N.H. Rev. Stat. § 383:11-b

Current through Chapter 381 of the 2024 Legislative Session
Section 383:11-b - Special Assessment
I. The commissioner may, as liquidator and in the name of any entity being liquidated, declare and charge a special assessment to offset the cost of administering the liquidation from the group of all other entities of the same type as the entity being liquidated in the manner set forth below:
(a) In the case of a liquidation of a depository bank, the commissioner as liquidator may charge and collect the assessment from all other state-chartered depository banks.
(b) In the case of a liquidation of a credit union, the commissioner as liquidator may charge and collect the assessment from all other state-chartered credit unions.
(c) In the case of a liquidation of a trust company, the commissioner as liquidator may charge and collect the assessment from all other state-chartered trust companies.
II. Before declaring and charging the special assessment, the commissioner shall make reasonable efforts to exhaust the liquid or near-liquid capital and assets of the entity being liquidated, including in the case of a liquidation of a trust company, any assets that the trust company pledged under RSA 383-C:5-503.
III. The commissioner shall only declare a special assessment in an amount that he or she reasonably believes will be necessary for the administration of the liquidation, but in no event shall the commissioner assess more than $3,000,000 per liquidation of a depository bank, credit union, or trust company. If, in connection with the liquidation of a specific entity, the commissioner determines that additional funds above that limit are needed, then he or she may only make such assessment in accordance with this section if he or she obtains prior approval from the governor and executive council.
IV. The assessed moneys shall be designated for, and shall only be used for, the administration expenses, as defined in RSA 395:30, I, of the liquidation. Any such funds used in administration of the liquidation shall be entitled to be a priority claim as an administration cost in the liquidation estate. Any such additional funds not used by the commissioner shall be returned to each entity which paid into the assessment on a pro-rata basis in proportion to the amount that the entities were charged.
V.
(a) The special assessment shall be due and payable within 30 days after the commissioner declares the assessment and so notifies each entity being assessed in writing. If any entity refuses to obey the commissioner's order to pay the special assessment, then an action may be brought by the attorney general on the commissioner's behalf in any superior court in this state. In that action, an order, or judgment may be entered awarding:
(1) a temporary or permanent injunction,
(2) the assessed amount and any accumulated statutory fines to the commissioner, and
(3) the costs in bringing the action to the attorney general.
(b) In addition to all of the court's customary powers, the court may enforce any injunction issued under this paragraph by a fine not exceeding $10,000 or by imprisonment, or both.
VI. The special assessment shall be calculated on a pro rata basis among the group of entities in the same manner as the annual assessment is calculated in accordance with RSA 383:11. The commissioner shall use the most recent June 30 figures for calculating the pro-rata assessment.
VII. To satisfy its obligation to pay any special assessment, any trust company may withdraw funds from its pledge account established under RSA 383-C:5-501. The trust company shall replenish the amount withdrawn from that pledge account on the earlier of 18 months of the withdrawal date or the date determined by the commissioner to be in the public interest. By petition to the commissioner for approval, and upon showing of hardship, a trust company may seek to lengthen the time of replenishment.

RSA 383:11-b

Added by 2015 , 272: 14, eff. 10/1/2015.

2015, 272 : 14 , eff. Oct. 1, 2015.