SB 536

Abstract

Amends the Illinois Savings and Loan Act of 1985. Provides that if the amount remaining in the Savings and Residential Finance Regulatory Fund at the end of any fiscal year exceeds 25% of the total actual administrative and operational expenses incurred under the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Residential Mortgage License Act of 1987 for that fiscal year, then the excess shall be credited to those institutions and entities that paid fees into the Fund and shall be applied against their fees for the subsequent fiscal year. Requires that the amount credited be in the same proportion that the fees paid by the institution or entity in that fiscal year bears to the aggregate of fees collected by the Director of the Division of Banks and Real Estate of the Department of Financial and Professional Regulation under the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Residential Mortgage License Act of 1987 for the same fiscal year. Effective immediately.