45-4-1002 - Examinations Examiners Supervision fee.
45-4-1002. Examinations Examiners Supervision fee.
(a) The commissioner shall either personally or by competent examiner appointed by the commissioner visit and examine every credit union subject to the commissioner's supervision at least once in each year; provided, that this provision requiring examination at least once in each year may be extended to eighteen (18) months. In making a determination, the commissioner should consider the credit union's quality of management, capitalization, internal controls and any other factors the commissioner deems relevant. In no event may a credit union's examination cycle be extended to eighteen (18) months if it did not receive a composite rating of one (1) or two (2) at its last examination. The commissioner may order examinations and shall at all times be given free access to all the books, papers, securities and other sources of information in respect to the credit union. For that purpose, the commissioner shall have the power to subpoena and examine, personally or through a deputy duly authorized, witnesses on oath and documents pertaining to the business of the credit union. The commissioner may have follow-up examinations and visitations conducted on a credit union if the commissioner believes that the examinations and visitations are necessary to protect the interests of the members of the credit union.
(b) The commissioner is authorized and empowered to appoint examiners who are conversant with credit union law and correct rules and practices thereunder or made so by usage.
(c) (1) Each credit union shall pay an annual supervision fee into the state treasury upon notice from the commissioner. All moneys so collected by the commissioner shall be used in the administration of the department of financial institutions and for no other purpose. The supervision fee shall be assessed against each credit union on a graduated scale in proportion to its assets according to the following schedule:
Click to view table.
(2) Any credit union that fails to remit its supervision fee shall forfeit to the state treasurer fifty dollars ($50.00) for each day of the failure to remit, unless excused for good cause by the commissioner.
[Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a12; Code 1932, § 3840; Acts 1931, ch. 67, § 1; 1937, ch. 264, § 6; 1941, ch. 124, §§ 1-3; 1947, ch. 90, § 1; C. Supp. 1950, § 3840 (Williams, § 3840, 3840.1, 3840.2, 3840.3); Acts 1951, ch. 126, § 1; 1959, ch. 82, § 1; 1972, ch. 454, § 1; 1973, ch. 294, § 6; 1975, ch. 81, §§ 1, 2; T.C.A. (orig. ed.), § 45-1809; Acts 1980, ch. 524, §§ 1, 2; 1981, ch. 53, § 4; 1988, ch. 550, § 2; 1998, ch. 585, § 1.]