Section 17:1C-47 - Total amount assessablea. The total amount assessable to regulated entities in any fiscal year for the assessment established by this act shall not exceed the lesser of: (1) the total amount of expenses incurred by the State in connection with the administration of the special functions of the division pursuant to section 3 of this act during the preceding fiscal year as ascertained by the Director of the Division of Budget and Accounting in the Department of the Treasury, on or before August 15 in each year, and certified to the commissioner by category; or(2) .0001084 times the sum of (a) the average total assets for State-chartered banks, savings banks, and savings and loan associations for the preceding five calendar years' data, excluding the two most recent calendar years plus (b) the average total loan volume for residential mortgage loans closed by licensed residential mortgage lenders or residential mortgage brokers pursuant to the "New Jersey Residential Mortgage Lending Act," sections 1 through 39 of P.L. 2009, c. 53(C.17:11C-51 et seq.) for the preceding five calendar years' data, excluding the two most recent calendar years.b. In calculating the assessments:(1) Banks, savings banks and savings and loan associations shall be given prorated credit for unused portions of assessment periods; and(2) Licensees shall be given prorated credit for unused portions of licensing periods.c. The department shall not issue an examination bill for an examination that has not been completed by the date that the regulated entity becomes subject to the assessment pursuant to the provisions of this act. For the purposes of this act, the completion of the examination shall not include the time to process and review the examination report.Amended by L. 2009, c. 53,s. 66, eff. 7/31/2010, or the later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508 of the federal "Secure and Fair Enforcement for Mortgage Licensing Act of 2008," Pub.L. 110-289 (12 U.S.C. s.5107) .Amended by L. 2007, c. 81,s. 3, eff. 5/4/2007.Added by L. 2005, c. 199, s. 15, eff. upon the adoption of regulations pursuant to 17:1C-35 and 17:1C-46. L. 2007, c. 81,s. 29, states, "This act shall take effect immediately, but remain inoperative until July 1, 2006, and if enacted after that date, shall be retroactive to July 1, 2006; except that provisions of this act which amend the term of a license shall remain inoperative until the Commissioner of Banking and Insurance adopts regulations establishing the new license terms authorized by this act. The Commissioner of Banking and Insurance may immediately undertake action to promulgate any regulation necessary to implement the provisions of this act." .