370.107. Annual fee--how computed--division of credit unions fund, created, uses--salary schedule of division employees to be maintained.
Annual fee--how computed--division of credit unions fund, created,uses--salary schedule of division employees to be maintained.
370.107. 1. Every credit union organized pursuant to section 370.010and operating pursuant to the laws of this state shall pay to thedepartment of revenue a fee determined by the director based on the totalassets of the credit union as of December thirty-first of the precedingfiscal year. One-half of the fee shall be paid on or before Julyfifteenth, and the balance shall be paid on or before January fifteenth ofthe next succeeding year. The maximum fee shall be calculated according tothe following table:
Total Assets Fee Under $2,000,000 . . . . . . . . . . . . . . . . . . . $0.125 per $1,000
of assets up to a
maximum of $250 $2,000,000 or more but less than $5,000,000 . . . . . . . . . . . . . . . .$250, plus $1 per
$1,000 of assets in
excess of $2,000,000
$5,000,000 or more but less than $10,000,000 . . . . . . . . . . . . . $3,250, plus $0.35 per
$1,000 of assets in
excess of $5,000,000 $10,000,000 or more but less than $25,000,000 . . . . . . . . . . . . $5,000, plus $0.20 per
$1,000 of assets in
excess of $10,000,000 $25,000,000 or more . . . . . . . . . . . . . . . . $8,000, plus $0.15 per
$1,000 of assets in
excess of $25,000,000.
The shares of one credit union which are owned by another credit unionshall be excluded from the assets of the first credit union for the purposeof computing the supervisory fee levied pursuant to this section. All feesassessed shall be accounted for as prepaid expenses on the books of thecredit union.
2. The state treasurer shall credit such payments, including all feesand charges made pursuant to this chapter to a special fund to be known asthe "Division of Credit Unions Fund", which is hereby created and whichshall be devoted solely and exclusively to the payment of expendituresactually incurred by the division and attributable to the regulation ofcredit unions. Any amount remaining in such fund at the end of any fiscalyear and any earnings attributed to such fund shall not be transferred andplaced to the credit of the general revenue fund as provided in section33.080, RSMo, but shall be used, upon appropriation by the generalassembly, for the payment of such expenditures of the division in thesucceeding fiscal year and shall be applied by the division to thereduction of the amount to be assessed to credit unions in such succeedingfiscal year. In the event two or more credit unions are merged orconsolidated, such excess amounts shall be credited to the surviving or newcredit union.
3. The expense of every regular and every special examination,together with the expenses of administering the laws pertaining to creditunions, including salaries, travel expenses, supplies and equipment, creditunion commission expenses of administrative and clerical assistance, legalcosts and any other reasonable expense in the performance of its duties,and an amount not to exceed fifteen percent of the above-estimated expensesto pay the actual costs of rent, utilities, other occupancy expenses andother supporting services furnished by any department, division orexecutive office of this state and an amount sufficient to cover the costof fringe benefits shall be paid by the credit unions of this state by thepayment of fees yielded by this section.
4. The director of the division of credit unions shall prepare andmaintain an equitable salary schedule for examiners, professional staff,and support personnel that are employees of the division. Personnelemployed by the division shall be compensated according to the followingschedule, provided that such expense of administering the credit union lawsis assessed and paid in accordance with this section. The positions andclassification plan for such personnel attributed to the examination of thestate credit unions shall allow for a comparison of such positions withsimilar examiner positions at federal credit union regulatory agencies.State credit union examiner positions shall not be compensated at more thanninety percent parity for corresponding federal positions for similargeographic locations in the state as determined by the director of thedivision of credit unions.
(L. 1959 S.B. 127 § 370.109, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1979 S.B. 24, A.L. 1982 H.B. 1099, A.L. 1985 H.B. 469, A.L. 1991 H.B. 516, A.L. 1992 H.B. H.B. 1596, A.L. 1999 S.B. 386, A.L. 2005 H.B. 379)Annual fee--how computed--division of credit unions fund, created,uses--equitable salary schedule to be maintained.*This section was amended by both H.B. 379 and S.B. 318 during the First Regular Session of the 93rd General Assembly, 2005. Due to possible conflict, both versions are printed here.
