California Financial Code

§ 17321

FIN § 17321 Effective Jan 1, 2005Div. 6 · Ch. 2.5 · Art. 3

Statute text

Fidelity Corporation shall bill and collect from each member an annual premium that in the aggregate shall consist of assessments for the operations fund and the fidelity fund.

(a)The annual assessment for the operations fund shall be assessed no later than October 15 of each year for the current fiscal year in accordance with subdivision (b) of Section 17320. The payment of any invoice for assessments under this subdivision is payable by the member escrow agent in three equal and consecutive monthly installments with the first installment payable at or within 30 days after receipt of the Fidelity Corporation invoice. The assessment shall include:

(1)All costs and expenses of administration as budgeted by the board of directors for the current fiscal year.

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Legislative history

Amended by Stats. 2004, Ch. 180, Sec. 3. Effective January 1, 2005.