093_SB0857enr

 
SB857 Enrolled                       LRB093 03109 JLS 03126 b

 1        AN ACT in relation to financial regulation.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Credit Union Act is  amended  by
 5    changing Section 12 as follows:

 6        (205 ILCS 305/12) (from Ch. 17, par. 4413)
 7        Sec. 12.  Regulatory fees.
 8        (1)  A credit union regulated by the Department shall pay
 9    a  regulatory  fee  to  the  Department  based upon its total
10    assets as shown by its Year-end Call Report at the  following
11    rates:
12    TOTAL ASSETS                   REGULATORY FEE
13    $25,000 or less .............. $100 $150
14    Over $25,000 and not over
15    $100,000 ..................... $100 $150 plus $4 $6 per
16                                   $1,000 of assets in excess of
17                                   $25,000
18    Over $100,000 and not over
19    $200,000 ..................... $400 $600 plus $3 $4.50 per
20                                   $1,000 of assets in excess of
21                                   $100,000
22    Over $200,000 and not over
23    $500,000 ..................... $700 $1,050 plus $2 $3 per
24                                   $1,000 of assets in excess of
25                                   $200,000
26    Over $500,000 and not over
27    $1,000,000 ................... $1,300 $1,950 plus $1.40 $2.10
28                                   per $1,000 of assets in excess
29                                   of $500,000
30    Over $1,000,000 and not
31    over $5,000,000............... $2,000 $3,000 plus $0.50 $0.75
 
SB857 Enrolled             -2-       LRB093 03109 JLS 03126 b
 1                                   per $1,000 of assets in
 2                                   excess of $1,000,000
 3    Over $5,000,000 and not
 4    over $30,000,000 ............. $5,080 $6,000 plus
 5                                   $0.44 $0.525
 6                                   per $1,000 assets
 7                                   in excess of $5,000,000
 8    Over $30,000,000 and not
 9    over $100,000,000 ............ $16,192 $19,125 plus
10                                   $0.38 $0.45
11                                   per $1,000 of assets in
12                                   excess of $30,000,000
13    Over $100,000,000 and not
14    over $500,000,000 ............ $42,862 $50,625 plus
15                                   $0.19 $0.225
16                                   per $1,000 of assets in
17                                   excess of  $100,000,000
18    Over $500,000,000 ............ $140,625 plus $0.075
19                                   per $1,000 of assets in
20                                   excess of $500,000,000
21        (2)  The   Director   shall  review  the  regulatory  fee
22    schedule in subsection (1)  and  the  projected  earnings  on
23    those  fees on an annual basis and adjust the fee schedule no
24    more than 5% annually if necessary to  defray  the  estimated
25    administrative  and operational expenses of the Department as
26    defined in subsection (5).  The Director shall provide credit
27    unions with written notice of  any  adjustment  made  in  the
28    regulatory fee schedule.
29        (3)  Not  later  than  March  1  of each calendar year, a
30    credit union shall pay to the Department a regulatory fee for
31    that calendar year in  accordance  with  the  regulatory  fee
32    schedule  in subsection (1), on the basis of assets as of the
33    Year-end Call Report of the preceding year.   The  regulatory
34    fee  shall  not be less than $100 $150 or more than $187,500,
 
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 1    provided that the regulatory fee cap  of  $187,500  shall  be
 2    adjusted  to  incorporate the same percentage increase as the
 3    Director makes in the regulatory fee schedule  from  time  to
 4    time  under  subsection  (2).  No  regulatory  fee  shall  be
 5    collected  from a credit union until it has been in operation
 6    for one year.
 7        (4)  The  aggregate  of  all  fees   collected   by   the
 8    Department  under  this Act shall be paid promptly after they
 9    are received, accompanied by a  detailed  statement  thereof,
10    into  the State Treasury and shall be set apart in the Credit
11    Union Fund, a  special  fund  hereby  created  in  the  State
12    treasury.  The  amount  from  time  to  time deposited in the
13    Credit Union Fund and shall be used to  offset  the  ordinary
14    administrative  and  operational  expenses  of the Department
15    under this Act.  All earnings received  from  investments  of
16    funds  in  the  Credit Union Fund shall be deposited into the
17    Credit Union Fund and may be used for the  same  purposes  as
18    fees deposited into that Fund.
19        (5)  The  administrative and operational expenses for any
20    calendar year shall mean the ordinary and contingent expenses
21    for that year incidental to making the examinations  provided
22    for  by,  and  for  administering,  this  Act,  including all
23    salaries and other compensation paid  for  personal  services
24    rendered  for the State by officers or employees of the State
25    to enforce this  Act;  all  expenditures  for  telephone  and
26    telegraph   charges,   postage  and  postal  charges,  office
27    supplies and services, furniture and equipment, office  space
28    and  maintenance thereof, travel expenses and other necessary
29    expenses; all  to  the  extent  that  such  expenditures  are
30    directly incidental to such examination or administration.
31        (6)  When  the  aggregate  of  all  fees collected by the
32    Department under this Act and all earnings  thereon  for  any
33    calendar  year  exceeds  150% of the total administrative and
34    operational expenses under  this  Act  for  that  year,  such
 
SB857 Enrolled             -4-       LRB093 03109 JLS 03126 b
 1    excess shall be credited to credit unions and applied against
 2    their  regulatory  fees  for the subsequent year.  The amount
 3    credited to a credit union shall be in the same proportion as
 4    the fee paid by such credit union for the  calendar  year  in
 5    which  the  excess  is produced bears to the aggregate of the
 6    fees collected by the Department under this Act for the  same
 7    year.
 8        (7)  Examination   fees   for  the  year  2000  statutory
 9    examinations paid pursuant to the examination fee schedule in
10    effect at that time shall be credited toward  the  regulatory
11    fee to be assessed the credit union in calendar year 2001.
12        (8)  Nothing  in  this  Act  shall  prohibit  the General
13    Assembly from appropriating funds to the Department from  the
14    General  Revenue  Fund  for the purpose of administering this
15    Act.
16    (Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.)

17        Section 99.  Effective date.  This Act takes effect  upon
18    becoming law.