SB 1254

Abstract

Amends the Savings Bank Act. Provides that each savings bank and service corporation operating under the Act shall pay in quarterly installments equal to one-fourth of a specified rated regulatory fee determined by the amount of total assets (rather than previous rates and a fixed fee of $520). Makes related changes throughout the provisions. Provides that for any savings bank or service corporation operating under the Act that is examined by the Department of Financial and Professional Regulation between January 1, 2017 and the effective date of the amendatory Act, a regulatory fee shall not be paid to or due to the Department for the first billing of the regulatory fee immediately following the effective date of the amendatory Act. Provides that an affected institution shall pay the regulatory fee as prescribed in the specified regulatory fee schedule beginning with the second billing of the regulatory fee by the Department following the effective date of the amendatory Act. Effective immediately.