500,000.00 shall pay a fee not in excess of $.12 for each $100.00 of assets, subject to a minimum of $200.00.

(2) Credit unions with assets of $500,000.00 or more shall pay a fee of $600.00 plus $.05 per $100.00 of assets over $500,000.00 but not in excess of $1,000,000.00 plus three and one-half cents per $100.00 of assets of $1,000,000.00 but not in excess of $5,000,000.00 plus $.02 per $100.00 of assets over $5,000,000 but not in excess of $10,000,000 plus one and eight-tenths per $100.00 on assets over $10,000,000.00 but not in excess of $20,000,000.00 plus one and six-tenths cents per $100.00 on assets over $20,000,000.00 but not in excess of $50,000,000.00, plus one and two-tenths cents per $100.00 on assets over $50,000,000.00 but not in excess of $100,000,000.00 plus $.01 per $100.00 on all assets over $100,000,000.00.

(c) On one occasion, the administrator may fix an annual operating fee which is not more than 10 percent greater than the above fee scale if the Credit Union Board approves such fee, if said fee is not in effect for more than one year, and if the administrator establishes that such fee is necessary in order that the Alabama Credit Union Administration not be operated at a deficit and that the Alabama Credit Union Administration operated at a deficit during the preceding year.

(d) The annual operating fee shall be paid on or before the last day of January of each year, based upon the assets of the credit union as of the end of the previous year. Any credit union failing to pay said operating fee may be charged a penalty assessment not to exceed $50.00 for each day that said fee remains unpaid.

(e) Whenever application is made to the Administrator of the Alabama Credit Union Administration for permission to organize a credit union, the applicant shall at the time of filing the certificate of organization with the Administrator of the Alabama Credit Union Administration pay a fee not to exceed $100.00 for the purpose of paying the costs incidental to the determination by the Administrator of the Alabama Credit Union Administration whether such certificate of organization shall be approved. The Administrator of the Alabama Credit Union Administration shall from time to time fix the exact charge to be made, but in no event shall the charge exceed $100.00. The provisions of this subsection shall not apply to any existing credit union seeking charter conversion.

(f) All fees collected under this section shall be paid into the special fund set up by the State Treasurer. This special fund shall be used to pay the salaries of the officials and employees and the expenses of the Alabama Credit Union Administration including the purchase of equipment, vehicles and supplies necessary for the examination and supervision of credit unions and may be spent by the Administrator of the Alabama Credit Union Administration for the uses and purposes specified herein. No taxes, fees, assessments, penalties or other revenues collected by the Alabama Credit Union Administration shall be used for any purpose other than the expenses of operating the Alabama Credit Union Administration.

(g) All the jurisdiction, authority, powers and duties now conferred upon and imposed by law upon the Superintendent of Banks and the Supervisor of the Credit Union Bureau in relation to the management, control, regulation and general supervision of credit unions are hereby transferred to, conferred upon and imposed upon the Alabama Credit Union Administration and administrator.

(h) All assets primarily used by the Bureau of Credit Unions, including books, records, documents, furniture, equipment and supplies are hereby transferred to the Alabama Credit Union Administration. All funds in the special fund previously maintained by the State Treasurer for the Bureau of Credit Unions are hereby transferred to the Alabama Credit Union Administration. All taxes, fees, assessments, penalties or other revenues owed to or collected by the Bureau of Credit Unions are hereby transferred to the Alabama Credit Union Administration. Any employee presently employed by the Superintendent of Banks who is presently primarily involved with the Bureau of Credit Unions shall be employed by the Alabama Credit Union Administration.

(Acts 1957, No. 603, p. 862; Acts 1967, No. 221, p. 589; Acts 1975, No. 561, p. 1267, §6; Acts 1981, No. 81-852, p. 1529, §2; Acts 1985, No. 85-457, p. 425, §8.)