Illinois General Assembly - Full Text of SB3687
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Full Text of SB3687  103rd General Assembly


Sen. David Koehler

Filed: 4/1/2024





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2    AMENDMENT NO. ______. Amend Senate Bill 3687 as follows:
3on page 1, by deleting lines 4 through 8; and
4on page 1, line 10, by replacing "9," with "12,"; and
5on page 1, lines 10 and 11, by deleting "and by adding Section
612.5"; and
7by replacing line 10 on page 12 through line 25 on page 17 with
8the 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
12union regulated by the Department shall pay a regulatory fee
13to the Department based upon its total assets as shown by its



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1Year-end Call Report at the following rates or at a lesser rate
2established by the Secretary in a manner proportionately
3consistent with the following rates and sufficient to fund the
4actual administrative and operational expenses of the
5Department's Credit Union Section pursuant to subsection (4)
6of this Section:
8$25,000 or less ................$100
9Over $25,000 and not over
10$100,000 .......................$100 plus $4 per
11$1,000 of assets in excess of
13Over $100,000 and not over
14$200,000 .......................$400 plus $3 per
15$1,000 of assets in excess of
17Over $200,000 and not over
18$500,000 .......................$700 plus $2 per
19$1,000 of assets in excess of
21Over $500,000 and not over
22$1,000,000 .....................$1,300 plus $1.40
23per $1,000 of assets in excess
24of $500,000
25Over $1,000,000 and not
26over $5,000,000.................$2,000 plus $0.50



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1per $1,000 of assets in
2excess of $1,000,000
3Over $5,000,000 and not
4over $30,000,000 ............... $4,540 plus $0.397
5per $1,000 of assets
6in excess of $5,000,000
7Over $30,000,000 and not over
8$100,000,000....................$14,471 plus $0.34
9per $1,000 of assets
10 in excess of $30,000,000
11Over $100,000,000 and not
12over $500,000,000 ..............$38,306 plus $0.17
13per $1,000 of assets
14in excess of $100,000,000
15Over $500,000,000 ..............$106,406 plus $0.056
16per $1,000 of assets
17in excess of $500,000,000
18    (2) The Secretary shall review the regulatory fee schedule
19in subsection (1) and the projected earnings on those fees on
20an annual basis and adjust the fee schedule no more than 5%
21annually if necessary to defray the estimated administrative
22and operational expenses of the Credit Union Section of the
23Department as defined in subsection (5). However, the fee
24schedule shall not be increased if the amount remaining in the
25Credit Union Fund at the end of any fiscal year is greater than
2625% of the total actual and operational expenses incurred by



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1the State in administering and enforcing the Illinois Credit
2Union Act and other laws, rules, and regulations as may apply
3to the administration and enforcement of the foregoing laws,
4rules, and regulations as amended from time to time for the
5preceding fiscal year. The regulatory fee for the next fiscal
6year shall be calculated by the Secretary based on the credit
7union's total assets as of December 31 of the preceding
8calendar year. The Secretary shall provide credit unions with
9written notice of any adjustment made in the regulatory fee
11    (3) A credit union shall pay to the Department a
12regulatory fee in quarterly installments equal to one-fourth
13of the regulatory fee due in accordance with the regulatory
14fee schedule in subsection (1), on the basis of assets as of
15the Year-end Call Report of the preceding calendar year. The
16total annual regulatory fee shall not be less than $100 or more
17than $210,000, provided that the regulatory fee cap of
18$210,000 shall be adjusted to incorporate the same percentage
19increase as the Secretary makes in the regulatory fee schedule
20from time to time under subsection (2). No regulatory fee
21shall be collected from a credit union until it has been in
22operation for one year. The regulatory fee shall be billed to
23credit unions on a quarterly basis and it shall be payable by
24credit unions on the due date for the Call Report for the
25subject quarter.
26    (4)(a) The aggregate of all fees collected by the



