2007 California Financial Code Article 2. Savings And Loan Account

CA Codes (fin:8030-8037)

8030.  (a) To meet the operating costs and expenses  of the
department in administering this division and other laws relating to
savings associations or the savings association business, for the
payment of which no provision is otherwise made, the commissioner
shall require each association doing business in this state to pay in
advance an annual assessment for its pro rata share of all operating
costs and expenses as estimated by the commissioner for the ensuing
year.
   (b) As used in this article, "association" includes a foreign
savings association doing business in this state under an approval
issued by the commissioner.


8031.  The proportion of operating costs and expenses to be assessed
against each association shall be determined and prescribed by the
commissioner by regulation.  The total amount assessed for all
associations, together with any existing surplus, shall not exceed
the amount of the budget for the ensuing fiscal year plus a
reasonable reserve for contingencies.



8032.  (a) On or before the 20th day of June of each year the
commissioner shall notify each association by mail of the amount
assessed and levied against it.
   (b) Except as provided in this article, an association shall pay
one-half or more of the amount assessed so as to be received by the
commissioner not later than the 10th day of July and shall pay the
remainder so as to be received by the  commissioner not later than
the following 10th day of January.
   (c) If payment is not received by the commissioner on time, the
commissioner shall assess and collect in addition to the annual
assessment, a penalty of 5 percent of the unpaid assessment for each
month or part of a month that the payment is delinquent.




8033.  If an association ceases to be an association by reason of
merger, consolidation, conversion, acquisition of assets, or a
similar type of transaction, any unpaid assessment for the fiscal
year ended June 30 in which the conversion, merger, or acquisition
occurs shall be due and payable on or before the day preceding the
date of the conversion, merger, or acquisition.  Payment of the
unpaid assessment under this section shall be a condition of approval
of any transaction requiring the commissioner's approval.



8034.  (a) If a new domestic association is formed during a fiscal
year, the initial assessment provided for by this article shall be
computed on the same basis as if such new association had been an
association and assessed on or before the 20th day of June in the
fiscal year preceding the initial assessment except that the initial
assessment shall be based on the assets of the new association at the
time of issuance of its certificate of authority and, except as
provided in subdivision (b), the assessment shall be reduced, if the
certificate of authority is not issued in July, by one-twelfth for
each full month of the fiscal year which has expired at the time of
issuance of the certificate of authority and shall be payable in full
on the date of issuance.
   (b) In the levy and collection of an assessment under this
article, no association shall be assessed for, or be permitted to pay
less than five hundred dollars (0) for the unexpired portion of
the fiscal year in which the domestic association is formed.



8035.  If any domestic association proposes to acquire the assets of
any federal association or any state or national bank by transfer,
conversion, or otherwise, the initial assessment provided for by this
article shall be computed on the same basis as if the federal
association or state or national bank had been an association and
assessed on or before the 20th day of June in the fiscal year
preceding the initial assessment, except that the initial assessment
shall be based on the assets of the federal association or of the
state or national bank, as shown by the institution's report to the
Office of Thrift Supervision, the commissioner, or the Comptroller of
the Currency, respectively, next preceding the 20th day of June in
the fiscal year preceding the initial assessment and the assessment
shall be reduced, if the certificate of authority is not issued in
July, by one-twelfth for each full month of the fiscal year which has
expired at the time of the issuance of the certificate of authority
and shall be payable in full on the date of issuance.



8035.5.  As of the operative date of this section:
   (a) The Savings Association Special Regulatory Fund is converted
into a separate account in the Financial Institutions Fund and
designated as the Savings and Loan Account.
   (b) All moneys and other assets and all liabilities of the Savings
Association Special Regulatory Fund shall be transferred to the
Savings and Loan Account.


8036.  All money collected or received by the commissioner under
this division or any other law relating to savings associations or
the savings association business, except money belonging to
associations whose business property and assets are in the possession
of the commissioner, shall be deposited with the State Treasurer to
the credit of the  Savings and Loan Account in the Financial
Institutions Fund.



8037.  All expenses of the department in administering the division
and other laws relating to savings associations or to the  savings
association business shall be paid by the Savings and Loan  Account;
and, except as otherwise provided in Section 276 or 277, and the
Savings and Loan Account shall be used only for such purposes.