Rep. Margaret Croke
Filed: 3/20/2023
 
 


 




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1
AMENDMENT TO HOUSE BILL 3296 




2 AMENDMENT NO. ______. Amend House Bill 3296 by replacing 
3everything after the enacting clause with the following:


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

6 (205 ILCS 305/12) (from Ch. 17, par. 4413)
7 Sec. 12. Regulatory fees.

8 (1) A For the fiscal year beginning July 1, 2007, a credit 
9union regulated by the Department shall pay a regulatory
fee 
10to the Department based upon its total assets as shown by its 
11Year-end
Call Report at the following rates or at a lesser rate 
12established by the Secretary in a manner proportionately 
13consistent with the following rates and sufficient to fund the 
14actual administrative and operational expenses of the 
15Department's Credit Union Section pursuant to subsection (4) 
16of this Section:







 
 
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1TOTAL ASSETSREGULATORY FEE
2$25,000 or less ................$100
3Over $25,000 and not over

4$100,000 .......................$100 plus $4 per


5$1,000 of assets in excess of


6$25,000
7Over $100,000 and not over

8$200,000 .......................$400 plus $3 per


9$1,000 of assets in excess of


10$100,000
11Over $200,000 and not over

12$500,000 .......................$700 plus $2 per


13$1,000 of assets in excess of


14$200,000
15Over $500,000 and not over

16$1,000,000 .....................$1,300 plus $1.40
17per $1,000 of assets in excess


18of $500,000
19Over $1,000,000 and not

20over $5,000,000.................$2,000 plus $0.50


21per $1,000 of assets in


22excess of $1,000,000
23Over $5,000,000 and not

24over $30,000,000 ............... $4,540 plus $0.397


25per $1,000 of assets


26in excess of $5,000,000


 
 
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1Over $30,000,000 and not over

2$100,000,000....................$14,471 plus $0.34 
3per $1,000 of assets


4 in excess of $30,000,000
5Over $100,000,000 and not

6over $500,000,000 ..............$38,306 plus $0.17 
7per $1,000 of assets 


8in excess of $100,000,000
9Over $500,000,000 ..............$106,406 plus $0.056 
10per $1,000 of assets 


11in excess of $500,000,000
12 (2) The Secretary shall review the regulatory fee schedule 
13in subsection
(1) and the projected earnings on those fees on 
14an annual
basis
and adjust the fee schedule no more than 5% 
15annually
if necessary to defray the estimated administrative 
16and operational expenses of
the Credit Union Section of the 
17Department as defined in subsection (5). However, the fee 
18schedule shall not be increased if the amount remaining in the 
19Credit Union Fund at the end of any fiscal year is greater than 
2025% of the total actual and operational expenses incurred by 
21the State in administering and enforcing the Illinois Credit 
22Union Act and related other laws, rules, and regulations as 
23may apply to the administration and enforcement of the 
24foregoing laws, rules, and regulations as amended from time to 
25time for the preceding fiscal year. The regulatory fee for the 
26next fiscal year shall be calculated by the Secretary based on 
 
 
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1the credit union's total assets as of December 31 of the 
2preceding calendar year. The Secretary shall provide credit

3unions with written notice of any adjustment made in the 
4regulatory fee
schedule.


5 (3) A credit union shall
pay to the Department a 
6regulatory fee
in quarterly installments equal to one-fourth 
7of the regulatory fee due in accordance with the regulatory 
8fee schedule in
subsection (1), on the basis of assets as
of 
9the Year-end Call Report of the preceding calendar year. The 
10total annual regulatory fee shall
not be less than
$100 or more 
11than $630,000 $141,875, provided that the
regulatory fee cap 
12of $630,000 $141,875
shall be adjusted to incorporate the same 
13percentage increase as the Secretary
makes in the regulatory 
14fee schedule from time to time under subsection (2).
No 
15regulatory
fee
shall be collected
from a credit union until it

16has been in operation for one year. The regulatory fee shall be 
17billed to credit unions on a quarterly basis and it shall be 
18payable by credit unions on the due date for the Call Report 
19for the subject quarter.


