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2007-08 Assessment Update
Annual assessment invoices are normally mailed to commercial banks, industrial banks and credit union licensees on June 30 of each year. This year they will be mailed out after June 30. The Department has undertaken a thorough review of projected revenues and expenditures as a part of its normal process of assessment determination. Several factors are being reviewed, including the impact of projected revenues due to the increase in assets and state-mandated employee compensation changes. We anticipate mailing the assessment invoices by the end of July.
Licensees will have twenty (20) days from the date of the invoice to make payment. As in past years, electronic funds transfer may be used to expedite the process. Please contact Patrick Carroll at (415) 263-8559 or by email at pcarroll@dfi.ca.gov with any questions or comments you may have.
Banks, Foreign Banks and Trust Companies
The 2007-08 assessment base rate for banks, foreign banks and trust companies has been set at $1.41. Invoices were mailed to each licensee on July 10, 2007 and become delinquent if not paid by July 30, 2007. The statutory maximum rate is $2.20 per thousand dollars of total assets.
The assessment rate for industrial banks this year at $0.80231 per thousand dollars of total assets has remained unchanged since 2003. The statutory maximum rate is $2.20 per thousand dollars of total assets. Invoices were mailed to each licensee on July 12, 2007 and become delinquent if not paid by August 1, 2007. Insurance premium finance companies will be assessed on November 30, 2007.
The 2007-08 assessment rate remains the same as last year
and was set at $0.447282343 per thousand dollars of total
assets. Invoices were mailed to each licensee on July 12,
2007 and become delinquent if not paid by August 1, 2007.
The statutory maximum rate is $2.20 per thousand dollars of
total assets.