26-2136. EXAMINATIONS AND FEES. The department of finance shall examine each credit union no less often than once in eighteen (18) months, and more frequently whenever the director shall deem it necessary. Each credit union and all of its officers and agents shall be required to give to representatives of said department full access to all books, papers, securities, records and other sources of information under their control; and for the purpose of such examination, said representatives shall have power to subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents.

A report of such examination shall be forwarded to the president of each credit union within thirty (30) days after the completion of the examination. Within thirty (30) days after the receipt of such report, a general meeting of the directors and committeemen shall be called to consider matters contained in the report. A reply to the director shall be forwarded by the board within fifteen (15) days.

On or before February 15 of each calendar year, the director shall fix and collect from each credit union an assessment fee based upon the total assets of the credit union as of December 31 of the previous calendar year, which fees shall not exceed the amounts set forth in the following schedule:

TOTAL ASSETS

FEE

$50,000 or less

$50.00 + $1.00 per thousand dollars

of assets

Over $50,000 and not over

$100,000

$100.00 + $.99 per thousand dollars

of assets in excess of $50,000

Over $100,000 and not over

$250,000

$149.00 + $.94 per thousand dollars

of assets in excess of $100,000

Over $250,000 and not over

$1 million

$291.00 + $.89 per thousand dollars

of assets in excess of $250,000

Over $1 million and not over

$2 million

$958.00 + $.80 per thousand dollars

of assets in excess of $1 million

Over $2 million and not over

$5 million

$1,758.00 + $.61 per thousand dollars

of assets in excess of $2 million

Over $5 million and not over

$8 million

$3,588.00 + $.48 per thousand dollars

of assets in excess of $5 million

Over $8 million

$5,028.00 + $.35 per thousand dollars

of assets in excess of $8 million

The director may in his discretion at any time accept in lieu of any portion of his examinations the findings or result of an audit by a firm of independent certified public accountants or other qualified person or firm approved by the director. The cost of the audit shall be borne by the credit union.

All fees, fines, examination and miscellaneous charges collected by the director pursuant to the Idaho credit union act shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-2136, added 1977, ch. 213, sec. 2, p. 603; am. 1980, ch. 168, sec. 1, p. 360; am. 1984, ch. 47, sec. 5, p. 79; am. 1999, ch. 202, sec. 1, p. 545.]