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Minnesota Legislature

Office of the Revisor of Statutes

46.131 ASSESSMENTS AND FEES FOR FINANCIAL INSTITUTIONS.
    Subdivision 1. Examination fee authority. Examination fees of the Department of
Commerce shall be assessed against financial institutions in accordance with the provisions
of this section.
    Subd. 2. Assessment authority. Each bank, trust company, savings bank, savings
association, regulated lender, industrial loan and thrift company, credit union, motor vehicle sales
finance company, debt management services provider and insurance premium finance company
organized under the laws of this state or required to be administered by the commissioner of
commerce shall pay into the state treasury its proportionate share of the cost of maintaining the
Department of Commerce.
    Subd. 3. Assessment allocation. A proportionate share of all annual office expenses of the
commissioner of commerce and the portion of the general support costs of the Department of
Commerce and of the cost of services provided by the attorney general that is attributable to
the commissioner of commerce, as well as all actual expenses of the examiners in the field,
excepting salaries, shall be allocated to each industry affected, and referred to in subdivision 4, as
assessments and on the basis of the total time devoted to each.
    Subd. 4. General assessment basis. Assessments shall be made by the commissioner against
each institution within the industry on an equitable basis, according to the total assets of each
institution as of the end of the previous calendar year.
    Subd. 5. Application and adjustment of fees. If the income from the fees provided for
herein during any fiscal year shall be more than 103 percent of such expenditures for that year,
any excess above such sum of 103 percent may be carried over to succeeding years in order to
cover any deficit below 103 percent which may occur in such succeeding years. If the income
from the fees provided for herein during any fiscal year shall produce less than the expenditures
for that year, the Department of Commerce in adjusting its schedule of fees for use in the next
fiscal year shall fix the fees so as to produce income in the amount of the expenditures for the
latter year plus the amount of the difference between the expenditures for the first year referred
to herein and the total income from such fees during the year and plus three percent of the total
expenditures for both the latter and the first year referred to herein.
    Subd. 6.[Repealed, 1981 c 220 s 18]
    Subd. 7. Fiscal year assessments. Such assessments shall be levied on July 1, 1965, and at
the beginning of each fiscal period beginning July 1 and ending June 30 thereafter, and shall be
based on the total estimated expense as herein referred to during such period.
    Subd. 8. Examination fee amounts. In addition to such assessments, each institution
referred to in subdivision 2, with the exception of credit unions under $25,000, shall pay an
examination fee upon the request of the commissioner and to be based on the salary cost of
examiners or assistants, and at such an average rate per day or fraction thereof so as to provide for
the total cost of such examinations.
    Subd. 9. Payment requirements. These assessments or fees shall be paid by the institution
examined within 20 days after a statement of the amount has been submitted to the institution
examined by the commissioner of commerce and, if not so paid, shall bear interest at the rate
of interest provided for by section 549.09. The penalty shall be payable to the commissioner
on request.
    Subd. 10. Change fee. Each financial institution described in subdivision 2 shall pay a fee
of $50 to the commissioner of commerce upon application to the commissioner for approval of
a change in its certificate, charter, articles of incorporation, bylaws, powers or license. Money
collected by the commissioner under this subdivision shall be deposited in the general fund.
History: 1965 c 475 s 1; 1967 c 102 s 2,3; 1977 c 272 s 5,6; 1981 c 220 s 2,3; 1981 c 357 s
29; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1987 c 349 art 1 s 3; 1997 c
157 s 6; 1999 c 151 s 5; 2007 c 57 art 3 s 6