2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105) › 276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410) › 276-1999-2-2 - Part 2 General Powers (487.12201...487.12204) › Section 487.12203 - Fees; State Bank Regulatory Fund.

487.12203 Fees; state bank regulatory fund.
Sec. 2203.
(1) The director shall periodically establish a schedule of supervisory fees to be paid by banks. Except for a minimum fee consistent with subsection (2), the fee shall not be more than 1 of the following percentages, as applicable, of the total assets of the bank as reported by the bank on its report of condition as of December 31 of the previous year:
(a) In 2016, 1/40 of 1%.
(b) In 2017, 1/20 of 1%.
(c) In 2018 and 2019, 3/40 of 1%.
(d) In 2020 and in subsequent years, 1/10 of 1%.
(2) The annual supervisory fee established by the director under subsection (1) shall be at least $1,000.00.
(3) The director shall provide an invoice of the supervisory fee on or before July 1 of each year. A bank must pay the annual supervisory fee on or before August 15 of that year.
(4) The director shall base the initial supervisory fee for a bank that obtained a charter as a result of a conversion on the total assets of the bank as reported in its report of condition as of December 31 of the previous year under its prior charter.
(5) The supervisory fee of a bank that was not engaged in the business of banking on December 31 of the previous year shall be the minimum supervisory fee established by the director under subsections (1) and (2).
(6) The director shall periodically establish a schedule of fees, beyond those charged for normal supervision, to be paid for applications, special evaluations and analyses, and examinations.
(7) The director shall base the fees established under subsection (6) on the estimated cost to the department of conducting the activities for which the fees are imposed.
(8) The director may charge reasonable fees for furnishing and certifying copies of documents or serving notices required under this act.
(9) To the extent any fees, penalties, or fines assessed under this act are unpaid when due, the director may, after providing proper notice, maintain an action for the recovery of the fees, penalties, or fines plus interest and costs.
(10) The fees, expenses, compensation, penalties, and fines collected under this act are not refundable.
(11) The state bank regulatory fund is established in the department of treasury. All of the following apply to the state bank regulatory fund:
(a) The fund shall consist of the following:
(i) Fees, expenses, compensation, penalties, and fines received or collected under this act.
(ii) Money appropriated to the fund.
(iii) Donations of money made to the fund from any source.
(iv) Interest and earnings from fund investments.
(b) Money in the fund at the close of a fiscal year shall remain in the fund and shall not revert to the general fund.
(c) Upon appropriation, the department shall use the money in the fund only for bank regulatory purposes, as determined by the director.
(d) The state treasurer shall direct the investment of the fund.
(e) The department is the administrator of the fund for auditing purposes.
History:
1999, Act 276, Eff. Mar. 1, 2000 ;-- Am. 2016, Act 175, Eff. Sept. 12, 2016