093_SB0857ham002











                                     LRB093 03109 SAS 20141 a

 1                    AMENDMENT TO SENATE BILL 857

 2        AMENDMENT NO.     .  Amend Senate Bill 857  by  replacing
 3    everything after the enacting clause with the following:

 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
 
                            -2-      LRB093 03109 SAS 20141 a
 1    $500,000 ..................... $700 $1,050 plus $2 $3 per
 2                                   $1,000 of assets in excess of
 3                                   $200,000
 4    Over $500,000 and not over
 5    $1,000,000 ................... $1,300 $1,950 plus $1.40 $2.10
 6                                   per $1,000 of assets in excess
 7                                   of $500,000
 8    Over $1,000,000 and not
 9    over $5,000,000............... $2,000 $3,000 plus $0.50 $0.75
10                                   per $1,000 of assets in
11                                   excess of $1,000,000
12    Over $5,000,000 and not
13    over $30,000,000 ............. $5,080 $6,000 plus
14                                   $0.44 $0.525
15                                   per $1,000 assets
16                                   in excess of $5,000,000
17    Over $30,000,000 and not
18    over $100,000,000 ............ $16,192 $19,125 plus
19                                   $0.38 $0.45
20                                   per $1,000 of assets in
21                                   excess of $30,000,000
22    Over $100,000,000 and not
23    over $500,000,000 ............ $42,862 $50,625 plus
24                                   $0.19 $0.225
25                                   per $1,000 of assets in
26                                   excess of  $100,000,000
27    Over $500,000,000 ............ $140,625 plus $0.075
28                                   per $1,000 of assets in
29                                   excess of $500,000,000
30        (2)  The  Director  shall  review  the   regulatory   fee
31    schedule  in  subsection  (1)  and  the projected earnings on
32    those fees on an annual basis and adjust the fee schedule  no
33    more  than  5%  annually if necessary to defray the estimated
34    administrative and operational expenses of the Department  as
 
                            -3-      LRB093 03109 SAS 20141 a
 1    defined in subsection (5).  The Director shall provide credit
 2    unions  with  written  notice  of  any adjustment made in the
 3    regulatory fee schedule.
 4        (3)  Not later than March 1  of  each  calendar  year,  a
 5    credit union shall pay to the Department a regulatory fee for
 6    that  calendar  year  in  accordance  with the regulatory fee
 7    schedule in subsection (1), on the basis of assets as of  the
 8    Year-end  Call  Report of the preceding year.  The regulatory
 9    fee shall not be less than $100 $150 or more  than  $187,500,
10    provided  that  the  regulatory  fee cap of $187,500 shall be
11    adjusted to incorporate the same percentage increase  as  the
12    Director  makes  in  the regulatory fee schedule from time to
13    time  under  subsection  (2).  No  regulatory  fee  shall  be
14    collected from a credit union until it has been in  operation
15    for one year.
16        (4)  The   aggregate   of   all  fees  collected  by  the
17    Department under this Act shall be paid promptly  after  they
18    are  received,  accompanied  by a detailed statement thereof,
19    into the State Treasury and shall be set apart in the  Credit
20    Union  Fund,  a  special  fund  hereby  created  in the State
21    treasury. The amount from  time  to  time  deposited  in  the
22    Credit  Union  Fund  and shall be used to offset the ordinary
23    administrative and operational  expenses  of  the  Department
24    under  this  Act.   All earnings received from investments of
25    funds in the Credit Union Fund shall be  deposited  into  the
26    Credit  Union  Fund  and may be used for the same purposes as
27    fees deposited into that Fund.
28        (5)  The administrative and operational expenses for  any
29    calendar year shall mean the ordinary and contingent expenses
30    for  that year incidental to making the examinations provided
31    for by,  and  for  administering,  this  Act,  including  all
32    salaries  and  other  compensation paid for personal services
33    rendered for the State by officers or employees of the  State
34    to  enforce  this  Act;  all  expenditures  for telephone and
 
                            -4-      LRB093 03109 SAS 20141 a
 1    telegraph  charges,  postage  and  postal   charges,   office
 2    supplies  and services, furniture and equipment, office space
 3    and maintenance thereof, travel expenses and other  necessary
 4    expenses;  all  to  the  extent  that  such  expenditures are
 5    directly incidental to such examination or administration.
 6        (6)  When the aggregate of  all  fees  collected  by  the
 7    Department  under  this  Act and all earnings thereon for any
 8    calendar year exceeds 150% of the  total  administrative  and
 9    operational  expenses  under  this  Act  for  that year, such
10    excess shall be credited to credit unions and applied against
11    their regulatory fees for the subsequent  year.   The  amount
12    credited to a credit union shall be in the same proportion as
13    the  fee  paid  by such credit union for the calendar year in
14    which the excess is produced bears to the  aggregate  of  the
15    fees  collected by the Department under this Act for the same
16    year.
17        (7)  Examination  fees  for  the  year   2000   statutory
18    examinations paid pursuant to the examination fee schedule in
19    effect  at  that time shall be credited toward the regulatory
20    fee to be assessed the credit union in calendar year 2001.
21        (8)  Nothing in  this  Act  shall  prohibit  the  General
22    Assembly  from appropriating funds to the Department from the
23    General Revenue Fund for the purpose  of  administering  this
24    Act.
25    (Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.)

26        Section  99.  Effective date.  This Act takes effect upon
27    becoming law.".