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1Department under this Act and from credit unions pursuant to
2the Illinois Community Reinvestment Act shall be paid promptly
3after they are received, accompanied by a detailed statement
4thereof, into the State treasury Treasury and shall be set
5apart in the Credit Union Fund, a special fund hereby created
6in the State treasury. The amount from time to time deposited
7in the Credit Union Fund and shall be used to offset the
8ordinary administrative and operational expenses of the Credit
9Union Section of the Department under this Act. All earnings
10received from investments of funds in the Credit Union Fund
11shall be deposited into the Credit Union Fund and may be used
12for the same purposes as fees deposited into that fund. Moneys
13deposited in the Credit Union Fund may be transferred to the
14Professions Indirect Cost Fund, as authorized under Section
152105-300 of the Department of Professional Regulation Law of
16the Civil Administrative Code of Illinois.
17    (b) At the conclusion of each fiscal year, beginning in
18fiscal year 2025, the Department shall separately identify the
19direct administrative and operational expenses and allocable
20indirect costs of the Credit Union Section of the Department
21incidental to conducting the examinations required or
22authorized by the Illinois Community Reinvestment Act and
23implementing rules adopted by the Department. Pursuant to
24Section 2105-300 of the Department of Professional Regulation
25Law of the Civil Administrative Code of Illinois, the
26Department shall make copies of the analyses available to the



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1credit union industry in a timely manner. The administrative
2and operational expenses of the Credit Union Section of the
3Department in conducting examinations required or authorized
4by the Illinois Community Reinvestment Act shall have the same
5meaning and scope as the administrative and operational
6expenses of the Credit Union Section of the Department, as
7defined in subsection (5) of this Section.
8    (c) Notwithstanding provisions in the State Finance Act,
9as now or hereafter amended, or any other law to the contrary,
10the Governor may, during any fiscal year through January 10,
112011, from time to time direct the State Treasurer and
12Comptroller to transfer a specified sum not exceeding 10% of
13the revenues to be deposited into the Credit Union Fund during
14that fiscal year from that Fund to the General Revenue Fund in
15order to help defray the State's operating costs for the
16fiscal year. Notwithstanding provisions in the State Finance
17Act, as now or hereafter amended, or any other law to the
18contrary, the total sum transferred from the Credit Union Fund
19to the General Revenue Fund pursuant to this provision shall
20not exceed during any fiscal year 10% of the revenues to be
21deposited into the Credit Union Fund during that fiscal year.
22The State Treasurer and Comptroller shall transfer the amounts
23designated under this Section as soon as may be practicable
24after receiving the direction to transfer from the Governor.
25    (5) The administrative and operational expenses for any
26fiscal year shall mean the ordinary and contingent expenses



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1for that year incidental to making the examinations provided
2for by, and for administering, this Act, including all
3salaries and other compensation paid for personal services
4rendered for the State by officers or employees of the State to
5enforce this Act; all expenditures for telephone and telegraph
6charges, postage and postal charges, office supplies and
7services, furniture and equipment, office space and
8maintenance thereof, travel expenses and other necessary
9expenses; all to the extent that such expenditures are
10directly incidental to such examination or administration.
11    (6) When the balance in the Credit Union Fund at the end of
12a fiscal year exceeds 25% of the total administrative and
13operational expenses incurred by the State in administering
14and enforcing the Illinois Credit Union Act and other laws,
15rules, and regulations as may apply to the administration and
16enforcement of the foregoing laws, rules, and regulations as
17amended from time to time for that fiscal year, such excess
18shall be credited to credit unions and applied against their
19regulatory fees for the subsequent fiscal year. The amount
20credited to each credit union shall be in the same proportion
21as the regulatory fee paid by such credit union for the fiscal
22year in which the excess is produced bears to the aggregate
23amount of all fees collected by the Department under this Act
24for the same fiscal year.
25    (7) (Blank).
26    (8) Nothing in this Act shall prohibit the General



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1Assembly from appropriating funds to the Department from the
2General Revenue Fund for the purpose of administering this
4    (9) For purposes of this Section, "fiscal year" means a
5period beginning on July 1 of any calendar year and ending on
6June 30 of the next calendar year.
7(Source: P.A. 103-107, eff. 6-27-23.)"; and
8on page 20, by replacing line 10 with "defined in subsection
9(b) of Section 59. The receipt of deposits from any state other
10than Illinois, or any agency or political subdivision thereof,
11shall not exceed the total limit of the greater of 50% of
12paid-in and unimpaired capital and surplus or $3,000,000 as
13described in 12 CFR 701.32 and shall otherwise comply with the
14requirements of 12 CFR 701.32;"; and
15by replacing line 25 on page 27 through line 11 on page 28 with
16"insurance companies, and other loan sellers, subject to such
17safety and".