§2277a–5 — Title 12 Banks and Banking | U.S. Code

Summary

On a date the Board of Directors picks, every insured System bank that was insured before the period being charged must file a certified statement with the Corporation. The statement must show the bank’s average outstanding insured obligations for the period, average amounts for eight types of covered items (including federal- and state-guaranteed loans and investments, both in accrual status and not permanently impaired, plus loans in nonaccrual status and other-than-temporarily impaired investments), and the premium owed for the period. The Board will set the form and supporting details. The statement must be signed by the bank president or another officer the bank’s board names, who must say it is true, correct, complete, and prepared under the rules. Each bank must pay the premium in the way and at the times the Board requires, but not more often than once in each calendar quarter. The premium amount must be set no later than 60 days after the bank files the certified statement that specifies the premium. The Board will make rules to enforce these requirements and may limit any retroactive effect of those rules.

Title 12, §2277a–5

Banks and Banking — Source: USLM XML via OLRC

(a)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—

(1)the average outstanding insured obligations for the period issued by the bank;

(2)(A)the average principal outstanding for the period on the guaranteed portion of Federal government-guaranteed loans that are in accrual status; and

(B)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);

(3)(A)the average principal outstanding for the period on State government-guaranteed loans that are in accrual status; and

(B)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);

(4)(A)the average principal outstanding for the period on loans that are in nonaccrual status; and

(B)the average amount outstanding for the period of other-than-temporarily impaired investments; and

(5)the amount of the premium due the Corporation from the bank for the period.

(b)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.

(c)(1)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.

(2)The amount of the premium shall be established not later than 60 days after filing the certified statement specifying the amount of the premium.

(d)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.

Notes & Related Subsidiaries

Editorial Notes

Codification Pub. L. 110–234 and Pub. L. 110–246 made identical

Amendments

to this section. The

Amendments

by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

Amendments

2008—Subsec. (a). Pub. L. 110–246, § 5405(a), added subsec. (a) and struck out former subsec. (a) which related to the required annual filing of a certified statement from each insured System bank that became insured before the beginning of the year. Subsec. (c). Pub. L. 110–246, § 5405(b), added subsec. (c) and struck out former subsec. (c). Prior to amendment, text read as follows: “Each System bank shall pay to the Corporation the amount of the initial premium it is required to certify under subsection (a) of this section as soon as practicable after January 1, 1990, based on the application of section 2277a–4 of this title to the accruing loan volume of the bank for calendar year 1989.” Subsecs. (d), (e). Pub. L. 110–246, § 5405(c), redesignated subsec. (e) as (d) and struck out former subsec. (d). Prior to amendment, text read as follows: “The premium payments required from insured System banks under subsection (a) of this section shall be made not less frequently than annually in such manner and at such time or times as the Board of Directors shall prescribe, except that the amount of the premium shall be established not later than 60 days after filing the certified statement setting forth the amount of the premium.” 2002—Subsec. (a)(1). Pub. L. 107–171, § 5403(a)(2)(B)(i), inserted “and Government Sponsored Enterprise-guaranteed loans (as defined in section 2277a–4(a)(4) of this title)” after “government-guaranteed loans”. Subsec. (a)(4) to (6). Pub. L. 107–171, § 5403(a)(2)(B)(ii), (iii), added par. (4) and redesignated former pars. (4) and (5) as (5) and (6), respectively. 1996—Subsec. (a)(2), (3). Pub. L. 104–105 substituted “2277a–4(a)(3) of this title” for “2277a–4(a)(2) of this title”. 1990—Subsec. (a). Pub. L. 101–624 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Annually, on a date to be determined in the sole discretion of the Board of Directors, each insured System bank that became insured before the beginning of the year shall file with the Corporation a certified statement showing the annual average principal outstanding on loans made by the bank that are in accrual status, the annual average principal outstanding on loans that are in nonaccrual status, and the amount of the premium due the Corporation from the bank for such year.” 1988—Subsec. (a). Pub. L. 100–399 substituted “of the year” for “of such year”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an

Effective Date

note under section 8701 of Title 7, Agriculture.

Effective Date

of 2002 AmendmentAmendment by Pub. L. 107–171 applicable with respect to determinations of premiums for calendar year 2002 and for any succeeding calendar year, and to certified statements with respect to such premiums, see section 5403(b) of Pub. L. 107–171, set out as a note under section 2020 of this title.

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

§2277a–5 Certification of premiums

Summary

Title 12, §2277a–5

Notes & Related Subsidiaries

Editorial Notes

Amendments

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Effective Date

Effective Date

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