Sec. 406.15. Payments by uninsured money transmitters to fund

Upon receipt of notice of assessment issued pursuant to section 657 of the Banking Law, each uninsured money transmitter shall provide the superintendent, as administrator of the State Transmitter of Money Fund, within such reasonable time as shall have been specified in such notice, a statement certified by an executive officer, showing the dollar amounts of the New York instruments issued by the uninsured money transmitter that were outstanding at the end of each calendar quarter for the calendar year preceding that in which the assessment is made, and the average of said amount. (Said average shall consist of the quotient obtained when dividing the sum of such amounts by the number of calendar quarters involved.) Upon receipt of such statement, the superintendent shall notify the uninsured money transmitter of the percentage of said average constituting the assessment, and the uninsured money transmitter shall forthwith pay the resulting assessment to the superintendent. Said percentage shall be uniform as to all uninsured money transmitters. In no event shall the total amount assessed in any one year against any uninsured money transmitter pursuant to section 657 of the Banking Law exceed two per centum of the New York instruments of such uninsured money transmitter, which were outstanding at the end of the calendar year preceding the year in which such assessments were made or $125,000, whichever is less.