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91_SB1656
LRB9111043JSpcA
1 AN ACT to amend the Illinois Credit Union Act by changing
2 Sections 9 and 12 as follows:
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Credit Union Act is amended by
6 changing Sections 9 and 12 as follows:
7 (205 ILCS 305/9) (from Ch. 17, par. 4410)
8 Sec. 9. Reports and examinations.
9 (1) Credit unions shall report to the Department
10 annually on or before the first day of February in each year
11 on forms supplied by the Department. A recapitulation of the
12 Annual Reports shall be compiled and published annually by
13 the Department, for the use of the General Assembly, credit
14 unions, various educational institutions and other interested
15 parties. A credit union which fails to file any report when
16 due shall pay to the Department a late filing fee of $5.00
17 for each day the report is overdue. The Director may extend
18 the time for filing a report.
19 (2) The Director may require special examinations of and
20 special financial reports from a credit union or a credit
21 union organization in which a credit union loans, invests, or
22 delegates substantially all managerial duties and
23 responsibilities when he determines that such examinations
24 and reports are necessary to enable the Department to
25 determine the safety of a credit union's operation or its
26 solvency. The cost to the Department of the aforesaid special
27 examinations shall be borne by the credit union being
28 examined.
29 (3) All credit unions incorporated under this Act shall
30 be examined at least annually by the Department or, at the
31 discretion of the Director, by a public accountant registered
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1 by the Department of Professional Regulation. The costs of an
2 examination shall be paid by the credit union. The scope of
3 all examinations by a public accountant shall be at least
4 equal to the examinations made by the Department. The
5 examiners shall have full access to, and may compel the
6 production of, all the books, papers, securities and accounts
7 of any credit union. A special examination shall be made by
8 the Department or by a public accountant approved by the
9 Department upon written request of 5 or more members, who
10 guarantee the expense of the same. Any credit union refusing
11 to submit to an examination when ordered by the Department
12 shall be reported to the Attorney General, who shall
13 institute proceedings to have its charter revoked. If the
14 Director determines that the annual examination of a credit
15 union is to be conducted by a public accountant registered by
16 the Department of Professional Regulation and the such annual
17 examination is done in conjunction with the credit union's
18 external independent audit of financial statements, the
19 requirements of this Section and subsection (3) of Section 34
20 shall be deemed met.
21 (4) A copy of the completed report of examination and a
22 review comment letter, if any, citing exceptions revealed
23 during the examination, shall be submitted to the credit
24 union by the Department. A detailed report stating the
25 corrective actions taken by the Board of Directors on each
26 exception set forth in the review comment letter shall be
27 filed with the Department within 40 days after the date of
28 the review comment letter, or as otherwise directed by the
29 Department. Any credit union through its officers, directors,
30 committee members or employees, which willfully provides
31 fraudulent or misleading information regarding the corrective
32 actions taken on exceptions appearing in a review comment
33 letter may have its operations restricted to the collection
34 of principal and interest on loans outstanding and the
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1 payment of normal expenses and salaries until all exceptions
2 are corrected and accepted by the Department.
3 (Source: P.A. 86-238.)
4 (205 ILCS 305/12) (from Ch. 17, par. 4413)
5 Sec. 12. Fees for examination and administration.
6 (1) A credit union regulated unions examined by the
7 Department shall pay a regulatory an examination fee to the
8 Department based upon its total assets as shown by its
9 Year-end Call Report Statement of Condition on the date of
10 examination at the following rates:
11 TOTAL ASSETS REGULATORY EXAMINATION FEE
12 $25,000 or less .......... $100 $25 plus $2 per $1,000 of
13 assets up to and including
14 $25,000
15 Over $25,000 and not over
16 $100,000 ................. $100 $75 plus $4
17 $1.75 per $1,000 of
18 assets in excess of $25,000
19 Over $100,000 and not over
20 $200,000 ................. $400 $206.25 plus $3
21 $1.50 per
22 $1,000 of assets in excess of
23 $100,000
24 Over $200,000 and not over
25 $500,000 ................. $700 $356.25 plus
26 $2 $1.25 per
27 $1,000 of assets in excess
28 of $200,000
29 Over $500,000 and not over
30 $1,000,000
31 $750,000.................. $1,300 $731.25
32 plus $1.40 85
33 cents per $1,000 of assets in
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1 excess of $500,000
2 Over $1,000,000
3 $750,000 and not over
4 $5,000,000
5 $1,000,000 ............... $2,000 $943.75
6 plus $0.50 80
7 cents per $1,000 of assets in
8 excess of $1,000,000
9 $750,000
10 Over $5,000,000
11 $1,000,000 and not over
12 $30,000,000
13 $5,000,000 ................ $4,000 $1,143.75
14 plus $0.35 40
15 cents per $1,000 assets
16 in excess of
17 $5,000,000 $1,000,000
18 Over $30,000,000 and not
19 over $100,000,000
20 $5,000,000 .......... $12,750 $2,743.75
21 plus $0.30 25
22 cents per $1,000 of assets in
23 excess of $30,000,000
24 $5,000,000
25 Over $100,000,000 and not
26 over $500,000,000............. $33,750 plus $0.15 per
27 $1,000 of assets in excess
28 of $100,000,000
29 Over
30 $500,000,000................ $93,750 plus
31 $0.05 per $1,000 of
32 assets in excess
33 of $500,000,000
34 (2) The Director shall review the regulatory fee
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1 schedule in subsection (1) on an annual basis and adjust the
2 fee schedule no more than 5% annually if necessary to defray
3 the estimated administrative and operational expenses of the
4 Department as defined in subsection (5). The Director shall
5 provide credit unions with written notice of any adjustment
6 made in the regulatory fee schedule. In no event shall the
7 fee be less than $35 or more than $28,000. No examination
8 fee shall be collected from a credit union until it has been
9 in operation for one year.
