Bill Text: IL HB3296 | 2023-2024 | 103rd General Assembly | Chaptered
Bill Title: Amends the Illinois Credit Union Act. Provides that an annual regulatory fee paid by a credit union to the Department of Financial and Professional Regulation shall not be more than $210,000 (rather than $141,875). Effective immediately.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-06-27 - Effective Date June 27, 2023 [HB3296 Detail]
Download: Illinois-2023-HB3296-Chaptered.html
| ||||||||||||||
| Public Act 103-0107 | ||||||||||||||
| ||||||||||||||
| ||||||||||||||
AN ACT concerning regulation.
| ||||||||||||||
Be it enacted by the People of the State of Illinois,
| ||||||||||||||
represented in the General Assembly:
| ||||||||||||||
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) 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:
| ||||||||||||||
| ||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||
(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 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 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 $210,000 $141,875, provided that the
regulatory fee cap | ||
of $210,000 $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 | ||
expenses of
the Credit Union Section of the Department under
| ||
this Act. 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 | ||
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, 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; 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 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 credit union for the fiscal
| ||
year in which the excess is produced bears to the aggregate | ||
amount of all
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.)
| ||
