| (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.
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