SB 318 Modifies compensation for certain employees of the divisions of finance and credit unions
Sponsor: Crowell
LR Number: 0949S.03T Fiscal Note: 0949-03
Committee: Financial & Governmental Organizations and Elections
Last Action: 7/14/2005 - Signed by Governor Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2005
House Handler: Cooper

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Current Bill Summary


SB 318 - This act removes certain employees of the Division of Finance and Division of Credit Unions from the state merit employee system. The directors of the two divisions are authorized to maintain equitable salary schedules for examiners, professional staff and support personnel. The salary for bank and credit union examiners shall be based on a comparison of the salaries for similar positions at federal bank regulatory agencies and other states.

The act also authorizes the Division of Finance to collect an amount not to exceed 15% of certain estimated costs from banks and trust companies in order to conduct the examinations. Currently, the division was authorized to collect an amount equal to 15%. Fees and charges to bank and trust companies must be reviewed annually by the division of finance to determine whether the regulatory costs are offset by the fees and charges. The division may adjust the fees in order to fully recover such costs.

JIM ERTLE