CHAPTER 436

FORMERLY

HOUSE BILL NO. 771

AS AMENDED BY

HOUSE AMENDMENT NO. 3

AN ACT TO AMEND CHAPTER 1, TITLE 5, DELAWARE CODE, RELATING TO FEES FOR EXAMINATION.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §127, Chapter 1, Title 5, Delaware Code, by deleting said section in its entirety and substituting in lieu thereof the following:

'§127. Fees for examination and supervisory assessment

(a) The Commissioner shall charge each institution examined by him or by his direction an examination fee based on the actual costs of the examination. Costs of the examination are to include direct salaries paid and fringe benefits for salaries, charges and fees for filing, copying, inspecting, and other services rendered. The Commissioner shall submit to the Council on Banking by May 1, 1978, and May 1st each year thereafter the calculated daily rate of pay for each examiner class. The rates for examinations, as approved by the Council shall be the basis for the charges to the institutions and shall be utilized during the ensuing fiscal year.

(b) The Commissioner shall assess annually each institution examined by him or by his direction a supervisory assessment based on total assets of said institutions as of December 31 of each year. The supervisory assessments is to provide for the balance of the budget of the Office of the Commissioner not covered under subsection (a) of this section. The assessment shall not exceed 3.5 cents for each $1,000.00 of an institution's total assets. In no event shall the assessment to any institution be less than $300.00. The Commissioner shall compute the rate per $1,000.00 of assets required for the ensuing fiscal year and submit such data to the Council on Banking by May 1, 1978, and May 1st each year thereafter. The rates as approved by the Council shall be invoiced to the institutions on June 15, 1978, and June 15 each year thereafter and are due and payable on July 1, 1978, and July 1st each year thereafter.

(c) The fees derived from subsections (a) and (b) of this section shall be deposited in the Regulatory Revolving Fund established under §105, Chapter 1, Title 5, Delaware Code, and shall be accounted for by the Commissioner as part of the receipts for his office.

in subsections (a) and (b) of this section, the Commissioner and

the Chairman of the Council shall submit the issues upon which there is disagreement to the Secretary of Finance who will act as an independent arbitrator and who shall set the rates for the year in question."

Section 2. Any examination of an institution in process on July 1, 1978, shall be charged in accordance with 6127, Chapter 1, Title 5, Delaware Code, as it was constructed prior to enactment of this Act with the exception that the fees received therefrom shall be deposited in the Regulatory Revolving Fund established under 6105, Chapter 1, Title 5, Delaware Code.

Approved July 8, 1978.