Illinois General Assembly - Full Text of HB3296
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Full Text of HB3296  103rd General Assembly




HB3296 EngrossedLRB103 27828 BMS 54206 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
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:
18$25,000 or less ................$100
19Over $25,000 and not over
20$100,000 .......................$100 plus $4 per
21$1,000 of assets in excess of
23Over $100,000 and not over



HB3296 Engrossed- 2 -LRB103 27828 BMS 54206 b

1$200,000 .......................$400 plus $3 per
2$1,000 of assets in excess of
4Over $200,000 and not over
5$500,000 .......................$700 plus $2 per
6$1,000 of assets in excess of
8Over $500,000 and not over
9$1,000,000 .....................$1,300 plus $1.40
10per $1,000 of assets in excess
11of $500,000
12Over $1,000,000 and not
13over $5,000,000.................$2,000 plus $0.50
14per $1,000 of assets in
15excess of $1,000,000
16Over $5,000,000 and not
17over $30,000,000 ............... $4,540 plus $0.397
18per $1,000 of assets
19in excess of $5,000,000
20Over $30,000,000 and not over
21$100,000,000....................$14,471 plus $0.34
22per $1,000 of assets
23 in excess of $30,000,000
24Over $100,000,000 and not
25over $500,000,000 ..............$38,306 plus $0.17
26per $1,000 of assets



HB3296 Engrossed- 3 -LRB103 27828 BMS 54206 b

1in excess of $100,000,000
2Over $500,000,000 ..............$106,406 plus $0.056
3per $1,000 of assets
4in excess of $500,000,000
5    (2) The Secretary shall review the regulatory fee schedule
6in subsection (1) and the projected earnings on those fees on
7an annual basis and adjust the fee schedule no more than 5%
8annually if necessary to defray the estimated administrative
9and operational expenses of the Credit Union Section of the
10Department as defined in subsection (5). However, the fee
11schedule shall not be increased if the amount remaining in the
12Credit Union Fund at the end of any fiscal year is greater than
1325% of the total actual and operational expenses incurred by
14the State in administering and enforcing the Illinois Credit
15Union Act and other laws, rules, and regulations as may apply
16to the administration and enforcement of the foregoing laws,
17rules, and regulations as amended from time to time for the
18preceding fiscal year. The regulatory fee for the next fiscal
19year shall be calculated by the Secretary based on the credit
20union's total assets as of December 31 of the preceding
21calendar year. The Secretary shall provide credit unions with
22written notice of any adjustment made in the regulatory fee
24    (3) A credit union shall pay to the Department a
25regulatory fee in quarterly installments equal to one-fourth
26of the regulatory fee due in accordance with the regulatory



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1fee schedule in subsection (1), on the basis of assets as of
2the Year-end Call Report of the preceding calendar year. The
3total annual regulatory fee shall not be less than $100 or more
4than $210,000 $141,875, provided that the regulatory fee cap
5of $210,000 $141,875 shall be adjusted to incorporate the same
6percentage increase as the Secretary makes in the regulatory
7fee schedule from time to time under subsection (2). No
8regulatory fee shall be collected from a credit union until it
9has been in operation for one year. The regulatory fee shall be
10billed to credit unions on a quarterly basis and it shall be
11payable by credit unions on the due date for the Call Report
12for the subject quarter.
13    (4) The aggregate of all fees collected by the Department
14under this Act shall be paid promptly after they are received,
15accompanied by a detailed statement thereof, into the State
16Treasury and shall be set apart in the Credit Union Fund, a
17special fund hereby created in the State treasury. The amount
18from time to time deposited in the Credit Union Fund and shall
19be used to offset the ordinary administrative and operational
20expenses of the Credit Union Section of the Department under
21this Act. All earnings received from investments of funds in
22the Credit Union Fund shall be deposited into the Credit Union
23Fund and may be used for the same purposes as fees deposited
24into that fund. Moneys deposited in the Credit Union Fund may
25be transferred to the Professions Indirect Cost Fund, as
26authorized under Section 2105-300 of the Department of



HB3296 Engrossed- 5 -LRB103 27828 BMS 54206 b

1Professional Regulation Law of the Civil Administrative Code
2of Illinois.
3    Notwithstanding provisions in the State Finance Act, as
4now or hereafter amended, or any other law to the contrary, the
5Governor may, during any fiscal year through January 10, 2011,
6from time to time direct the State Treasurer and Comptroller
7to transfer a specified sum not exceeding 10% of the revenues
8to be deposited into the Credit Union Fund during that fiscal
9year from that Fund to the General Revenue Fund in order to
10help defray the State's operating costs for the fiscal year.
11Notwithstanding provisions in the State Finance Act, as now or
12hereafter amended, or any other law to the contrary, the total
13sum transferred from the Credit Union Fund to the General
14Revenue Fund pursuant to this provision shall not exceed
15during any fiscal year 10% of the revenues to be deposited into
16the Credit Union Fund during that fiscal year. The State
17Treasurer and Comptroller shall transfer the amounts
18designated under this Section as soon as may be practicable
19after receiving the direction to transfer from the Governor.
20    (5) The administrative and operational expenses for any
21fiscal year shall mean the ordinary and contingent expenses
22for that year incidental to making the examinations provided
23for by, and for administering, this Act, including all
24salaries and other compensation paid for personal services
25rendered for the State by officers or employees of the State to
26enforce this Act; all expenditures for telephone and telegraph



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1charges, postage and postal charges, office supplies and
2services, furniture and equipment, office space and
3maintenance thereof, travel expenses and other necessary
4expenses; all to the extent that such expenditures are
5directly incidental to such examination or administration.
6    (6) When the balance in the Credit Union Fund at the end of
7a fiscal year exceeds 25% of the total administrative and
8operational expenses incurred by the State in administering
9and enforcing the Illinois Credit Union Act and other laws,
10rules, and regulations as may apply to the administration and
11enforcement of the foregoing laws, rules, and regulations as
12amended from time to time for that fiscal year, such excess
13shall be credited to credit unions and applied against their
14regulatory fees for the subsequent fiscal year. The amount
15credited to each credit union shall be in the same proportion
16as the regulatory fee paid by such credit union for the fiscal
17year in which the excess is produced bears to the aggregate
18amount of all fees collected by the Department under this Act
19for the same fiscal year.
20    (7) (Blank).
21    (8) Nothing in this Act shall prohibit the General
22Assembly from appropriating funds to the Department from the
23General Revenue Fund for the purpose of administering this
25    (9) For purposes of this Section, "fiscal year" means a
26period beginning on July 1 of any calendar year and ending on



HB3296 Engrossed- 7 -LRB103 27828 BMS 54206 b

1June 30 of the next calendar year.
2(Source: P.A. 100-201, eff. 8-18-17.)
3    Section 99. Effective date. This Act takes effect upon
4becoming law.