Authority: IC 28-11-1-12

Affected: IC 28-11-3-5

Sec. 7. (a) If a:

1. (1) bank;
2. (2) savings bank;
3. (3) building and loan association;
4. (4) industrial authority;
5. (5) trust department;
6. (6) corporate fiduciary; or
7. (7) credit union;

receives a composite 3 rating at its most recent state or federal safety and soundness examination, its annual fee is increased by twelve and one- half percent (12.5%). This assessment is prorated on a quarterly basis. The increased supervisory assessment stays in effect until the quarter following the financial institution's receipt of a composite 1 or 2 rating at a state or federal safety and soundness examination.

(b) If a:

1. (1) bank;
2. (2) savings bank;
3. (3) building and loan association;
4. (4) industrial authority;
5. (5) trust department;
6. (6) corporate fiduciary; or
7. (7) credit union;

receives a composite 4 or 5 rating at its most recent state or federal safety and soundness examination, its annual fee is increased by twenty-five percent (25%). This assessment is prorated on a quarterly basis. The increased supervisory assessment stays in effect until the quarter following the financial institution's receipt of a composite 1 or 2 rating at a state or federal safety and soundness examination.

(Department of Financial Institutions; 750 IAC 10-1-7; filed Mar 26, 2024, 11:00 a.m.: 20240424-IR-750230837FRA)