10 (3) Not later than March February 1 of each calendar
11 year, a each credit union shall pay to the Department, for
12 the preceding calendar year, a regulatory an administrative
13 fee in accordance with the regulatory fee schedule in
14 subsection (1) scale set forth below, on the basis of assets
15 as of the Year-end Call Report December 31 of the preceding
16 year., but The regulatory fee shall may not be less than
17 $100 or more than $125,000, provided that the regulatory fee
18 cap of $125,000 shall be adjusted to incorporate the same
19 percentage increase as the Director makes in the regulatory
20 fee schedule from time to time under subsection (2) $25. No
21 regulatory administrative fee shall be collected from a
22 credit union until it has been in operation for one year.
23 Scale of Administrative Fees:
24 If a Credit Union Has The Administrative
25 Total Assets of: Fee is:
26 Under $25,000................. $ 25
27 At least $25,000 but less
28 than $50,000.................. 45
29 At least $50,000 but less
30 than $100,000................. 85
31 At least $100,000 but less
32 than $200,000................. 155
33 At least $200,000 but less
34 than $350,000................. 195
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1 At least $350,000 but less
2 than $500,000................. 305
3 At least $500,000 but less
4 than $1,000,000............... 500
5 At least $1,000,000 but less
6 than $2,000,000............... 600
7 At least $2,000,000 but less
8 than $5,000,000............... 775
9 At least $5,000,000 but less
10 than $10,000,000.............. 1,000
11 $10,000,000 or greater........ 1,500 plus $150 for each
12 additional $10,000,000
13 in assets
14 (4) The aggregate of all fees collected by the
15 Department under this Act shall be paid promptly after
16 receipt of the same, accompanied by a detailed statement
17 thereof, into the State Treasury and shall be set apart in
18 the Credit Union Fund, a special fund hereby created in the
19 State treasury. The amount from time to time deposited in
20 the Credit Union Fund and shall be used to offset the
21 ordinary administrative and operational expenses of the
22 Department under this Act.
23 (5) The administrative and operational expenses for any
24 calendar year shall mean the ordinary and contingent expenses
25 for that year incidental to making the examinations provided
26 for by, and for administering, this Act, including all
27 salaries and other compensation paid for personal services
28 rendered for the State by officers or employees of the State
29 to enforce this Act; all expenditures for telephone and
30 telegraph charges, postage and postal charges, office
31 supplies and services, furniture and equipment, office space
32 and maintenance thereof, travel expenses and other necessary
33 expenses; all to the extent that such expenditures are
34 directly incidental to such examination or administration.
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1 (6) When the aggregate of all fees collected by the
2 Department under this Act for any calendar year exceeds the
3 total administrative and operational administration and
4 examination expenses under this Act for that year, such
5 excess shall be credited to credit unions and applied against
6 their regulatory fees for the subsequent year. The amount
7 credited to a credit union shall be in the same proportion as
8 the fee paid by such credit union for the calendar year in
9 which the excess is produced bears to the aggregate of the
10 fees collected by the Department under this Act for the same
11 year.
12 (7) Examination fees for the year 2000 statutory
13 examinations paid pursuant to the examination fee schedule in
14 effect at that time shall be credited toward the regulatory
15 fee to be assessed the credit union in calendar year 2001.
16 The Director shall transfer annually, for a 3 year period
17 beginning July 1, 1988, from the Credit Union Fund to the
18 General Revenue Fund the sum of 1/3 of the General Revenue
19 Fund monies expended for the administration of the Credit
20 Union Division of the Department during fiscal year 1988. No
21 such transfer shall be made in any year when the average
22 daily balance during the previous fiscal year in the Credit
23 Union Fund falls below $300,000.
24 (8) Nothing in this Act shall prohibit the General
25 Assembly from appropriating funds to the Department from the
26 General Revenue Fund for the purpose of administering this
27 Act.
28 (Source: P.A. 85-716.)
29 Section 99. Effective date. This Act takes effect
30 January 1, 2001.