CHAPTER 435
FORMERLY
HOUSE BILL NO. 756
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 1, TITLE 5, DELAWARE CODE, ESTABLISHING A REGULATORY REVOLVING FUND FOR THE REVENUES AND EXPENSES OF THE OFFICE OF THE STATE BANK COMMISSIONER.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §105, Chapter 1, Title 5, Delaware Code, by numbering the first paragraph thereof as subsection "(a)".
Section 2. Amend §105, Chapter 1, Title 5, Delaware Code, by deleting the second paragraph thereof in its entirety.
Section 3. Amend §105, Chapter 1, Title 5, Delaware Code, by adding the following subsections:
"(b) There is hereby created within the State Treasury a special fund to be designated as the State Bank Commissioner Regulatory Revolving Fund which shall be used in the operation of the Office of the State Bank Commissioner in the performance of the various functions and duties required of the Office by law.
(c) All supervisory assessments, examination fees and any investigation fees collected by the Commissioner pursuant to this Title shall be deposited in the State Treasury to the credit of said State Bank Commissioner Regulatory Revolving Fund to be used in the operation of the office as authorized by the General Assembly in its annaul operating budget. All other fees and/or taxes collected by the Commissioner shall not be deposited in said fund but shall be deposited in the General Fund of the State.
(d) Money reposing in the State Bank Commissioner Regulatory Revolving Fund shall be used by the Commissioner in the performance of his various functions and duties as provided by law; subject always to annual appropriations by the General Assembly for salaries and other routine operating expenses of the office. The Council on Banking shall submit comments on the Budget Request of the Commissioner to the Secretary of Administrative Services, the Governor and members of the General Assembly.
(e) The maximum unencumbered balance which shall remain in the State Bank Commissioner Regulatory Revolving Fund at the end of any fiscal year shall be $50,000 and any amount in excess thereof shall be reverted to each financial institution in an amount proportionate to the sum paid by that financial institution in the previous calendar year pursuant to §127 (b) of this Chapter in such a manner as prescribed by the State Bank Commissioner and
approved by the Council on Banking."
Section 4. The sum of fifty thousand dollars ($50,000) is hereby advanced from the General Fund of the State to the Office of State Bank Commissioner to provide operating funds until the Revolving Fund established by Section 3 of this Act is operable. Such sum shall not be utilized in computing the unencumbered balance as set forth in Section 3 of this Act. The advance shall revert to the General Fund of the State on June 30, 1980.
Section 5. The effective date of this Act is July 1, 1978.
Approved July 8, 1978.