093_SB0857enr SB857 Enrolled LRB093 03109 JLS 03126 b 1 AN ACT in relation to financial regulation. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Credit Union Act is amended by 5 changing Section 12 as follows: 6 (205 ILCS 305/12) (from Ch. 17, par. 4413) 7 Sec. 12. Regulatory fees. 8 (1) A credit union regulated by the Department shall pay 9 a regulatory fee to the Department based upon its total 10 assets as shown by its Year-end Call Report at the following 11 rates: 12 TOTAL ASSETS REGULATORY FEE 13 $25,000 or less .............. $100$15014 Over $25,000 and not over 15 $100,000 ..................... $100$150plus $4$6per 16 $1,000 of assets in excess of 17 $25,000 18 Over $100,000 and not over 19 $200,000 ..................... $400$600plus $3$4.50per 20 $1,000 of assets in excess of 21 $100,000 22 Over $200,000 and not over 23 $500,000 ..................... $700$1,050plus $2$3per 24 $1,000 of assets in excess of 25 $200,000 26 Over $500,000 and not over 27 $1,000,000 ................... $1,300$1,950plus $1.40$2.1028 per $1,000 of assets in excess 29 of $500,000 30 Over $1,000,000 and not 31 over $5,000,000............... $2,000$3,000plus $0.50$0.75SB857 Enrolled -2- LRB093 03109 JLS 03126 b 1 per $1,000 of assets in 2 excess of $1,000,000 3 Over $5,000,000 and not 4 over $30,000,000 ............. $5,080$6,000plus 5 $0.44$0.5256 per $1,000 assets 7 in excess of $5,000,000 8 Over $30,000,000 and not 9 over $100,000,000 ............ $16,192$19,125plus 10 $0.38$0.4511 per $1,000 of assets in 12 excess of $30,000,000 13 Over $100,000,000 and not 14 over $500,000,000 ............ $42,862$50,625plus 15 $0.19$0.22516 per $1,000 of assets in 17 excess of $100,000,000 18 Over $500,000,000 ............ $140,625 plus $0.075 19 per $1,000 of assets in 20 excess of $500,000,000 21 (2) The Director shall review the regulatory fee 22 schedule in subsection (1) and the projected earnings on 23 those fees on an annual basis and adjust the fee schedule no 24 more than 5% annually if necessary to defray the estimated 25 administrative and operational expenses of the Department as 26 defined in subsection (5). The Director shall provide credit 27 unions with written notice of any adjustment made in the 28 regulatory fee schedule. 29 (3) Not later than March 1 of each calendar year, a 30 credit union shall pay to the Department a regulatory fee for 31 that calendar year in accordance with the regulatory fee 32 schedule in subsection (1), on the basis of assets as of the 33 Year-end Call Report of the preceding year. The regulatory 34 fee shall not be less than $100$150or more than $187,500, SB857 Enrolled -3- LRB093 03109 JLS 03126 b 1 provided that the regulatory fee cap of $187,500 shall be 2 adjusted to incorporate the same percentage increase as the 3 Director makes in the regulatory fee schedule from time to 4 time under subsection (2). No regulatory fee shall be 5 collected from a credit union until it has been in operation 6 for one year. 7 (4) The aggregate of all fees collected by the 8 Department under this Act shall be paid promptly after they 9 are received, accompanied by a detailed statement thereof, 10 into the State Treasury and shall be set apart in the Credit 11 Union Fund, a special fund hereby created in the State 12 treasury. The amount from time to time deposited in the 13 Credit Union Fund and shall be used to offset the ordinary 14 administrative and operational expenses of the Department 15 under this Act. All earnings received from investments of 16 funds in the Credit Union Fund shall be deposited into the 17 Credit Union Fund and may be used for the same purposes as 18 fees deposited into that Fund. 19 (5) The administrative and operational expenses for any 20 calendar year shall mean the ordinary and contingent expenses 21 for that year incidental to making the examinations provided 22 for by, and for administering, this Act, including all 23 salaries and other compensation paid for personal services 24 rendered for the State by officers or employees of the State 25 to enforce this Act; all expenditures for telephone and 26 telegraph charges, postage and postal charges, office 27 supplies and services, furniture and equipment, office space 28 and maintenance thereof, travel expenses and other necessary 29 expenses; all to the extent that such expenditures are 30 directly incidental to such examination or administration. 31 (6) When the aggregate of all fees collected by the 32 Department under this Act and all earnings thereon for any 33 calendar year exceeds 150% of the total administrative and 34 operational expenses under this Act for that year, such SB857 Enrolled -4- LRB093 03109 JLS 03126 b 1 excess shall be credited to credit unions and applied against 2 their regulatory fees for the subsequent year. The amount 3 credited to a credit union shall be in the same proportion as 4 the fee paid by such credit union for the calendar year in 5 which the excess is produced bears to the aggregate of the 6 fees collected by the Department under this Act for the same 7 year. 8 (7) Examination fees for the year 2000 statutory 9 examinations paid pursuant to the examination fee schedule in 10 effect at that time shall be credited toward the regulatory 11 fee to be assessed the credit union in calendar year 2001. 12 (8) Nothing in this Act shall prohibit the General 13 Assembly from appropriating funds to the Department from the 14 General Revenue Fund for the purpose of administering this 15 Act. 16 (Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.) 17 Section 99. Effective date. This Act takes effect upon 18 becoming law.