(2) The Secretary shall review the regulatory fee schedule in subsection
(1) and the projected earnings on those fees on an annual
basis
and adjust the fee schedule no more than 5% annually
if necessary to defray the estimated administrative and operational expenses of
the Credit Union Section of the Department as defined in subsection (5).  However, the fee schedule shall not be increased if the amount remaining in the Credit Union Fund at the end of any fiscal year is greater than 25% of the total actual and operational expenses incurred by the State in administering and enforcing the Illinois Credit Union Act and other laws, rules, and regulations as may apply to the administration and enforcement of the foregoing laws, rules, and regulations as amended from time to time for the preceding fiscal year.  The regulatory fee for the next fiscal year shall be calculated by the Secretary based on the credit union's total assets as of December 31 of the preceding calendar year. The Secretary shall provide credit
unions with written notice of any adjustment made in the regulatory fee
schedule.

(3) A credit union shall
pay to the Department a regulatory fee
in quarterly installments equal to one-fourth of the regulatory fee due in accordance with the regulatory fee schedule in
subsection (1), on the basis of assets as
of the Year-end Call Report of the preceding calendar year.  The total annual regulatory fee shall
not be less than
$100 or more than $210,000, provided that the
regulatory fee cap of $210,000 
shall be adjusted to incorporate the same percentage increase as the Secretary
makes in the regulatory fee schedule from time to time under subsection (2).
No regulatory
fee
shall be collected
from a credit union until it
has been in operation for one year. The regulatory fee shall be billed to credit unions on a quarterly basis and it shall be payable by credit unions on the due date for the Call Report for the subject quarter.

(4) The aggregate of all fees collected by the Department under this
Act
shall be paid promptly after they are received,
accompanied by a detailed
statement thereof, into the State Treasury and shall be set apart in the
Credit Union Fund, a special fund hereby created in the State treasury.
The amount from time to time deposited in the Credit Union Fund and shall
be used to offset the ordinary administrative and operational expenses of
the Credit Union Section of the Department under
this Act.  All earnings received from investments of funds in the Credit
Union Fund shall be deposited into the Credit Union Fund and may be used for
the same purposes as fees deposited into that fund.
Moneys deposited in the Credit Union Fund may be transferred to the Professions Indirect Cost Fund, as authorized under Section 2105-300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.

Notwithstanding provisions in the State Finance Act, as now or hereafter amended, or any other law to the contrary, the Governor may, during any fiscal year through January 10, 2011, from time to time direct the State Treasurer and Comptroller to transfer a specified sum not exceeding 10% of the revenues to be deposited into the Credit Union Fund during that fiscal year from that Fund to the General Revenue Fund in order to help defray the State's operating costs for the fiscal year. Notwithstanding provisions in the State Finance Act, as now or hereafter amended, or any other law to the contrary, the total sum transferred from the Credit Union Fund to the General Revenue Fund pursuant to this provision shall not exceed during any fiscal year 10% of the revenues to be deposited into the Credit Union Fund during that fiscal year. The State Treasurer and Comptroller shall transfer the amounts designated under this Section as soon as may be practicable after receiving the direction to transfer from the Governor.

(5) The administrative and operational expenses for any fiscal
year shall mean the ordinary
and contingent expenses for that year incidental to making the examinations
provided for by, and for administering, this Act, including all salaries
and other compensation paid for personal services rendered for the State by
officers or employees of the State to enforce this Act; all expenditures
for telephone and telegraph charges, postage and postal charges, office
supplies and services, furniture and equipment, office space and
maintenance thereof, travel expenses and other necessary expenses; all to
the extent that such expenditures are directly incidental to such
examination or administration.

(6) When the balance in the Credit Union Fund at the end of a fiscal year exceeds 25% of the
total
administrative and operational
expenses incurred by the State in administering and enforcing the Illinois Credit Union Act and other laws, rules, and regulations as may apply to the administration and enforcement of the foregoing laws, rules, and regulations as amended from time to time for that fiscal year, such excess shall be credited to
credit unions and applied against their regulatory fees for
the subsequent fiscal year.  The amount credited to each credit union shall be in the
same proportion as the regulatory fee paid by such credit union for the fiscal
 year in which the excess is produced bears to the aggregate amount of all
fees collected by the Department
under this Act for the same fiscal year.

(7) (Blank).

(8) Nothing in this Act shall prohibit the General Assembly from
appropriating funds to the Department from the General Revenue Fund for the
purpose of administering this Act.

(9) For purposes of this Section, "fiscal year" means a period beginning on July 1 of any calendar year and ending on June 30 of the next calendar year.

(Source: P.A. 103-107, eff. 6-27-23.)