Revision: Jan. 6, 2020, 1:33 p.m.
HB 1696-FN - AS INTRODUCED
HOUSE BILL 1696-FN
SPONSORS: Rep. Butler, Carr. 7; Rep. Muscatel, Graf. 12; Rep. Fargo, Straf. 14
COMMITTEE: Commerce and Consumer Affairs
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.
This bill is a recommendation of the committee to study the effects of past New Hampshire trust code legislation, established pursuant to 2019, 230:5.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
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 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 examination costs. The cost of 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.
HB 1696-FN- FISCAL NOTE
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
Estimated Increase / (Decrease)
[ ] General [ ] Education [ ] Highway [ X ] Other - New bank or credit union charter fees
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.