Bill Amendment: IL HB3296 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: CREDIT UNION REGULATORY FEES

Status: 2023-06-27 - Effective Date June 27, 2023 [HB3296 Detail]

Download: Illinois-2023-HB3296-House_Amendment_001.html

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Rep. Margaret Croke

Filed: 3/20/2023

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AMENDMENT TO HOUSE BILL 3296
AMENDMENT NO. ______. Amend House Bill 3296 by replacing
everything after the enacting clause with the following:
"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) A 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
Over $25,000 and not over
$100,000 ....................... $100 plus $4 per
$1,000 of assets in excess of
$25,000
Over $100,000 and not over
$200,000 ....................... $400 plus $3 per
$1,000 of assets in excess of
$100,000
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
$1,000,000 ..................... $1,300 plus $1.40
per $1,000 of assets in excess
of $500,000
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

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Over $30,000,000 and not over
$100,000,000.................... $14,471 plus $0.34
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
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 related 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

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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 $630,000 $141,875, provided that the regulatory fee cap
of $630,000 $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

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expenses of the Credit Union Section of the Department under
this Act and other related laws, rules, and regulations. 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

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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 and other related
laws, rules, and regulations, 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 and
other related laws, rules, and regulations; 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 related
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

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credit union for the fiscal year in which the excess is
produced bears to the aggregate amount of all regulatory 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.".