In this section, licensee means any licensee, as defined in Section 33055, or any person licensed under Chapter 14A (commencing with Section 1851) of Division 1. The commissioner shall annually assess and collect from licensees on a pro rata basis an amount which is, in his or her judgment, sufficient to meet his or her expenses in administering the provisions of this division and of Chapter 14A (commencing with Section 1851) of Division 1 and to provide a reasonable reserve for contingencies. The amount of the annual assessment on any licensee shall not exceed the sum of the products determined by multiplying (a) increments of the aggregate face amount of payment instruments and travelers checks issued by the licensee and sold in this state by the licensee, directly or indirectly through agents, in the calendar year next preceding the date of such assessment, by (b) percentages of the base assessment rate, according to the following table: Aggregate face amount of payment instruments and Percentage traveler`s checks sold of base (in millions) assessment rate First $1 .......................... 100.0 Next $9 ........................... 25.0 Next $40 .......................... 12.5 Next $50 .......................... 6.0 Next $400 ......................... 3 Next $500 ......................... 2 Excess over $1,000 ................ 1 The base assessment rate shall be fixed from time to time by the commissioner but shall not exceed one dollar ($1) per one thousand dollars ($1,000) face amount of payment instruments and traveler`s checks sold.