370.107. 1. Every credit union organized pursuant to section 370.010and operating pursuant to the laws of this state shall pay to thedepartment of revenue a fee determined by the director based on the totalassets of the credit union as of December thirty-first of the precedingfiscal year. One-half of the fee shall be paid on or before Julyfifteenth, and the balance shall be paid on or before January fifteenth ofthe next succeeding year. The maximum fee shall be calculated according tothe following table:
Total Assets Fee Under $2,000,000 . . . . . . . . . . . . . . . . . . . .$0.125 per $1,000
of assets up to a
maximum of $250 $2,000,000 or more but less than $5,000,000 . . . . . . .$250, plus $1 per
$1,000 of assets in
excess of $2,000,000 $5,000,000 or more but less than $10,000,000 . . . . . . . . . . . . . $3,250, plus $0.35 per
$1,000 of assets in
excess of $5,000,000 $10,000,000 or more but less than $25,000,000 . . . . . . . . . . . . . $5,000, plus $0.20 per
$1,000 of assets in
excess of $10,000,000 $25,000,000 or more . . . . . . . . . . . . . . . . $8,000, plus $0.15 per
$1,000 of assets in
excess of $25,000,000.
The shares of one credit union which are owned by another credit unionshall be excluded from the assets of the first credit union for the purposeof computing the supervisory fee levied pursuant to this section. All feesassessed shall be accounted for as prepaid expenses on the books of thecredit union.
2. The state treasurer shall credit such payments, including all feesand charges made pursuant to this chapter to a special fund to be known asthe "Division of Credit Unions Fund", which is hereby created and whichshall be devoted solely and exclusively to the payment of expendituresactually incurred by the division and attributable to the regulation ofcredit unions. Any amount remaining in such fund at the end of any fiscalyear and any earnings attributed to such fund shall not be transferred andplaced to the credit of the general revenue fund as provided in section33.080, RSMo, but shall be used, upon appropriation by the generalassembly, for the payment of such expenditures of the division in thesucceeding fiscal year and shall be applied by the division to thereduction of the amount to be assessed to credit unions in such succeedingfiscal year. In the event two or more credit unions are merged orconsolidated, such excess amounts shall be credited to the surviving or newcredit union.
3. The expense of every regular and every special examination,together with the expenses of administering the laws pertaining to creditunions, including salaries, travel expenses, supplies and equipment, creditunion commission expenses of administrative and clerical assistance, legalcosts and any other reasonable expense in the performance of its duties,and an amount not to exceed fifteen percent of the above-estimated expensesto pay the actual costs of rent, utilities, other occupancy expenses andother supporting services furnished by any department, division orexecutive office of this state and an amount sufficient to cover the costof fringe benefits shall be paid by the credit unions of this state by thepayment of fees yielded by this section.
4. The director of the division of credit unions shall prepare andmaintain an equitable salary schedule for examiners, professional staff,and support personnel who are employees of the division. Personnelemployed by the division shall be compensated according to this schedule,provided that such expense of administering the credit union laws isassessed and paid in accordance with this section. The positions andclassification plan for such personnel attributed to the examination of thestate credit unions shall allow for a comparison of such positions withsimilar examiner positions at federal credit union regulatory agencies.State credit union examiner positions shall not be compensated more thanninety percent of parity for corresponding federal positions for similargeographic locations in Missouri as determined by the director of thedivision of credit unions. Personnel employed by the division shall becompensated according to this schedule, provided that such expense ofadministering the credit union laws is assessed and paid in accordance withthis section.
(L. 1959 S.B. 127 § 370.109, A.L. 1967 p. 509, A.L. 1972 S.B. 502, A.L. 1977 H.B. 48, A.L. 1978 S.B. 746, A.L. 1979 S.B. 24, A.L. 1982 H.B. 1099, A.L. 1985 H.B. 469, A.L. 1991 H.B. 516, A.L. 1992 H.B. 1596, A.L. 1999 S.B. 386, A.L. 2005 S.B. 318)*This section was amended by both H.B. 379 and S.B. 318 during the First Regular Session of the 93rd General Assembly, 2005. Due to possible conflict, both versions are printed here.