Full Text of SB3687 103rd General Assembly
SB3687sam001 103RD GENERAL ASSEMBLY | Sen. David Koehler Filed: 4/1/2024 | | 10300SB3687sam001 | | LRB103 38108 RTM 71587 a |
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| 1 | | AMENDMENT TO SENATE BILL 3687
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3687 as follows: | 3 | | on page 1, by deleting lines 4 through 8; and | 4 | | on page 1, line 10, by replacing "9," with "12,"; and | 5 | | on page 1, lines 10 and 11, by deleting "and by adding Section | 6 | | 12.5"; and | 7 | | by replacing line 10 on page 12 through line 25 on page 17 with | 8 | | the following: | 9 | | "(205 ILCS 305/12) (from Ch. 17, par. 4413) | 10 | | Sec. 12. Regulatory fees. | 11 | | (1) For the fiscal year beginning July 1, 2007, a credit | 12 | | union regulated by the Department shall pay a regulatory fee | 13 | | to the Department based upon its total assets as shown by its |
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| 1 | | Year-end Call Report at the following rates or at a lesser rate | 2 | | established by the Secretary in a manner proportionately | 3 | | consistent with the following rates and sufficient to fund the | 4 | | actual administrative and operational expenses of the | 5 | | Department's Credit Union Section pursuant to subsection (4) | 6 | | of this Section: | |
7 | | TOTAL ASSETS | REGULATORY FEE | |
8 | | $25,000 or less ................ | $100 | |
9 | | Over $25,000 and not over | |
10 | | $100,000 ....................... | $100 plus $4 per | |
11 | | | $1,000 of assets in excess of | | 12 | | $25,000 | |
13 | | Over $100,000 and not over | |
14 | | $200,000 ....................... | $400 plus $3 per | |
15 | | | $1,000 of assets in excess of | | 16 | | $100,000 | |
17 | | Over $200,000 and not over | |
18 | | $500,000 ....................... | $700 plus $2 per | |
19 | | | $1,000 of assets in excess of | | 20 | | $200,000 | |
21 | | Over $500,000 and not over | |
22 | | $1,000,000 ..................... | $1,300 plus $1.40 | |
23 | | | per $1,000 of assets in excess | | 24 | | of $500,000 | |
25 | | Over $1,000,000 and not | |
26 | | over $5,000,000 ................. | $2,000 plus $0.50 | |
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| 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 ............... | $4,540 plus $0.397 | | 5 | | per $1,000 of assets | | 6 | | in excess of $5,000,000 | |
7 | | Over $30,000,000 and not over | |
8 | | $100,000,000 .................... | $14,471 plus $0.34 | |
9 | | | per $1,000 of assets | | 10 | | in excess of $30,000,000 | |
11 | | Over $100,000,000 and not | |
12 | | over $500,000,000 .............. | $38,306 plus $0.17 | |
13 | | | per $1,000 of assets | | 14 | | in excess of $100,000,000 | |
15 | | Over $500,000,000 .............. | $106,406 plus $0.056 | |
16 | | | per $1,000 of assets | | 17 | | in excess of $500,000,000 |
| 18 | | (2) The Secretary shall review the regulatory fee schedule | 19 | | in subsection (1) and the projected earnings on those fees on | 20 | | an annual basis and adjust the fee schedule no more than 5% | 21 | | annually if necessary to defray the estimated administrative | 22 | | and operational expenses of the Credit Union Section of the | 23 | | Department as defined in subsection (5). However, the fee | 24 | | schedule shall not be increased if the amount remaining in the | 25 | | Credit Union Fund at the end of any fiscal year is greater than | 26 | | 25% of the total actual and operational expenses incurred by |
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| 1 | | the State in administering and enforcing the Illinois Credit | 2 | | Union Act and other laws, rules, and regulations as may apply | 3 | | to the administration and enforcement of the foregoing laws, | 4 | | rules, and regulations as amended from time to time for the | 5 | | preceding fiscal year. The regulatory fee for the next fiscal | 6 | | year shall be calculated by the Secretary based on the credit | 7 | | union's total assets as of December 31 of the preceding | 8 | | calendar year. The Secretary shall provide credit unions with | 9 | | written notice of any adjustment made in the regulatory fee | 10 | | schedule. | 11 | | (3) A credit union shall pay to the Department a | 12 | | regulatory fee in quarterly installments equal to one-fourth | 13 | | of the regulatory fee due in accordance with the regulatory | 14 | | fee schedule in subsection (1), on the basis of assets as of | 15 | | the Year-end Call Report of the preceding calendar year. The | 16 | | total annual regulatory fee shall not be less than $100 or more | 17 | | than $210,000, provided that the regulatory fee cap of | 18 | | $210,000 shall be adjusted to incorporate the same percentage | 19 | | increase as the Secretary makes in the regulatory fee schedule | 20 | | from time to time under subsection (2). No regulatory fee | 21 | | shall be collected from a credit union until it has been in | 22 | | operation for one year. The regulatory fee shall be billed to | 23 | | credit unions on a quarterly basis and it shall be payable by | 24 | | credit unions on the due date for the Call Report for the | 25 | | subject quarter. | 26 | | (4) (a) The aggregate of all fees collected by the |