20 (4) The aggregate of all fees collected by the Department 
21under this
Act
shall be paid promptly after they are received,

22accompanied by a detailed
statement thereof, into the State 
23Treasury and shall be set apart in the
Credit Union Fund, a 
24special fund hereby created in the State treasury.
The amount 
25from time to time deposited in the Credit Union Fund and shall

26be used to offset the ordinary administrative and operational 
 
 
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1expenses of
the Credit Union Section of the Department under

2this Act and other related laws, rules, and regulations. All 
3earnings received from investments of funds in the Credit

4Union Fund shall be deposited into the Credit Union Fund and 
5may be used for
the same purposes as fees deposited into that 
6fund.
Moneys deposited in the Credit Union Fund may be 
7transferred to the Professions Indirect Cost Fund, as 
8authorized under Section 2105-300 of the Department of 
9Professional Regulation Law of the Civil Administrative Code 
10of Illinois.

11 Notwithstanding provisions in the State Finance Act, as 
12now or hereafter amended, or any other law to the contrary, the 
13Governor may, during any fiscal year through January 10, 2011, 
14from time to time direct the State Treasurer and Comptroller 
15to transfer a specified sum not exceeding 10% of the revenues 
16to be deposited into the Credit Union Fund during that fiscal 
17year from that Fund to the General Revenue Fund in order to 
18help defray the State's operating costs for the fiscal year. 
19Notwithstanding provisions in the State Finance Act, as now or 
20hereafter amended, or any other law to the contrary, the total 
21sum transferred from the Credit Union Fund to the General 
22Revenue Fund pursuant to this provision shall not exceed 
23during any fiscal year 10% of the revenues to be deposited into 
24the Credit Union Fund during that fiscal year. The State 
25Treasurer and Comptroller shall transfer the amounts 
26designated under this Section as soon as may be practicable 
 
 
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1after receiving the direction to transfer from the Governor.

2 (5) The administrative and operational expenses for any 
3fiscal
year shall mean the ordinary
and contingent expenses 
4for that year incidental to making the examinations
provided 
5for by, and for administering, this Act and other related 
6laws, rules, and regulations, including all salaries
and other 
7compensation paid for personal services rendered for the State 
8by
officers or employees of the State to enforce this Act and 
9other related laws, rules, and regulations; all expenditures

10for telephone and telegraph charges, postage and postal 
11charges, office
supplies and services, furniture and 
12equipment, office space and
maintenance thereof, travel 
13expenses and other necessary expenses; all to
the extent that 
14such expenditures are directly incidental to such
examination 
15or administration.


16 (6) When the balance in the Credit Union Fund at the end of 
17a fiscal year exceeds 25% of the
total
administrative and 
18operational
expenses incurred by the State in administering 
19and enforcing the Illinois Credit Union Act and other related 
20laws, rules, and regulations as may apply to the 
21administration and enforcement of the foregoing laws, rules, 
22and regulations as amended from time to time for that fiscal 
23year, such excess shall be credited to
credit unions and 
24applied against their regulatory fees for
the subsequent 
25fiscal year. The amount credited to each credit union shall be 
26in the
same proportion as the regulatory fee paid by such 
 
 
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1credit union for the fiscal
year in which the excess is 
2produced bears to the aggregate amount of all regulatory
fees 
3collected by the Department
under this Act for the same fiscal 
4year.


5 (7) (Blank).


6 (8) Nothing in this Act shall prohibit the General 
7Assembly from
appropriating funds to the Department from the 
8General Revenue Fund for the
purpose of administering this 
9Act.


10 (9) For purposes of this Section, "fiscal year" means a 
11period beginning on July 1 of any calendar year and ending on 
12June 30 of the next calendar year. 
13(Source: P.A. 100-201, eff. 8-18-17.)



14 Section 99. Effective date. This Act takes effect upon 
15becoming law.".