093_SB0857ham001

 










                                     LRB093 03109 SAS 19882 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 75-10.  The Illinois Credit Union Act is amended
 5    by 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 .............. $127 $150
14    Over $25,000 and not over
15    $100,000 ..................... $127 $150 plus $5.08 $6 per
16                                   $1,000 of assets in excess of
17                                   $25,000
18    Over $100,000 and not over
19    $200,000 ..................... $508 $600 plus $3.81 $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 19882 a
 1    $500,000 ..................... $889 $1,050 plus $2.54 $3 per
 2                                   $1,000 of assets in excess of
 3                                   $200,000
 4    Over $500,000 and not over
 5    $1,000,000 ................... $1,651 $1,950 plus $1.775
 6                                   $2.10 per $1,000 of assets
 7                                   in excess of $500,000
 8    Over $1,000,000 and not
 9    over $5,000,000............... $2,540 $3,000 plus $0.635
10                                   $0.75 per $1,000 of assets
11                                   in excess of $1,000,000
12    Over $5,000,000 and not
13    over $30,000,000 ............. $5,080 $6,000 plus $0.4445
14                                   $0.525 per $1,000 assets
15                                   in excess of $5,000,000
16    Over $30,000,000 and not
17    over $100,000,000 ............ $16,192 $19,125 plus $0.381
18                                   $0.45 per $1,000 of assets
19                                   in excess of $30,000,000
20    Over $100,000,000 and not
21    over $500,000,000 ............ $42,862 $50,625 plus $0.1905
22                                   $0.225 per $1,000 of assets
23                                   in excess of  $100,000,000
24    Over $500,000,000 ............ $119,062 $140,625 plus $0.0635
25                                   $0.075 per $1,000 of assets
26                                   in excess of $500,000,000
27        (2)  The   Director   shall  review  the  regulatory  fee
28    schedule in subsection (1)  and  the  projected  earnings  on
29    those  fees on an annual basis and adjust the fee schedule no
30    more than 5% annually if necessary to  defray  the  estimated
31    administrative  and operational expenses of the Department as
32    defined in subsection (5).  The Director shall provide credit
33    unions with written notice of  any  adjustment  made  in  the
34    regulatory fee schedule.
 
                            -3-      LRB093 03109 SAS 19882 a
 1        (3)  Not  later  than  March  1  of each calendar year, a
 2    credit union shall pay to the Department a regulatory fee for
 3    that calendar year in  accordance  with  the  regulatory  fee
 4    schedule  in subsection (1), on the basis of assets as of the
 5    Year-end Call Report of the preceding year.   The  regulatory
 6    fee  shall  not  be less than $127 $150 or more than $158,750
 7    $187,500, provided that the regulatory fee  cap  of  $158,750
 8    $187,500 shall be adjusted to incorporate the same percentage
 9    increase as the Director makes in the regulatory fee schedule
10    from  time  to  time  under subsection (2). No regulatory fee
11    shall be collected from a credit union until it has  been  in
12    operation for one year.
13        (4)  The   aggregate   of   all  fees  collected  by  the
14    Department under this Act shall be paid promptly  after  they
15    are  received,  accompanied  by a detailed statement thereof,
16    into the State Treasury and shall be set apart in the  Credit
17    Union  Fund,  a  special  fund  hereby  created  in the State
18    treasury. The amount from  time  to  time  deposited  in  the
19    Credit  Union  Fund  and shall be used to offset the ordinary
20    administrative and operational  expenses  of  the  Department
21    under  this  Act.   All earnings received from investments of
22    funds in the Credit Union Fund shall be  deposited  into  the
23    Credit  Union  Fund  and may be used for the same purposes as
24    fees deposited into that Fund.
25        (5)  The administrative and operational expenses for  any
26    calendar year shall mean the ordinary and contingent expenses
27    for  that year incidental to making the examinations provided
28    for by,  and  for  administering,  this  Act,  including  all
29    salaries  and  other  compensation paid for personal services
30    rendered for the State by officers or employees of the  State
31    to  enforce  this  Act;  all  expenditures  for telephone and
32    telegraph  charges,  postage  and  postal   charges,   office
33    supplies  and services, furniture and equipment, office space
34    and maintenance thereof, travel expenses and other  necessary
 
                            -4-      LRB093 03109 SAS 19882 a
 1    expenses;  all  to  the  extent  that  such  expenditures are
 2    directly incidental to such examination or administration.
 3        (6)  When the aggregate of  all  fees  collected  by  the
 4    Department  under  this  Act and all earnings thereon for any
 5    calendar year exceeds 150% of the  total  administrative  and
 6    operational  expenses  under  this  Act  for  that year, such
 7    excess shall be credited to credit unions and applied against
 8    their regulatory fees for the subsequent  year.   The  amount
 9    credited to a credit union shall be in the same proportion as
10    the  fee  paid  by such credit union for the calendar year in
11    which the excess is produced bears to the  aggregate  of  the
12    fees  collected by the Department under this Act for the same
13    year.
14        (7)  Examination  fees  for  the  year   2000   statutory
15    examinations paid pursuant to the examination fee schedule in
16    effect  at  that time shall be credited toward the regulatory
17    fee to be assessed the credit union in calendar year 2001.
18        (8)  Nothing in  this  Act  shall  prohibit  the  General
19    Assembly  from appropriating funds to the Department from the
20    General Revenue Fund for the purpose  of  administering  this
21    Act.
22    (Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.)

23        Section  99.  Effective date.  This Act takes effect upon
24    becoming law.".