§ 1755 Foreign Bank Application Fees

This law sets the fees that foreign banks must pay when they want to open, move, close, or keep offices in the state. Different types of offices have different fees.

Key Takeaways

•Foreign banks pay different fees depending on what they want to do (open, move, or close an office).
•Fees are higher if the bank is not already licensed to do business in the state.
•There is also a yearly fee of $250 for each representative office if the bank is not licensed to do other business in the state.

Example

A bank from another country wants to open a branch in the state.

If the bank is not already doing business in the state, they have to pay $2,000 to apply for a branch office.

How to Calculate

No calculations are required. The fees are fixed amounts based on the type of application.

Find the type of application or action (e.g., opening a branch, relocating an office).
Look up the corresponding fee in the law.
Pay the exact amount listed.

A foreign bank licensed in the state wants to open an agency.

Result: $750 fee

Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing with the commissioner an application by a foreign (other nation) bank that is not licensed to transact business in this state for approval to establish a branch office shall be two thousand dollars ($2,000). (b) The fee for filing with the commissioner an application by a foreign (other nation) bank that is not licensed to transact business in this state for approval to establish an agency shall be one thousand five hundred dollars ($1,500). (c) The fee for filing with the commissioner an application by a foreign (other nation) bank that is licensed to transact business in this state for approval to establish a branch office shall be one thousand dollars ($1,000). (d) The fee for filing with the commissioner an application by a foreign (other nation) bank that is licensed to transact business in this state for approval to establish an agency shall be seven hundred fifty dollars ($750). (e) The fee for filing with the commissioner an application by a foreign (other nation) bank for approval to establish a representative office shall be two hundred fifty dollars ($250). (f) The fee for filing with the commissioner an application by a foreign (other nation) bank that is licensed to maintain an agency or branch office for approval to relocate or to close the office shall be two hundred fifty dollars ($250). (g) The fee for filing with the commissioner an application by a foreign (other nation) bank that is licensed to maintain a representative office for approval to relocate or to close the representative office shall be one hundred dollars ($100). (h) The fee for issuing a license shall be twenty-five dollars ($25). (i) Each foreign (other nation) bank that on June 1st of any year is licensed to maintain a representative office but is not licensed to transact business in this state shall pay, on or before the following July 1st, a fee of two hundred fifty dollars ($250) for each such representative office. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

This law sets the fees that foreign banks must pay when they want to open, move, close, or keep offices in the state. Different types of offices have different fees.

Key Takeaways

•Foreign banks pay different fees depending on what they want to do (open, move, or close an office).
•Fees are higher if the bank is not already licensed to do business in the state.
•There is also a yearly fee of $250 for each representative office if the bank is not licensed to do other business in the state.

Example

A bank from another country wants to open a branch in the state.

If the bank is not already doing business in the state, they have to pay $2,000 to apply for a branch office.

How to Calculate

No calculations are required. The fees are fixed amounts based on the type of application.

Find the type of application or action (e.g., opening a branch, relocating an office).
Look up the corresponding fee in the law.
Pay the exact amount listed.

A foreign bank licensed in the state wants to open an agency.

Result: $750 fee

Key Takeaways

Example

How to Calculate

Key Terms

References

§ 1755 Foreign Bank Application Fees

Key Takeaways

Example

How to Calculate

Key Terms

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References