34 Tex. Admin. Code § 4.120 - Assessment

(a) In accordance with Government Code, § 2257.106, the comptroller shall impose an annual assessment each state fiscal year on each participating depository institution in an amount sufficient to pay the costs of administering the pooled collateral program. The comptroller will publish instructions on the required assessment procedure, formula, deadlines, and requirements on its website. The comptroller may, in its discretion and when appropriate, allocate program costs over a period of years. Additionally, the comptroller may, in its discretion and when appropriate, choose not to impose an annual assessment against participating depository institutions if there are no extra costs associated with administering the pooled collateral program.

(b) The formula for determining the amount of the assessment will be based on the following factors:

(1) the number of collateral transactions a participating depository institution conducts;

(2) the number of public entity accounts a participating depository institution maintains in the program; and

(3) the depository institution's average weekly deposits of public funds collateralized during that state fiscal year.

(c) The comptroller shall calculate the annual assessment, if any, and send a notification, if applicable, to each participating depository institution after the close of the state fiscal year.

(d) The participating depository institution will remit payment to the comptroller by Automated Clearing House (ACH) credit according to the instructions provided by the comptroller within 45 calendar days after the date it receives the notice.

(e) The comptroller may impose an administrative penalty against a participating depository institution if it does not timely pay the assessment.

Notes

34 Tex. Admin. Code § 4.120

The provisions of this §4.120 adopted to be effective October 19, 2010, 35 TexReg 9345; Amended by Texas Register, Volume 45, Number 22, May 29, 2020, TexReg 3640, eff. 6/7/2020