Public Act 93-0652
SB857 Enrolled LRB093 03109 JLS 03126 b
AN ACT in relation to financial regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Credit Union Act is amended by
changing Section 12 as follows:
(205 ILCS 305/12) (from Ch. 17, par. 4413)
Sec. 12. Regulatory fees.
(1) A credit union regulated by the Department shall pay
a regulatory fee to the Department based upon its total
assets as shown by its Year-end Call Report at the following
rates:
TOTAL ASSETS REGULATORY FEE
$25,000 or less .............. $100 $150
Over $25,000 and not over
$100,000 ..................... $100 $150 plus $4 $6 per
$1,000 of assets in excess of
$25,000
Over $100,000 and not over
$200,000 ..................... $400 $600 plus $3 $4.50 per
$1,000 of assets in excess of
$100,000
Over $200,000 and not over
$500,000 ..................... $700 $1,050 plus $2 $3 per
$1,000 of assets in excess of
$200,000
Over $500,000 and not over
$1,000,000 ................... $1,300 $1,950 plus $1.40 $2.10
per $1,000 of assets in excess
of $500,000
Over $1,000,000 and not
over $5,000,000............... $2,000 $3,000 plus $0.50 $0.75
per $1,000 of assets in
excess of $1,000,000
Over $5,000,000 and not
over $30,000,000 ............. $5,080 $6,000 plus
$0.44 $0.525
per $1,000 assets
in excess of $5,000,000
Over $30,000,000 and not
over $100,000,000 ............ $16,192 $19,125 plus
$0.38 $0.45
per $1,000 of assets in
excess of $30,000,000
Over $100,000,000 and not
over $500,000,000 ............ $42,862 $50,625 plus
$0.19 $0.225
per $1,000 of assets in
excess of $100,000,000
Over $500,000,000 ............ $140,625 plus $0.075
per $1,000 of assets in
excess of $500,000,000
(2) The Director shall review the regulatory fee
schedule in subsection (1) and the projected earnings on
those fees on an annual basis and adjust the fee schedule no
more than 5% annually if necessary to defray the estimated
administrative and operational expenses of the Department as
defined in subsection (5). The Director shall provide credit
unions with written notice of any adjustment made in the
regulatory fee schedule.
(3) Not later than March 1 of each calendar year, a
credit union shall pay to the Department a regulatory fee for
that calendar year in accordance with the regulatory fee
schedule in subsection (1), on the basis of assets as of the
Year-end Call Report of the preceding year. The regulatory
fee shall not be less than $100 $150 or more than $187,500,
provided that the regulatory fee cap of $187,500 shall be
adjusted to incorporate the same percentage increase as the
Director makes in the regulatory fee schedule from time to
time under subsection (2). No regulatory fee shall be
collected from a credit union until it has been in operation
for one year.
(4) The aggregate of all fees collected by the
Department under this Act shall be paid promptly after they
are received, accompanied by a detailed statement thereof,
into the State Treasury and shall be set apart in the Credit
Union Fund, a special fund hereby created in the State
treasury. The amount from time to time deposited in the
Credit Union Fund and shall be used to offset the ordinary
administrative and operational expenses of the Department
under this Act. All earnings received from investments of
funds in the Credit Union Fund shall be deposited into the
Credit Union Fund and may be used for the same purposes as
fees deposited into that Fund.
(5) The administrative and operational expenses for any
calendar year shall mean the ordinary and contingent expenses
for that year incidental to making the examinations provided
for by, and for administering, this Act, including all
salaries and other compensation paid for personal services
rendered for the State by officers or employees of the State
to enforce this Act; all expenditures for telephone and
telegraph charges, postage and postal charges, office
supplies and services, furniture and equipment, office space
and maintenance thereof, travel expenses and other necessary
expenses; all to the extent that such expenditures are
directly incidental to such examination or administration.
(6) When the aggregate of all fees collected by the
Department under this Act and all earnings thereon for any
calendar year exceeds 150% of the total administrative and
operational expenses under this Act for that year, such
excess shall be credited to credit unions and applied against
their regulatory fees for the subsequent year. The amount
credited to a credit union shall be in the same proportion as
the fee paid by such credit union for the calendar year in
which the excess is produced bears to the aggregate of the
fees collected by the Department under this Act for the same
year.
(7) Examination fees for the year 2000 statutory
examinations paid pursuant to the examination fee schedule in
effect at that time shall be credited toward the regulatory
fee to be assessed the credit union in calendar year 2001.
(8) Nothing in this Act shall prohibit the General
Assembly from appropriating funds to the Department from the
General Revenue Fund for the purpose of administering this
Act.
(Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.)
Section 99. Effective date. This Act takes effect upon
becoming law.