12 U.S.C. § 2277a–5 — Certification of premiums
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 415 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
On a date to be determined in the sole discretion of the Board of Directors* of the Corporation*, each insured System bank* that became insured before the beginning of the period for which premiums are being assessed (referred to in this section as the “period”) shall file with the Corporation a certified statement showing—
the average outstanding insured obligations for the period issued by the bank;
the average principal outstanding for the period on the guaranteed portion of Federal government-guaranteed loans that are in accrual status; and
the average amount outstanding for the period of Federal government-guaranteed investments that are not permanently impaired (as defined in section 2277a–4(a)(4) of this title);
the average principal outstanding for the period on State* government-guaranteed loans that are in accrual status; and
the average amount outstanding for the period of State government-guaranteed investments that are not permanently impaired (as defined in section 2277a–4(a)(4) of this title);
the average principal outstanding for the period on loans that are in nonaccrual status; and
the average amount outstanding for the period of other-than-temporarily impaired investments; and
the amount of the premium due the Corporation from the bank for the period.
The certified statement required to be filed with the Corporation under subsection (a) shall be in such form and set forth such supporting information as the Board of Directors shall prescribe, and shall be certified by the president of the bank or any other officer designated by its board of directors that to the best of the person’s knowledge and belief the statement is true, correct, complete, and has been prepared in accordance with this part and all regulations issued thereunder.
Except as provided in paragraph (2), each insured System bank shall pay to the Corporation the premium payments required under subsection (a), not more frequently than once in each calendar quarter, in such manner and at such 1 or more times as the Board of Directors shall prescribe.
The amount of the premium shall be established not later than 60 days after filing the certified statement specifying the amount of the premium.
The Board of Directors shall prescribe all rules and regulations necessary for the enforcement of this section. The Board of Directors may limit the retroactive effect, if any, of any of its rules or regulations.
Source credit: (Pub. L. 92–181, title V, § 5.56, as added Pub. L. 100–233, title III, § 302, Jan. 6, 1988, 101 Stat. 1612; amended Pub. L. 100–399, title III, § 302(f), Aug. 17, 1988, 102 Stat. 994; Pub. L. 101–624, title XVIII, § 1835, Nov. 28, 1990, 104 Stat. 3833; Pub. L. 104–105, title II, § 215(a)(2)(B), Feb. 10, 1996, 110 Stat. 176; Pub. L. 107–171, title V, § 5403(a)(2)(B), May 13, 2002, 116 Stat. 351; Pub. L. 110–234, title V, § 5405, May 22, 2008, 122 Stat. 1157; Pub. L. 110–246, § 4(a), title V, § 5405, June 18, 2008, 122 Stat. 1664, 1919.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1612
- 1988Amended · Pub. L. 100-399 · 102 Stat. 994
- 1990Amended · Pub. L. 101-624 · 104 Stat. 3833
- 1996Amended · Pub. L. 104-105 · 110 Stat. 176
- 2002Amended · Pub. L. 107-171 · 116 Stat. 351
- 2008Amended · Pub. L. 110-234 · 122 Stat. 1157
- 2008Amended · Pub. L. 110-246 · 122 Stat. 1664, 1919
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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