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Public Act 91-0755
SB1656 Enrolled LRB9111043JSpcA
AN ACT to amend the Illinois Credit Union Act by changing
Sections 9 and 12.
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 Sections 9 and 12 as follows:
(205 ILCS 305/9) (from Ch. 17, par. 4410)
Sec. 9. Reports and examinations.
(1) Credit unions shall report to the Department
annually on or before the first day of February in each year
on forms supplied by the Department. A recapitulation of the
Annual Reports shall be compiled and published annually by
the Department, for the use of the General Assembly, credit
unions, various educational institutions and other interested
parties. A credit union which fails to file any report when
due shall pay to the Department a late filing fee of $5.00
for each day the report is overdue. The Director may extend
the time for filing a report.
(2) The Director may require special examinations of and
special financial reports from a credit union or a credit
union organization in which a credit union loans, invests, or
delegates substantially all managerial duties and
responsibilities when he determines that such examinations
and reports are necessary to enable the Department to
determine the safety of a credit union's operation or its
solvency. The cost to the Department of the aforesaid special
examinations shall be borne by the credit union being
examined.
(3) All credit unions incorporated under this Act shall
be examined at least biennially annually by the Department
or, at the discretion of the Director, by a public accountant
registered by the Department of Professional Regulation. The
costs of an examination shall be paid by the credit union.
The scope of all examinations by a public accountant shall be
at least equal to the examinations made by the Department.
The examiners shall have full access to, and may compel the
production of, all the books, papers, securities and accounts
of any credit union. A special examination shall be made by
the Department or by a public accountant approved by the
Department upon written request of 5 or more members, who
guarantee the expense of the same. Any credit union refusing
to submit to an examination when ordered by the Department
shall be reported to the Attorney General, who shall
institute proceedings to have its charter revoked. If the
Director determines that the annual examination of a credit
union is to be conducted by a public accountant registered by
the Department of Professional Regulation and the such annual
examination is done in conjunction with the credit union's
external independent audit of financial statements, the
requirements of this Section and subsection (3) of Section 34
shall be deemed met.
(4) A copy of the completed report of examination and a
review comment letter, if any, citing exceptions revealed
during the examination, shall be submitted to the credit
union by the Department. A detailed report stating the
corrective actions taken by the Board of Directors on each
exception set forth in the review comment letter shall be
filed with the Department within 40 days after the date of
the review comment letter, or as otherwise directed by the
Department. Any credit union through its officers, directors,
committee members or employees, which willfully provides
fraudulent or misleading information regarding the corrective
actions taken on exceptions appearing in a review comment
letter may have its operations restricted to the collection
of principal and interest on loans outstanding and the
payment of normal expenses and salaries until all exceptions
are corrected and accepted by the Department.
(Source: P.A. 86-238.)
(205 ILCS 305/12) (from Ch. 17, par. 4413)
Sec. 12. Fees for examination and administration.
(1) A credit union regulated unions examined by the
Department shall pay a regulatory an examination fee to the
Department based upon its total assets as shown by its
Year-end Call Report Statement of Condition on the date of
examination at the following rates:
TOTAL ASSETS REGULATORY EXAMINATION FEE
$25,000 or less .......... $100 $25 plus $2 per $1,000 of
assets up to and including
$25,000
Over $25,000 and not over
$100,000 ................. $100 $75 plus $4
$1.75 per $1,000 of
assets in excess of $25,000
Over $100,000 and not over
$200,000 ................. $400 $206.25 plus $3
$1.50 per
$1,000 of assets in excess of
$100,000
Over $200,000 and not over
$500,000 ................. $700 $356.25 plus
$2 $1.25 per
$1,000 of assets in excess
of $200,000
Over $500,000 and not over
$1,000,000
$750,000.................. $1,300 $731.25
plus $1.40 85
cents per $1,000 of assets in
excess of $500,000
Over $1,000,000
$750,000 and not over
$5,000,000
$1,000,000 ............... $2,000 $943.75
plus $0.50 80
cents per $1,000 of assets in
excess of $1,000,000
$750,000
Over $5,000,000
$1,000,000 and not over
$30,000,000
$5,000,000 ................ $4,000 $1,143.75
plus $0.35 40
cents per $1,000 assets
in excess of
$5,000,000 $1,000,000
Over $30,000,000 and not
over $100,000,000
$5,000,000 .......... $12,750 $2,743.75
plus $0.30 25
cents per $1,000 of assets in
excess of $30,000,000
$5,000,000
Over $100,000,000 and not
over $500,000,000............. $33,750 plus $0.15 per
$1,000 of assets in excess
of $100,000,000
Over
$500,000,000................ $93,750 plus
$0.05 per $1,000 of
assets in excess
of $500,000,000
(2) The Director shall review the regulatory fee
schedule in subsection (1) 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. In no event shall the
fee be less than $35 or more than $28,000. No examination
fee shall be collected from a credit union until it has been
in operation for one year.
(3) Not later than March February 1 of each calendar
year, a each credit union shall pay to the Department, for
the preceding calendar year, a regulatory an administrative
fee in accordance with the regulatory fee schedule in
subsection (1) scale set forth below, on the basis of assets
as of the Year-end Call Report December 31 of the preceding
year., but The regulatory fee shall may not be less than
$100 or more than $125,000, provided that the regulatory fee
cap of $125,000 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) $25. No
regulatory administrative fee shall be collected from a
credit union until it has been in operation for one year.
Scale of Administrative Fees:
If a Credit Union Has The Administrative
Total Assets of: Fee is:
Under $25,000................. $ 25
At least $25,000 but less
than $50,000.................. 45
At least $50,000 but less
than $100,000................. 85
At least $100,000 but less
than $200,000................. 155
At least $200,000 but less
than $350,000................. 195
At least $350,000 but less
than $500,000................. 305
At least $500,000 but less
than $1,000,000............... 500
At least $1,000,000 but less
than $2,000,000............... 600
At least $2,000,000 but less
than $5,000,000............... 775
At least $5,000,000 but less
than $10,000,000.............. 1,000
$10,000,000 or greater........ 1,500 plus $150 for each
additional $10,000,000
in assets
(4) The aggregate of all fees collected by the
Department under this Act shall be paid promptly after
receipt of the same, 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.
(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 for any calendar year exceeds the
total administrative and operational administration and
examination 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.
The Director shall transfer annually, for a 3 year period
beginning July 1, 1988, from the Credit Union Fund to the
General Revenue Fund the sum of 1/3 of the General Revenue
Fund monies expended for the administration of the Credit
Union Division of the Department during fiscal year 1988. No
such transfer shall be made in any year when the average
daily balance during the previous fiscal year in the Credit
Union Fund falls below $300,000.
(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. 85-716.)
Section 99. Effective date. This Act takes effect
January 1, 2001.
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