Illinois General Assembly - Full Text of Public Act 093-0652
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Public Act 093-0652


 

Public Act 93-0652 of the 93rd General Assembly


Public Act 93-0652

SB857 Enrolled                       LRB093 03109 JLS 03126 b

    AN ACT in relation to financial 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)  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:
TOTAL ASSETS                   REGULATORY FEE
$25,000 or less .............. $100 $150
Over $25,000 and not over
$100,000 ..................... $100 $150 plus $4 $6 per
                               $1,000 of assets in excess of
                               $25,000
Over $100,000 and not over
$200,000 ..................... $400 $600 plus $3 $4.50 per
                               $1,000 of assets in excess of
                               $100,000
Over $200,000 and not over
$500,000 ..................... $700 $1,050 plus $2 $3 per
                               $1,000 of assets in excess of
                               $200,000
Over $500,000 and not over
$1,000,000 ................... $1,300 $1,950 plus $1.40 $2.10
                               per $1,000 of assets in excess
                               of $500,000
Over $1,000,000 and not
over $5,000,000............... $2,000 $3,000 plus $0.50 $0.75
                               per $1,000 of assets in
                               excess of $1,000,000
Over $5,000,000 and not
over $30,000,000 ............. $5,080 $6,000 plus
                               $0.44 $0.525
                               per $1,000 assets
                               in excess of $5,000,000
Over $30,000,000 and not
over $100,000,000 ............ $16,192 $19,125 plus
                               $0.38 $0.45
                               per $1,000 of assets in
                               excess of $30,000,000
Over $100,000,000 and not
over $500,000,000 ............ $42,862 $50,625 plus
                               $0.19 $0.225
                               per $1,000 of assets in
                               excess of  $100,000,000
Over $500,000,000 ............ $140,625 plus $0.075
                               per $1,000 of assets in
                               excess of $500,000,000
    (2)  The  Director  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 Department  as
defined in subsection (5).  The Director shall provide credit
unions  with  written  notice  of  any adjustment made in the
regulatory fee schedule.
    (3)  Not later than March 1  of  each  calendar  year,  a
credit union shall pay to the Department a regulatory fee for
that  calendar  year  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 year.  The regulatory
fee shall not be less than $100 $150 or more  than  $187,500,
provided  that  the  regulatory  fee cap of $187,500 shall be
adjusted to incorporate the same percentage increase  as  the
Director  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.
    (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  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.
    (5)  The administrative and operational expenses for  any
calendar 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 aggregate of  all  fees  collected  by  the
Department  under  this  Act and all earnings thereon for any
calendar year exceeds 150% of the  total  administrative  and
operational  expenses  under  this  Act  for  that year, such
excess shall be credited to credit unions and applied against
their regulatory fees for the subsequent  year.   The  amount
credited to a credit union shall be in the same proportion as
the  fee  paid  by such credit union for the calendar year in
which the excess is produced bears to the  aggregate  of  the
fees  collected by the Department under this Act for the same
year.
    (7)  Examination  fees  for  the  year   2000   statutory
examinations paid pursuant to the examination fee schedule in
effect  at  that time shall be credited toward the regulatory
fee to be assessed the credit union in calendar year 2001.
    (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.
(Source: P.A. 92-293, eff. 8-9-01; 93-32, eff. 7-1-03.)

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

Effective Date: 01/08/2004