HB 3296

Abstract

Amends the Illinois Credit Union Act. Provides that the regulatory 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 that fiscal year's total initial appropriations, or the most recent fiscal year for which there is an initial appropriations, relating to the administration and enforcement of the provisions and other related laws, rules, and regulations (rather than the total actual and operational expenses incurred by the State in administering and enforcing the provisions and other laws, rules, and regulations as may apply to the administration and enforcement of laws, rules, and regulations for the preceding fiscal year). Provides that when the balance in the Credit Union Fund at the end of a fiscal year exceeds 25% of that fiscal year's total initial appropriations relating to the administration and enforcement of the provisions and other related laws, rules, and regulations (rather than the total administrative and operational expenses incurred by the State in administering and enforcing the provisions), the excess shall be credited to credit unions and applied against their regulatory fees for the subsequent fiscal year. Provides that the amount credited to each credit union shall be in the same proportion as the regulatory fee paid by that credit union for the fiscal year in which the excess is produced bears to the aggregate amount of all regulatory fees (rather than fees) collected by the Department of Financial and Professional Regulation under the provisions for the same fiscal year. Removes a regulatory fee cap of $141,875. Makes other changes. House Floor Amendment No. 3 Replaces everything after the enacting clause. 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.