In this section the following words have the meanings indicated. “Branch” means a deposit–taking office of a credit union in the State that is open to the public as of December 31 of the calendar year preceding the request for an assessment offset credit. “De novo branch” means a deposit–taking office of a credit union in the State that was opened to the public for the first time during the calendar year immediately preceding a request for an assessment offset credit that: Was originally established by the credit union as a branch; but Did not become a branch of the credit union as a result of: The acquisition by the credit union of an insured depository institution or a branch of an insured depository institution; or The conversion, merger, or consolidation of an insured depository institution or a branch of an insured depository institution. “Deposits” means deposits originated and housed at a credit union branch located in a low– to moderate–income tract as reported by a credit union to the Commissioner each year as of December 31. “Low– to moderate–income tract” has the meaning stated in § 5–203 of this article. “Maryland Opportunity Account” means a transaction account offered by a credit union to its members that meets standards annually determined by the Commissioner that promote fair and equal access to financial services. This section applies only to a credit union with assets of $300,000 or greater. The Commissioner shall impose an annual assessment on each credit union as provided in this subsection to cover the expense of regulating credit unions. The Commissioner shall assess each credit union the sum of: $1,000; and 8 cents for each $1,000 of the assets of the credit union over $1,000,000. The assessment shall be based on assets stated in the credit union’s most recent financial report. A well–capitalized credit union with a composite CAMELS rating of 1 or 2 may file with the Commissioner a request for an assessment offset credit of: 12 cents for each $1,000 of deposits in a de novo branch located in a low– to moderate–income tract for the first 5 years after the date the de novo branch opened; or 6 cents for each $1,000 of deposits in a branch located in a low– to moderate–income tract not to exceed the cap set by the Commissioner by December 31 of the calendar year preceding the request for an assessment offset credit. In addition to an assessment offset credit under paragraph (4) of this subsection, a well–capitalized credit union with a composite CAMELS rating of 1, 2, or 3 may file with the Commissioner a request for an assessment credit of: $5,000 on receiving the Commissioner’s initial approval that the credit union offers at least one Maryland Opportunity Account; and $3,000 for each year thereafter that the credit union offers at least one Maryland Opportunity Account that, as determined by the Commissioner, remains in active use by the credit union’s members. A credit union shall pay the assessment imposed under this section to the Commissioner on or before the April 15 after the assessment is imposed.