Bill Status of HB0233 94th General Assembly
Short Description: FINANCIAL INSTITUTIONS-FEES
Rep. Joseph M. Lyons - Bill Mitchell - Mike Boland - Angelo Saviano - Lou Lang, Timothy L. Schmitz, Richard T. Bradley, Daniel J. Burke, Thomas Holbrook and Lisa M. Dugan
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Finance Act. Provides that certain provisions concerning transfers to the General Revenue Fund do not apply to any fund established under the Illinois Credit Union Act, the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act. Limits transfers and expenditures from those funds to the purposes specified in those Acts. Provides that no allocation and transfer of additional amounts generated by certain new and increased fees shall be made with respect to or from the Credit Union Fund. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, and the Illinois Credit Union Act. With respect to the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund: (i) exempts the moneys in each of those Funds from assignment or transfer under any other law or executive order for any purpose other than for unappropriated administrative expenses in an amount that does not exceed 2% of the total annual regulatory fees paid into the Fund and (ii) provides that the moneys in each fund remain the property of and shall be held in trust for the financial institutions upon from whom the moneys were collected. Amends the Illinois Banking Act. Provides that a credit to State Banks of unexpended funds is a continuing property interest of the State banks in those unexpended funds. Amends the Illinois Credit Union Act. Provides that the regulatory fee paid by a credit union to the Department of Financial and Professional Regulation shall be the lesser of (i) the rate pursuant to the regulatory fee schedule or (ii) a rate established in a manner proportionately consistent with the rates in the regulatory fee schedule and that would fund the actual administrative and operational expenses of the Credit Union Section. Increases rates in the regulatory fee schedule for credit unions with total assets over $5,000,000. Requires the Director of Financial and Professional Regulation to adjust the fee schedule for the next fiscal year. Provides that the fee schedule may be increased by no more than 5% annually if necessary to defray the actual (now, estimated) administrative and operational expenses of the Credit Union Section (now, the Department). Prohibits any increase in the fee schedule if the amount remaining in the Credit Union Fund at the end of the fiscal year is equal to or greater than 25% of the actual administrative and operational expenses for the preceding fiscal year. Requires the Director to base the regulatory fee for the next fiscal year on the credit union's total assets as of December 31 of the preceding calendar year. Beginning on July 1, 2005, requires a credit union to pay the regulatory fee in quarterly installments due and payable on the due date for the call report for the preceding quarter (now, a credit union is required to pay the regulatory fee in full no later than March 1 of each calendar year). Provides for a regulatory fee cap of $125,000 (now, $187,500). Effective immediately.