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Section 14353 Of Article 4. Costs Of Administration From California Financial Code >> Division 5. >> Chapter 3. >> Article 4.
14353
. (a) Whenever the commissioner levies an annual assessment on
credit unions holding certificates authorizing them to act as credit
unions, the commissioner shall promptly mail or otherwise deliver to
each credit union assessed an invoice that shows (1) the amount of
the credit union's annual assessment and (2) the date when the annual
assessment is due and payable.
(b) The annual assessment on a credit union holding a certificate authorizing it to act as a credit union becomes a liability of the credit union on the date on which the commissioner levies the annual assessment.
(c) If the annual assessment on a credit union holding a certificate authorizing it to act as a credit union is not paid on time, the commissioner shall be entitled to and may collect, in addition to the amount of the annual assessment, a penalty of 5 percent of the amount of the unpaid annual assessment for each month or part of a month that the payment is delinquent.
(b) The annual assessment on a credit union holding a certificate authorizing it to act as a credit union becomes a liability of the credit union on the date on which the commissioner levies the annual assessment.
(c) If the annual assessment on a credit union holding a certificate authorizing it to act as a credit union is not paid on time, the commissioner shall be entitled to and may collect, in addition to the amount of the annual assessment, a penalty of 5 percent of the amount of the unpaid annual assessment for each month or part of a month that the payment is delinquent.
