Public Act 103-0107
Public Act 0107 103RD GENERAL ASSEMBLY
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Public Act 103-0107
| | HB3296 Enrolled | LRB103 27828 BMS 54206 b |
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| 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:
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|
TOTAL ASSETS | REGULATORY FEE |
|
$25,000 or less ................ | $100 |
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Over $25,000 and not over
|
|
$100,000 ....................... | $100 plus $4 per |
| $1,000 of assets in excess of |
| $25,000 |
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Over $100,000 and not over
|
|
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| $200,000 ....................... | $400 plus $3 per |
| $1,000 of assets in excess of |
| $100,000 |
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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
|
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$1,000,000 ..................... | $1,300 plus $1.40 |
|
| per $1,000 of assets in excess |
| of $500,000 |
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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 |
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| 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 |
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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
|
