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Public Act 103-0107


 

Public Act 0107 103RD GENERAL ASSEMBLY

  
  
  

 


 
Public Act 103-0107
 
HB3296 EnrolledLRB103 27828 BMS 54206 b

    AN ACT concerning 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) For the fiscal year beginning July 1, 2007, 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 or at a lesser rate
established by the Secretary in a manner proportionately
consistent with the following rates and sufficient to fund the
actual administrative and operational expenses of the
Department's Credit Union Section pursuant to subsection (4)
of this Section:
TOTAL ASSETSREGULATORY FEE
$25,000 or less ................$100
Over $25,000 and not over
$100,000 .......................$100 plus $4 per
$1,000 of assets in excess of
$25,000
Over $100,000 and not over
$200,000 .......................$400 plus $3 per
$1,000 of assets in excess of
$100,000
Over $200,000 and not over
$500,000 .......................$700 plus $2 per
$1,000 of assets in excess of
$200,000
Over $500,000 and not over
$1,000,000 .....................$1,300 plus $1.40
per $1,000 of assets in excess
of $500,000
Over $1,000,000 and not
over $5,000,000.................$2,000 plus $0.50
per $1,000 of assets in
excess of $1,000,000
Over $5,000,000 and not
over $30,000,000 ............... $4,540 plus $0.397
per $1,000 of assets
in excess of $5,000,000
Over $30,000,000 and not over
$100,000,000....................$14,471 plus $0.34
per $1,000 of assets
in excess of $30,000,000
Over $100,000,000 and not
over $500,000,000 ..............$38,306 plus $0.17
per $1,000 of assets
in excess of $100,000,000
Over $500,000,000 ..............$106,406 plus $0.056
per $1,000 of assets
in excess of $500,000,000
    (2) The Secretary 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 Credit Union Section of the
Department as defined in subsection (5). However, the fee
schedule shall not be increased if the amount remaining in the
Credit Union Fund at the end of any fiscal year is greater than
25% of the total actual and operational expenses incurred by
the State in administering and enforcing the Illinois Credit
Union Act and other laws, rules, and regulations as may apply
to the administration and enforcement of the foregoing laws,
rules, and regulations as amended from time to time for the
preceding fiscal year. The regulatory fee for the next fiscal
year shall be calculated by the Secretary based on the credit
union's total assets as of December 31 of the preceding
calendar year. The Secretary shall provide credit unions with
written notice of any adjustment made in the regulatory fee
schedule.
    (3) A credit union shall pay to the Department a
regulatory fee in quarterly installments equal to one-fourth
of the regulatory fee due 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 calendar year. The
total annual regulatory fee shall not be less than $100 or more
than $210,000 $141,875, provided that the regulatory fee cap
of $210,000 $141,875 shall be adjusted to incorporate the same
percentage increase as the Secretary 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. The regulatory fee shall be
billed to credit unions on a quarterly basis and it shall be
payable by credit unions on the due date for the Call Report
for the subject quarter.
    (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 Credit Union Section 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. Moneys deposited in the Credit Union Fund may
be transferred to the Professions Indirect Cost Fund, as
authorized under Section 2105-300 of the Department of
Professional Regulation Law of the Civil Administrative Code
of Illinois.
    Notwithstanding provisions in the State Finance Act, as
now or hereafter amended, or any other law to the contrary, the
Governor may, during any fiscal year through January 10, 2011,
from time to time direct the State Treasurer and Comptroller
to transfer a specified sum not exceeding 10% of the revenues
to be deposited into the Credit Union Fund during that fiscal
year from that Fund to the General Revenue Fund in order to
help defray the State's operating costs for the fiscal year.
Notwithstanding provisions in the State Finance Act, as now or
hereafter amended, or any other law to the contrary, the total
sum transferred from the Credit Union Fund to the General
Revenue Fund pursuant to this provision shall not exceed
during any fiscal year 10% of the revenues to be deposited into
the Credit Union Fund during that fiscal year. The State
Treasurer and Comptroller shall transfer the amounts
designated under this Section as soon as may be practicable
after receiving the direction to transfer from the Governor.
    (5) The administrative and operational expenses for any
fiscal 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 balance in the Credit Union Fund at the end of
a fiscal year exceeds 25% of the total administrative and
operational expenses incurred by the State in administering
and enforcing the Illinois Credit Union Act and other laws,
rules, and regulations as may apply to the administration and
enforcement of the foregoing laws, rules, and regulations as
amended from time to time for that fiscal year, such excess
shall be credited to credit unions and applied against their
regulatory fees for the subsequent fiscal year. The amount
credited to each credit union shall be in the same proportion
as the regulatory fee paid by such credit union for the fiscal
year in which the excess is produced bears to the aggregate
amount of all fees collected by the Department under this Act
for the same fiscal year.
    (7) (Blank).
    (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.
    (9) For purposes of this Section, "fiscal year" means a
period beginning on July 1 of any calendar year and ending on
June 30 of the next calendar year.
(Source: P.A. 100-201, eff. 8-18-17.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/27/2023