Bill Amendment: IL SB3687 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: CREDIT UNIONS-EXAMINATION FEES

Status: 2024-08-09 - Public Act . . . . . . . . . 103-1034 [SB3687 Detail]

Download: Illinois-2023-SB3687-Senate_Amendment_001.html

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Sen. David Koehler

Filed: 4/1/2024

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AMENDMENT TO SENATE BILL 3687
AMENDMENT NO. ______. Amend Senate Bill 3687 as follows:
on page 1, by deleting lines 4 through 8; and
on page 1, line 10, by replacing "9," with "12,"; and
on page 1, lines 10 and 11, by deleting "and by adding Section
12.5"; and
by replacing line 10 on page 12 through line 25 on page 17 with
the following:
"(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

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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:
TOTAL ASSETS REGULATORY FEE
$25,000 or less ................ $100
Over $25,000 and not over
$100,000 ....................... $100 plus $4 per
$1,000 of assets in excess of
$25,000
Over $100,000 and not over
$200,000 ....................... $400 plus $3 per
$1,000 of assets in excess of
$100,000
Over $200,000 and not over
$500,000 ....................... $700 plus $2 per
$1,000 of assets in excess of
$200,000
Over $500,000 and not over
$1,000,000 ..................... $1,300 plus $1.40
per $1,000 of assets in excess
of $500,000
Over $1,000,000 and not
over $5,000,000................. $2,000 plus $0.50

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per $1,000 of assets in
excess of $1,000,000
Over $5,000,000 and not
over $30,000,000 ............... $4,540 plus $0.397
per $1,000 of assets
in excess of $5,000,000
Over $30,000,000 and not over
$100,000,000.................... $14,471 plus $0.34
per $1,000 of assets
in excess of $30,000,000
Over $100,000,000 and not
over $500,000,000 .............. $38,306 plus $0.17
per $1,000 of assets
in excess of $100,000,000
Over $500,000,000 .............. $106,406 plus $0.056
per $1,000 of assets
in excess of $500,000,000
(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

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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, provided that the regulatory fee cap of
$210,000 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)(a) The aggregate of all fees collected by the

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Department under this Act and from credit unions pursuant to
the Illinois Community Reinvestment Act shall be paid promptly
after they are received, accompanied by a detailed statement
thereof, into the State treasury 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.
(b) At the conclusion of each fiscal year, beginning in
fiscal year 2025, the Department shall separately identify the
direct administrative and operational expenses and allocable
indirect costs of the Credit Union Section of the Department
incidental to conducting the examinations required or
authorized by the Illinois Community Reinvestment Act and
implementing rules adopted by the Department. Pursuant to
Section 2105-300 of the Department of Professional Regulation
Law of the Civil Administrative Code of Illinois, the
Department shall make copies of the analyses available to the

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credit union industry in a timely manner. The administrative
and operational expenses of the Credit Union Section of the
Department in conducting examinations required or authorized
by the Illinois Community Reinvestment Act shall have the same
meaning and scope as the administrative and operational
expenses of the Credit Union Section of the Department, as
defined in subsection (5) of this Section.
(c) 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

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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

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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. 103-107, eff. 6-27-23.)"; and
on page 20, by replacing line 10 with "defined in subsection
(b) of Section 59. The receipt of deposits from any state other
than Illinois, or any agency or political subdivision thereof,
shall not exceed the total limit of the greater of 50% of
paid-in and unimpaired capital and surplus or $3,000,000 as
described in 12 CFR 701.32 and shall otherwise comply with the
requirements of 12 CFR 701.32;"; and