Section 657. Payments to the fund

In the event the fund has borrowed any
  monies from the property and liability insurance security fund  pursuant
  to  the  provisions  of section six hundred fifty-eight of this chapter,
  and has any debt outstanding thereto,  or  in  the  event  an  uninsured
  transmitter  of  money  is  declared,  or  declares itself, insolvent or
  defaults on its New York instruments, the fund shall levy an  assessment
  upon  each uninsured transmitter of money. The amount of such assessment
  shall be determined by the superintendent provided, however,  that  each
  uninsured  transmitter of money shall be assessed ratably, in proportion
  to the average of the dollar amounts of the New York instruments  issued
  by  such  uninsured  transmitter of money outstanding at the end of each
  calendar quarter for the calendar  year  preceding  that  in  which  the
  assessment  is  made,  and  provided,  further, that no such assessments
  shall be levied once the net value of the fund shall equal  such  amount
  as  the  superintendent shall have determined to be necessary to protect
  the interests of the purchasers and holders of New York instruments.  In
  making his determination, the superintendent shall consider the scope of
  the  risk  covered  by the fund, the expenses incurred or expected to be
  incurred by the fund, the amount of any loans and advances to the  fund,
  and the interest thereon.
    In no event shall the total amount so assessed in any one year against
  any  uninsured  transmitter of money pursuant to this section exceed two
  per centum of the New York instruments of such uninsured transmitter  of
  money  which  were outstanding at the end of the calendar year preceding
  that in which such assessments  are  made  or  one  hundred  twenty-five
  thousand  dollars, whichever is less. The net value of the fund shall be
  determined by deducting from the value of the assets  of  the  fund  the
  aggregate  actual and estimated liabilities of the fund as determined by
  the superintendent.