(1) The department invoices mutual associations for semiannual assessments every June and December.  The assessment is based on each institution's total assets provided in its previous March and September call reports. 

(2)  The fee is calculated based on the total assets of the mutual association multiplied by .0000375, plus the flat fee listed below. 

 

 

Example:  Mutual association A reports total assets of $58,873,000 x .0000375 plus $3,000 equals $5,207.74.

(3) The assessment is due 30 days after each invoice date, or July 31 and January 31, whichever is later.

(4) The fee shall not exceed $300,000 for each semiannual assessment.

(5)  In the event of a merger between Montana state-chartered mutual associations during the second or fourth quarter of the year, the assessment fee for the acquired institution must be paid by the surviving institution.