Rep. Margaret Croke

Filed: 4/20/2023





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2    AMENDMENT NO. ______. Amend House Bill 3296 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Illinois Credit Union Act is amended by
5changing Section 12 as follows:
6    (205 ILCS 305/12)  (from Ch. 17, par. 4413)
7    Sec. 12. Regulatory fees.
8    (1) For the fiscal year beginning July 1, 2007, a credit
9union regulated by the Department shall pay a regulatory fee
10to the Department based upon its total assets as shown by its
11Year-end Call Report at the following rates or at a lesser rate
12established by the Secretary in a manner proportionately
13consistent with the following rates and sufficient to fund the
14actual administrative and operational expenses of the
15Department's Credit Union Section pursuant to subsection (4)
16of this Section:



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2$25,000 or less ................$100
3Over $25,000 and not over
4$100,000 .......................$100 plus $4 per
5$1,000 of assets in excess of
7Over $100,000 and not over
8$200,000 .......................$400 plus $3 per
9$1,000 of assets in excess of
11Over $200,000 and not over
12$500,000 .......................$700 plus $2 per
13$1,000 of assets in excess of
15Over $500,000 and not over
16$1,000,000 .....................$1,300 plus $1.40
17per $1,000 of assets in excess
18of $500,000
19Over $1,000,000 and not
20over $5,000,000.................$2,000 plus $0.50
21per $1,000 of assets in
22excess of $1,000,000
23Over $5,000,000 and not
24over $30,000,000 ............... $4,540 plus $0.397
25per $1,000 of assets
26in excess of $5,000,000



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1Over $30,000,000 and not over
2$100,000,000....................$14,471 plus $0.34
3per $1,000 of assets
4 in excess of $30,000,000
5Over $100,000,000 and not
6over $500,000,000 ..............$38,306 plus $0.17
7per $1,000 of assets
8in excess of $100,000,000
9Over $500,000,000 ..............$106,406 plus $0.056
10per $1,000 of assets
11in excess of $500,000,000
12    (2) The Secretary shall review the regulatory fee schedule
13in subsection (1) and the projected earnings on those fees on
14an annual basis and adjust the fee schedule no more than 5%
15annually if necessary to defray the estimated administrative
16and operational expenses of the Credit Union Section of the
17Department as defined in subsection (5). However, the fee
18schedule shall not be increased if the amount remaining in the
19Credit Union Fund at the end of any fiscal year is greater than
2025% of the total actual and operational expenses incurred by
21the State in administering and enforcing the Illinois Credit
22Union Act and other laws, rules, and regulations as may apply
23to the administration and enforcement of the foregoing laws,
24rules, and regulations as amended from time to time for the
25preceding fiscal year. The regulatory fee for the next fiscal
26year shall be calculated by the Secretary based on the credit



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1union's total assets as of December 31 of the preceding
2calendar year. The Secretary shall provide credit unions with
3written notice of any adjustment made in the regulatory fee
5    (3) A credit union shall pay to the Department a
6regulatory fee in quarterly installments equal to one-fourth
7of the regulatory fee due in accordance with the regulatory
8fee schedule in subsection (1), on the basis of assets as of
9the Year-end Call Report of the preceding calendar year. The
10total annual regulatory fee shall not be less than $100 or more
11than $210,000 $141,875, provided that the regulatory fee cap
12of $210,000 $141,875 shall be adjusted to incorporate the same
13percentage increase as the Secretary makes in the regulatory
14fee schedule from time to time under subsection (2). No
15regulatory fee shall be collected from a credit union until it
16has been in operation for one year. The regulatory fee shall be
17billed to credit unions on a quarterly basis and it shall be
18payable by credit unions on the due date for the Call Report
19for the subject quarter.
20    (4) The aggregate of all fees collected by the Department
21under this Act shall be paid promptly after they are received,
22accompanied by a detailed statement thereof, into the State
23Treasury and shall be set apart in the Credit Union Fund, a
24special fund hereby created in the State treasury. The amount
25from time to time deposited in the Credit Union Fund and shall
26be used to offset the ordinary administrative and operational



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1expenses of the Credit Union Section of the Department under
2this Act. All earnings received from investments of funds in
3the Credit Union Fund shall be deposited into the Credit Union
4Fund and may be used for the same purposes as fees deposited
5into that fund. Moneys deposited in the Credit Union Fund may
6be transferred to the Professions Indirect Cost Fund, as
7authorized under Section 2105-300 of the Department of
8Professional Regulation Law of the Civil Administrative Code
9of Illinois.
10    Notwithstanding provisions in the State Finance Act, as
11now or hereafter amended, or any other law to the contrary, the
12Governor may, during any fiscal year through January 10, 2011,
13from time to time direct the State Treasurer and Comptroller
14to transfer a specified sum not exceeding 10% of the revenues
15to be deposited into the Credit Union Fund during that fiscal
16year from that Fund to the General Revenue Fund in order to
17help defray the State's operating costs for the fiscal year.
18Notwithstanding provisions in the State Finance Act, as now or
19hereafter amended, or any other law to the contrary, the total
20sum transferred from the Credit Union Fund to the General
21Revenue Fund pursuant to this provision shall not exceed
22during any fiscal year 10% of the revenues to be deposited into
23the Credit Union Fund during that fiscal year. The State
24Treasurer and Comptroller shall transfer the amounts
25designated under this Section as soon as may be practicable
26after receiving the direction to transfer from the Governor.



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1    (5) The administrative and operational expenses for any
2fiscal year shall mean the ordinary and contingent expenses
3for that year incidental to making the examinations provided
4for by, and for administering, this Act, including all
5salaries and other compensation paid for personal services
6rendered for the State by officers or employees of the State to
7enforce this Act; all expenditures for telephone and telegraph
8charges, postage and postal charges, office supplies and
9services, furniture and equipment, office space and
10maintenance thereof, travel expenses and other necessary
11expenses; all to the extent that such expenditures are
12directly incidental to such examination or administration.
13    (6) When the balance in the Credit Union Fund at the end of
14a fiscal year exceeds 25% of the total administrative and
15operational expenses incurred by the State in administering
16and enforcing the Illinois Credit Union Act and other laws,
17rules, and regulations as may apply to the administration and
18enforcement of the foregoing laws, rules, and regulations as
19amended from time to time for that fiscal year, such excess
20shall be credited to credit unions and applied against their
21regulatory fees for the subsequent fiscal year. The amount
22credited to each credit union shall be in the same proportion
23as the regulatory fee paid by such credit union for the fiscal
24year in which the excess is produced bears to the aggregate
25amount of all fees collected by the Department under this Act
26for the same fiscal year.



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1    (7) (Blank).
2    (8) Nothing in this Act shall prohibit the General
3Assembly from appropriating funds to the Department from the
4General Revenue Fund for the purpose of administering this
6    (9) For purposes of this Section, "fiscal year" means a
7period beginning on July 1 of any calendar year and ending on
8June 30 of the next calendar year.
9(Source: P.A. 100-201, eff. 8-18-17.)".