Section 45-4-1002 - Examinations - Examiners - Supervision fee(a) The commissioner shall either personally or by competent examiner appointed by the commissioner visit and examine every credit union subject to the commissioner's supervision at least once in each year; provided, that this provision requiring examination at least once in each year may be extended to eighteen (18) months. In making a determination, the commissioner should consider the credit union's quality of management, capitalization, internal controls and any other factors the commissioner deems relevant. In no event may a credit union's examination cycle be extended to eighteen (18) months if it did not receive a composite rating of one (1) or two (2) at its last examination. The commissioner may order examinations and shall at all times be given free access to all the books, papers, securities and other sources of information in respect to the credit union. For that purpose, the commissioner shall have the power to subpoena and examine, personally or through a deputy duly authorized, witnesses on oath and documents pertaining to the business of the credit union. The commissioner may have follow-up examinations and visitations conducted on a credit union if the commissioner believes that the examinations and visitations are necessary to protect the interests of the members of the credit union.(b) The commissioner is authorized and empowered to appoint examiners who are conversant with credit union law and correct rules and practices thereunder or made so by usage.(c)(1) The commissioner shall assess each credit union an annual supervision fee as described in this subsection (c).(2) The commissioner shall determine an annual budget for the credit union division attributable to the regulation and examination of credit unions. The budget shall be divided among the credit unions by the commissioner and shall be assessed to each credit union as a supervision fee.(3) The supervision fee assessed to each credit union shall be allocated in proportion to the total assets reported by the credit union in its June 30 Statement of Financial Condition, commonly known as the June 30 call report; provided, that:(A) The commissioner may establish minimum assessment tiers, which shall not exceed five thousand dollars ($5,000);(B) The maximum assessment shall not exceed eighty percent (80%) of the allocated amount as calculated pursuant to this subdivision (c)(3) for any credit union with an asset size greater than one billion dollars ($1,000,000,000);(C) The commissioner may annually adjust the percentage provided in subdivision (c)(3)(B) to another percentage, not exceeding eighty percent (80%), unless adjusting the percentage will result in any credit union being assessed a supervision fee higher than the previous year's supervision fee; and(D) In determining the minimum assessment tiers and the maximum assessment, the commissioner may consider:(i) The asset size of each credit union;(ii) The concentration risk on department revenue sources;(iii) The budgetary needs of the credit union division; and(iv) Other information that the commissioner considers relevant to the determination.(4) If a credit union that was a state credit union on July 1 did not file a June 30 Statement of Financial Condition, the commissioner shall determine that credit union's assets for purposes of making the assessment from other sources of information.(5) The supervision fee shall be paid into the state treasury upon notice from the commissioner, and all moneys collected by the commissioner shall be used for the administration of the department and for the department's sole use.(6)(A) The department's budget is accounted for on a fiscal year basis, July 1 through June 30. A credit union that is a state credit union on the first day of a fiscal year shall pay the full credit union supervision fee for that fiscal year. The supervision fee shall not be prorated for any reason.(B) Unless credit unions are notified otherwise by the department, the department shall send each credit union or its successor notice of the credit union's supervision fee in December of the fiscal year in which the fee is being collected. Payment shall be due within thirty (30) days of receipt of the notice.Amended by 2015 Tenn. Acts, ch. 241,s 1, eff. 4/24/2015.Acts 1923, ch. 68, § 8; Shan. Supp., § 2198a12; Code 1932, § 3840; Acts 1931, ch. 67, § 1; 1937, ch. 264, § 6; 1941, ch. 124, §§ 1-3; 1947, ch. 90, § 1; C. Supp. 1950, § 3840 (Williams, § 3840, 3840.1, 3840.2, 3840.3); Acts 1951, ch. 126, § 1; 1959, ch. 82, § 1; 1972, ch. 454, § 1; 1973, ch. 294, § 6; 1975, ch. 81, §§ 1, 2; T.C.A. (orig. ed.), § 45-1809; Acts 1980, ch. 524, §§ 1, 2; 1981, ch. 53, § 4; 1988, ch. 550, § 2; 1998, ch. 585, § 1.