Illinois General Assembly - Full Text of SB2229
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Full Text of SB2229  103rd General Assembly


Sen. Laura Ellman

Filed: 3/23/2023





10300SB2229sam001LRB103 27827 BMS 59502 a


2    AMENDMENT NO. ______. Amend Senate Bill 2229 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) A 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 related other laws, rules, and regulations as
23may apply to the administration and enforcement of the
24foregoing laws, rules, and regulations as amended from time to
25time for the preceding fiscal year. The regulatory fee for the
26next fiscal year shall be calculated by the Secretary based on



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1the credit union's total assets as of December 31 of the
2preceding calendar year. The Secretary shall provide credit
3unions with written notice of any adjustment made in the
4regulatory fee schedule.
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 $630,000 $141,875, provided that the regulatory fee cap
12of $630,000 $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 and other related laws, rules, and regulations. All
3earnings received from investments of funds in the Credit
4Union Fund shall be deposited into the Credit Union Fund and
5may be used for the same purposes as fees deposited into that
6fund. Moneys deposited in the Credit Union Fund may be
7transferred to the Professions Indirect Cost Fund, as
8authorized under Section 2105-300 of the Department of
9Professional Regulation Law of the Civil Administrative Code
10of Illinois.
11    Notwithstanding provisions in the State Finance Act, as
12now or hereafter amended, or any other law to the contrary, the
13Governor may, during any fiscal year through January 10, 2011,
14from time to time direct the State Treasurer and Comptroller
15to transfer a specified sum not exceeding 10% of the revenues
16to be deposited into the Credit Union Fund during that fiscal
17year from that Fund to the General Revenue Fund in order to
18help defray the State's operating costs for the fiscal year.
19Notwithstanding provisions in the State Finance Act, as now or
20hereafter amended, or any other law to the contrary, the total
21sum transferred from the Credit Union Fund to the General
22Revenue Fund pursuant to this provision shall not exceed
23during any fiscal year 10% of the revenues to be deposited into
24the Credit Union Fund during that fiscal year. The State
25Treasurer and Comptroller shall transfer the amounts
26designated under this Section as soon as may be practicable



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



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1credit union for the fiscal year in which the excess is
2produced bears to the aggregate amount of all regulatory fees
3collected by the Department under this Act for the same fiscal
5    (7) (Blank).
6    (8) Nothing in this Act shall prohibit the General
7Assembly from appropriating funds to the Department from the
8General Revenue Fund for the purpose of administering this
10    (9) For purposes of this Section, "fiscal year" means a
11period beginning on July 1 of any calendar year and ending on
12June 30 of the next calendar year.
13(Source: P.A. 100-201, eff. 8-18-17.)
14    Section 99. Effective date. This Act takes effect upon
15becoming law.".