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Sen. Dan Rutherford
Filed: 3/3/2005
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LRB094 10774 MKM 42847 a |
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| AMENDMENT TO SENATE BILL 536
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| AMENDMENT NO. ______. Amend Senate Bill 536 on page 2, |
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| immediately below line 18, by inserting the following:
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| "Section 10. The Illinois Credit Union Act is amended by |
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| changing Section 12 as follows:
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| (205 ILCS 305/12) (from Ch. 17, par. 4413)
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| Sec. 12. Regulatory fees.
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| (1) A credit union regulated by the Department shall pay a |
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| regulatory
fee to the Department based upon its total assets as |
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| shown by its Year-end
Call Report at the following rates:
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| 11 | | TOTAL ASSETS | REGULATORY FEE |
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| 12 | | $25,000 or less ............... | $100 |
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| 13 | | Over $25,000 and not over
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| 14 | | $100,000 ...................... | $100 plus $4 per |
| | 15 | | $1,000 of assets in excess of |
| | 16 | | $25,000 |
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| 17 | | Over $100,000 and not over
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| 18 | | $200,000 ...................... | $400 plus $3 per |
| | 19 | | $1,000 of assets in excess of |
| | 20 | | $100,000 |
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| 21 | | Over $200,000 and not over
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| 22 | | $500,000 ...................... | $700 plus $2 per |
| | 23 | | $1,000 of assets in excess of |
| | 24 | | $200,000 |
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| 25 | | Over $500,000 and not over
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| 26 | | $1,000,000 .................... | $1,300 plus $1.40 |
| | 27 | | per $1,000 of assets in excess |
| | 28 | | of $500,000 |
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| 29 | | Over $1,000,000 and not
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| 30 | | over $5,000,000................ | $2,000 plus $0.50 |
| | 31 | | per $1,000 of assets in |
| | 32 | | excess of $1,000,000 |
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| 33 | | Over $5,000,000 and not
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| 34 | | over $30,000,000 .............. | $5,080 plus $0.44 |
| | 35 | | per $1,000 assets |
| | 36 | | in excess of $5,000,000 |
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| 37 | | Over $30,000,000 and not
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| 38 | | over $100,000,000 ............. | $16,192 plus $0.38 |
| | 39 | | per $1,000 of assets in |
| | 40 | | excess of $30,000,000 |
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| 41 | | Over $100,000,000 and not
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| 42 | | over $500,000,000 ............. | $42,862 plus $0.19 |
| | 43 | | per $1,000 of assets in |
| | 44 | | excess of $100,000,000 |
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| 45 | | Over $500,000,000 ............. | $140,625 plus $0.075 |
| | 46 | | per $1,000 of assets in |
| | 47 | | excess of $500,000,000 |
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| (2) The Director shall review the regulatory fee schedule |
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| in subsection
(1) and the projected earnings on those fees on |
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| an annual
basis
and
adjust the fee schedule no more than 5% |
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| annually
if necessary to defray the
estimated administrative |
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| and operational expenses of
the Department as defined in |
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| subsection (5). The Director shall provide credit
unions with |
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| written notice of any adjustment made in the regulatory fee
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| schedule.
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| (3)
Not later than March 1 of each calendar year, a credit |
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| union shall
pay to the Department a regulatory fee
for that |
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| calendar year in accordance with the regulatory fee schedule in
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LRB094 10774 MKM 42847 a |
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| subsection (1), on the basis of assets as
of the Year-end Call |
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| Report of the preceding year. The regulatory fee shall
not be |
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| less than
$100 or more than $187,500, provided that the
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| regulatory fee cap of $187,500
shall be adjusted to incorporate |
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| the same percentage increase as the Director
makes in the |
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| regulatory fee schedule from time to time under subsection (2).
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| No regulatory
fee
shall be collected
from a credit union until |
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| it
has been in operation for one year.
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| (4) The aggregate of all fees collected by the Department |
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| under this
Act
shall be paid promptly after they are received,
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| accompanied by a detailed
statement thereof, into the State |
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| Treasury and shall be set apart in the
Credit Union Fund, a |
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| special fund hereby created in the State treasury.
The amount |
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| from time to time deposited in the Credit Union Fund and shall
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| be used to offset the
ordinary administrative and operational |
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| expenses of
the Department under
this Act. All earnings |
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| received from investments of funds in the Credit
Union Fund |
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| shall be deposited into the Credit Union Fund and may be used |
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| for
the same purposes as fees deposited into that Fund.
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| (5) The actual administrative and operational expenses for |
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| any fiscal
calendar
year shall mean the ordinary
and contingent |
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| expenses for that year incidental to making the examinations
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| provided for by, and for administering, this Act, including all |
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| salaries
and other compensation paid for personal services |
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| rendered for the State by
officers or employees of the State to |
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| enforce this Act; all expenditures
for telephone and telegraph |
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| charges, postage and postal charges, office
supplies and |
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| services, furniture and equipment, office space and
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| maintenance thereof, travel expenses and other necessary |
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| expenses; all to
the extent that such expenditures are directly |
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| incidental to such
examination or administration.
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| (6) If the amount remaining in the Credit Union Fund at the |
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| end of any fiscal year exceeds 25%
When the aggregate of all |
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| fees collected by the Department under
this Act
and all |
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LRB094 10774 MKM 42847 a |
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| earnings thereon for any calendar year exceeds 150% of the
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| total actual
administrative and operational
expenses under |
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| this Act for that fiscal year, then the
such excess shall be |
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| credited to
credit unions that paid fees into the Credit Union |
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| Fund in that fiscal year and applied against their regulatory |
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| fees for
the subsequent fiscal year. The amount credited to |
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| each
a credit union shall be in the
same proportion that
as the |
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| fee paid into the Credit Union Fund by that
such credit union |
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| in that fiscal
for the
calendar year in which the excess is |
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| produced bears to the aggregate of the
fees collected by the |
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| Department
under this Act for the same fiscal year.
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| (7) Examination fees for the year 2000 statutory |
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| examinations paid
pursuant to the examination fee schedule in |
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| effect at that time shall be
credited toward the regulatory fee |
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| to be assessed the credit union in calendar
year 2001.
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| (8) Nothing in this Act shall prohibit the General Assembly |
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| from
appropriating funds to the Department from the General |
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| Revenue Fund for the
purpose of administering this Act.
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| (9) For the purposes of this Section, "fiscal year" means |
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| the period beginning on July 1 of any year and ending on June |
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| 30 of the next year.
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| (Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03; 93-652, |
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| eff. 1-8-04.)".
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