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| 1 | | Department under this Act and from credit unions pursuant to | 2 | | the Illinois Community Reinvestment Act shall be paid promptly | 3 | | after they are received, accompanied by a detailed statement | 4 | | thereof, into the State treasury Treasury and shall be set | 5 | | apart in the Credit Union Fund, a special fund hereby created | 6 | | in the State treasury. The amount from time to time deposited | 7 | | in the Credit Union Fund and shall be used to offset the | 8 | | ordinary administrative and operational expenses of the Credit | 9 | | Union Section of the Department under this Act. All earnings | 10 | | received from investments of funds in the Credit Union Fund | 11 | | shall be deposited into the Credit Union Fund and may be used | 12 | | for the same purposes as fees deposited into that fund. Moneys | 13 | | deposited in the Credit Union Fund may be transferred to the | 14 | | Professions Indirect Cost Fund, as authorized under Section | 15 | | 2105-300 of the Department of Professional Regulation Law of | 16 | | the Civil Administrative Code of Illinois. | 17 | | (b) At the conclusion of each fiscal year, beginning in | 18 | | fiscal year 2025, the Department shall separately identify the | 19 | | direct administrative and operational expenses and allocable | 20 | | indirect costs of the Credit Union Section of the Department | 21 | | incidental to conducting the examinations required or | 22 | | authorized by the Illinois Community Reinvestment Act and | 23 | | implementing rules adopted by the Department. Pursuant to | 24 | | Section 2105-300 of the Department of Professional Regulation | 25 | | Law of the Civil Administrative Code of Illinois, the | 26 | | Department shall make copies of the analyses available to the |
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| 1 | | credit union industry in a timely manner. The administrative | 2 | | and operational expenses of the Credit Union Section of the | 3 | | Department in conducting examinations required or authorized | 4 | | by the Illinois Community Reinvestment Act shall have the same | 5 | | meaning and scope as the administrative and operational | 6 | | expenses of the Credit Union Section of the Department, as | 7 | | defined in subsection (5) of this Section. | 8 | | (c) Notwithstanding provisions in the State Finance Act, | 9 | | as now or hereafter amended, or any other law to the contrary, | 10 | | the Governor may, during any fiscal year through January 10, | 11 | | 2011, from time to time direct the State Treasurer and | 12 | | Comptroller to transfer a specified sum not exceeding 10% of | 13 | | the revenues to be deposited into the Credit Union Fund during | 14 | | that fiscal year from that Fund to the General Revenue Fund in | 15 | | order to help defray the State's operating costs for the | 16 | | fiscal year. Notwithstanding provisions in the State Finance | 17 | | Act, as now or hereafter amended, or any other law to the | 18 | | contrary, the total sum transferred from the Credit Union Fund | 19 | | to the General Revenue Fund pursuant to this provision shall | 20 | | not exceed during any fiscal year 10% of the revenues to be | 21 | | deposited into the Credit Union Fund during that fiscal year. | 22 | | The State Treasurer and Comptroller shall transfer the amounts | 23 | | designated under this Section as soon as may be practicable | 24 | | after receiving the direction to transfer from the Governor. | 25 | | (5) The administrative and operational expenses for any | 26 | | fiscal year shall mean the ordinary and contingent expenses |
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| 1 | | for that year incidental to making the examinations provided | 2 | | for by, and for administering, this Act, including all | 3 | | salaries and other compensation paid for personal services | 4 | | rendered for the State by officers or employees of the State to | 5 | | enforce this Act; all expenditures for telephone and telegraph | 6 | | charges, postage and postal charges, office supplies and | 7 | | services, furniture and equipment, office space and | 8 | | maintenance thereof, travel expenses and other necessary | 9 | | expenses; all to the extent that such expenditures are | 10 | | directly incidental to such examination or administration. | 11 | | (6) When the balance in the Credit Union Fund at the end of | 12 | | a fiscal year exceeds 25% of the total administrative and | 13 | | operational expenses incurred by the State in administering | 14 | | and enforcing the Illinois Credit Union Act and other laws, | 15 | | rules, and regulations as may apply to the administration and | 16 | | enforcement of the foregoing laws, rules, and regulations as | 17 | | amended from time to time for that fiscal year, such excess | 18 | | shall be credited to credit unions and applied against their | 19 | | regulatory fees for the subsequent fiscal year. The amount | 20 | | credited to each credit union shall be in the same proportion | 21 | | as the regulatory fee paid by such credit union for the fiscal | 22 | | year in which the excess is produced bears to the aggregate | 23 | | amount of all fees collected by the Department under this Act | 24 | | for the same fiscal year. | 25 | | (7) (Blank). | 26 | | (8) Nothing in this Act shall prohibit the General |
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| 1 | | Assembly from appropriating funds to the Department from the | 2 | | General Revenue Fund for the purpose of administering this | 3 | | Act. | 4 | | (9) For purposes of this Section, "fiscal year" means a | 5 | | period beginning on July 1 of any calendar year and ending on | 6 | | June 30 of the next calendar year. | 7 | | (Source: P.A. 103-107, eff. 6-27-23.)"; and | 8 | | on page 20, by replacing line 10 with " defined in subsection | 9 | | (b) of Section 59. The receipt of deposits from any state other | 10 | | than Illinois, or any agency or political subdivision thereof, | 11 | | shall not exceed the total limit of the greater of 50% of | 12 | | paid-in and unimpaired capital and surplus or $3,000,000 as | 13 | | described in 12 CFR 701.32 and shall otherwise comply with the | 14 | | requirements of 12 CFR 701.32 ;"; and | 15 | | by replacing line 25 on page 27 through line 11 on page 28 with | 16 | | "insurance companies, and other loan sellers, subject to such | 17 | | safety and". |
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