Today's Law As Amended


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AB-1282 Financial institutions: credit unions.(2013-2014)



As Amends the Law Today
As Amends the Law on Nov 25, 2013


SECTION 1.

 Section 14351 of the Financial Code is amended to read:

14351.
 (a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) two thousand dollars ($2,000) or (2) the sum of the products determined by multiplying (A) increments of the credit union’s total assets by (B) percentages of the base assessment rate, according to the following table:
Percentage of Base
Assessment Rate
Total Assets
$0–$3,000,000
85.0%
$3,000,000–$6,000,000
25.0%
$6,000,000–$10,000,000
13.0%
$10,000,000–$100,000,000
12.5%
$100,000,000–$500,000,000
   12.25%
$500,000,000–$1,000,000,000
12.0%
$1,000,000,000–$2,000,000,000
11.5%
$2,000,000,000–$5,000,000,000
  8.0%
$5,000,000,000–$10,000,000,000
  3.5%
Excess over $10,000,000,000
  3.0%
(b) The base assessment rate for each annual assessment shall be fixed by the commissioner but shall not exceed two dollars and twenty cents ($2.20) per one thousand dollars ($1,000) of total assets.