HB1696 (2020) Detail

Relative to fees for notices and applications for financial institutions.


HB 1696-FN - AS AMENDED BY THE HOUSE

 

19Feb2020... 0358h

2020 SESSION

20-3096

11/03

 

HOUSE BILL 1696-FN

 

AN ACT relative to fees for notices and applications for financial institutions.

 

SPONSORS: Rep. Butler, Carr. 7; Rep. Muscatel, Graf. 12; Rep. Fargo, Straf. 14

 

COMMITTEE: Commerce and Consumer Affairs

 

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AMENDED ANALYSIS

 

This bill amends the application fee for new state banks or credit union charters, and requires applicants to pay any additional investigation and examination costs that exceed the fees set forth in statute.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19Feb2020... 0358h

20-3096

11/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT relative to fees for notices and applications for financial institutions.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Banks and Credit Unions; Regulatory Approval Procedures; Fee Schedule.  Amend RSA 383-A:6-609 to read as follows:

383-A:6-609  Fee Schedule.  

(a)  The commissioner shall charge a filing fee to each person for services rendered by the department in reviewing a notice or application.  Sums collected under this section shall be payable to the state treasurer as restricted revenue and credited, in accordance with the banking division's accounting unit designation, to the appropriation for the commissioner.  Charges for services shall be billed as follows:

[(a)] (1)  Fee for new state bank or credit union charter:  [$10,000] $15,000

[(b)] (2)  Fee for domestication of foreign trust company:  $7,500

[(c)] (3)  Fee for charter conversion, combination, acquisition, change in control, share exchange, reorganization, or approval of trust powers:  $2,500

[(d)] (4)  Fee for the dissolution of a trust company:  $2,000

[(e)] (5)  Fee for a reduction in a depository bank's capital, change in business plan or change in required capital of a trust company, amendment to a state bank's organizational instrument, amendment of a credit union's bylaws, or formation of a subsidiary entity that requires approval of the commissioner:  $500

[(f)] (6)  Fee for a new branch, loan production office and trust company office:  $500

[(g)] (7)  Fee for a relocation or termination of a branch, loan production office or trust company office:  $100

[(h)] (8)  Fee to issue a certificate of existence:  $50

[(i)] (9)  Fee for a reservation or approval of a name or trade name:  $50

(b)  If the commissioner determines that the cost to complete the investigation or examination of the notice or application exceeds the fee set forth in subparagraphs (a)(1)-(9), the person filing the notice or application shall pay the additional investigation or examination costs.  The cost of the investigation or examination shall be determined in accordance with the per diem examination charge established in RSA 383:11, I provided, however, that the requirement that no entity shall be charged or pay less than one full day shall not apply.

2  Effective Date.  This act shall take effect 60 days after its passage.

 

LBAO

20-3096

Amended 2/20/20

 

HB 1696-FN- FISCAL NOTE

AS AMENDED BY THE HOUSE (AMENDMENT #2020-0358h)

 

AN ACT relative to fees for notices and applications for financial institutions.

 

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

 

 

 

Estimated Increase / (Decrease)

STATE:

FY 2020

FY 2021

FY 2022

FY 2023

   Appropriation

$0

$0

$0

$0

   Revenue

$0

Indeterminable Increase

Indeterminable Increase

Indeterminable Increase

   Expenditures

$0

$0

$0

$0

Funding Source:

  [    ] General            [    ] Education            [    ] Highway           [ X ] Other - New bank or credit union charter fees

 

 

 

 

 

METHODOLOGY:

This bill amends the application fee for new state banks or credit union charters, and requires applicants to pay any additional examination costs that exceed the fees set forth in statute.  The Banking Department is self-funded by fees, fines and assessments of licensed and chartered entities.  The Department currently collects a $10,000 application fee from each bank, trust company or credit union applicant seeking a state charter.  This bill would increase the application fee from $10,000 to $15,000.  Based on the previous 5 years, the Department estimates a potential annual revenue increase of $15,000 to $20,000, based on three or four new applications per year.  The bill also provides if the fee charged is not sufficient to cover the cost for examination of an application,  the applicant shall pay the additional costs.  The Department assumes an indeterminable amount of additional fees may be collected to cover the additional costs, but does not have data available to estimate the possible increase in revenue.

 

It is assumed any fiscal impact from this bill will not occur until FY 2021.

 

AGENCIES CONTACTED:

Banking Department

 

Links

HB1696 at GenCourtMobile
HB1696 Discussion

Action Dates

Date Body Type
Jan. 14, 2020 House Hearing
Feb. 4, 2020 House Exec Session
House Floor Vote
Feb. 19, 2020 House Floor Vote
March 4, 2020 House Hearing
March 17, 2020 House Exec Session
May 12, 2020 House Exec Session

Bill Text Revisions

HB1696 Revision: 8177 Date: May 7, 2020, 6:44 p.m.
HB1696 Revision: 7809 Date: Jan. 6, 2020, 1:33 p.m.

Docket

Date Status
Jan. 8, 2020 Introduced 01/08/2020 and referred to Commerce and Consumer Affairs HJ 1 P. 32
Jan. 14, 2020 Public Hearing: 01/14/2020 10:15 am LOB 302
Jan. 31, 2020 Subcommittee Work Session: 01/31/2020 09:30 am LOB 302
Feb. 4, 2020 Executive Session: 02/04/2020 10:00 am LOB 302
Feb. 19, 2020 Committee Report: Ought to Pass with Amendment # 2020-0358h for 02/19/2020 (Vote 17-3; RC) HC 7 P. 18
Committee Report: Ought to Pass with Amendment # 2020-0358h (Vote 17-3; RC)
Feb. 19, 2020 Amendment # 2020-0358h: AA VV 02/19/2020 HJ 4 P. 43
Feb. 19, 2020 Ought to Pass with Amendment 2020-0358h: MA VV 02/19/2020 HJ 4 P. 43
Feb. 19, 2020 Referred to Ways and Means 02/19/2020 HJ 4 P. 43
March 4, 2020 Public Hearing: 03/04/2020 03:45 pm LOB 202
March 5, 2020 ==TIME CHANGE== Full Committee Work Session: 03/05/2020 11:00 am LOB 202
March 9, 2020 Full Committee Work Session: 03/09/2020 10:00 am LOB 202
March 17, 2020 ==CANCELLED== Executive Session: 03/17/2020 01:30 pm LOB 202
May 12, 2020 Executive Session: 05/12/2020 01:00 pm Members of the public may attend using the following link: https://zoom.us/j/91719044913
Committee Report: Ought to Pass (Vote 20-0; CC) HC 23 P. 6