A New York registrant pays its 2026 assessment after the due date. What statutory late fee applies?
Correct Answer
A) A late fee of $100 is payable in addition
If the registrant fails to pay the charged assessment by the date due, the registrant shall be required to pay, in addition, a late fee in the amount of one hundred dollars. Other choices: the statute names a fixed fee rather than a rate; it is $100 rather than $500; and the fee sits alongside the expiration rule. Source: N.Y. Banking Law § 592-a(1)
Why This Is the Correct Answer
If the registrant fails to pay the charged assessment by the date due, the registrant shall be required to pay, in addition, a late fee in the amount of one hundred dollars. Other choices: the statute names a fixed fee rather than a rate; it is $100 rather than $500; and the fee sits alongside the expiration rule. Source: N.Y. Banking Law § 592-a(1)
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