Sec. 9002.5. Regulatory fees.

578 words·~3 min read·/il/chapter-205/act-205/9002-5·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Each fiscal year, each savings bank and each service corporation operating under this Act shall pay in quarterly installments equal to one-fourth of a regulatory fee based on the total assets of the savings bank or service corporation, as shown in the quarterly report of condition, at the following rates:

19.295 cents per $1,000 of the first $5,000,000 of total assets;

18.16 cents per $1,000 of the next $20,000,000 of total assets;

15.89 cents per $1,000 of the next $75,000,000 of total assets;

10.7825 cents per $1,000 of the next $400,000,000 of total assets;

8.5125 cents per $1,000 of the next $500,000,000 of total assets;

6.2425 cents per $1,000 of the next $19,000,000,000 of total assets;

2.27 cents per $1,000 of the next $30,000,000,000 of total assets;

1.135 cents per $1,000 of the next $50,000,000,000 of total assets; and

0.5675 cents per $1,000 of all assets in excess of $100,000,000,000 of the savings bank.

As used in this Section, "quarterly report of condition" means the Report of Condition and Income (Call Report), which the Secretary requires.

(a-5) For any savings bank or service corporation operating under this Act that is examined by the Department between January 1, 2017 and the effective date of this amendatory Act of the 100th General Assembly, a regulatory fee shall not be due or paid to the Department for the first billing of the regulatory fee immediately following the effective date of this amendatory Act of the 100th General Assembly. Any savings bank or service corporation subject to this subsection shall pay the regulatory fee as prescribed in subsection

(a)beginning with the second billing of the regulatory fee by the Department following the effective date of this amendatory Act of the 100th General Assembly.

(b)(Blank).

(c)(Blank).

(d)The Secretary shall receive for each fiscal year, commencing with the fiscal year ending June 30, 2014, a contingent fee equal to the lesser of the aggregate of the fees paid by all savings banks under subsection

(a)of this Section for that year, or the amount, if any, whereby the aggregate of the administration expenses, as defined in subsection

(c)of Section 9002.1 of this Act, for that fiscal year exceeds the sum of the aggregate of the fees payable by all savings banks for that year under subsection

(a)of this Section, plus any amounts transferred into the Savings Bank Regulatory Fund from the State Pensions Fund for that year, plus all other amounts collected by the Secretary for that year under any other provision of this Act. The aggregate amount of the contingent fee thus arrived at for any fiscal year shall be apportioned amongst, assessed upon, and paid by the savings banks, respectively, in the same proportion that the fee of each under subsection

(a)of this Section, respectively, for that year bears to the aggregate for that year of the fees collected under subsection

(a)of this Section. The aggregate amount of the contingent fee, and the portion thereof to be assessed upon each savings bank, respectively, shall be determined by the Secretary and shall be paid by each, respectively, within 120 days of the close of the period for which the contingent fee is computed and is payable, and the Secretary shall give 20 days' advance notice of the amount of the contingent fee payable by the savings bank and of the date fixed by the Secretary for payment of the fee.