Amends the State Finance Act. Excludes moneys received by the Department of Financial and Professional Regulation under the Illinois Credit Union Act from those moneys required to be deposited into the Financial Institution Fund. Makes certain provisions concerning transfers to the General Revenue Fund inapplicable to (i) any fund established under the Illinois Credit Union Act, the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and (ii) the Professions Indirect Cost Fund. Limits transfers and expenditures from those funds to specified purposes. Prohibits the allocation or transfer of additional amounts generated by certain fee increases with respect to or from the Credit Union Fund. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, and the Savings Bank Act. With respect to the moneys in each of the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund, (i) exempts those moneys from assignment or transfer except for unappropriated administrative expenses and (ii) provides that the moneys remain the property of and must be held in trust for the financial institutions from which they were collected. For FY08, requires the Commissioner of Banks and Real Estate (now, the Director of the Division of Banks and Real Estate) to adopt rules to adjust regulatory fee rates in the specified manner. Amends the Illinois Credit Union Act. Provides that the regulatory fee paid by a credit union to the Department of Financial and Professional Regulation shall be the lesser of (i) the rate pursuant to the regulatory fee schedule or (ii) a rate established in a manner proportionately consistent with the rates in the regulatory fee schedule and that would fund the actual administrative and operational expenses of the Credit Union Section. Increases rates in the regulatory fee schedule for credit unions with total assets over $5,000,000. Requires the Director of Financial and Professional Regulation to adjust the fee schedule for the next fiscal year. Provides that the fee schedule may be increased by no more than 5% annually if necessary to defray the actual (now, estimated) administrative and operational expenses of the Credit Union Section (now, the Department). Prohibits any increase in the fee schedule if the amount remaining in the Credit Union Fund at the end of the fiscal year is equal to or greater than 25% of the actual administrative and operational expenses for the preceding fiscal year. Requires the Director to base the regulatory fee for the next fiscal year on the credit union's total assets as of December 31 of the preceding calendar year. Beginning on July 1, 2005, requires a credit union to pay the regulatory fee in quarterly installments due and payable on the due date for the call report for the preceding quarter (now, a credit union is required to pay the regulatory fee in full no later than March 1 of each calendar year). Provides for a regulatory fee cap of $125,000 (now, $187,500). Effective immediately.
Sponsored bills
Amends the State Universities Article of the Illinois Pension Code. Provides that provisions concerning the employer's contribution for earnings increases in excess of 6% do not apply to earnings increases as a result of a negotiated salary schedule. Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that provisions concerning the employer's contribution for salary increases in excess of 6% do not apply to salary increases earned as a result of a negotiated salary schedule. Effective immediately.
Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Makes a technical change in a Section concerning tourism.
Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Makes a technical change in a Section concerning tourism.
Amends the Public Utilities Act. Provides that an electric utility that served fewer than 1,000,000 retail customers on December 31, 2005 may propose a deferral on its books of account for later recovery in rates on any portion of its costs of purchasing electric power and energy incurred to serve residential customers during a specific period. Allows the Illinois Commerce Commission to authorize the issuance of rate mitigation bonds, secured through an irrevocable financing order imposing a non-bypassable bond charge, by such an electric utility or other financing entity designated by the electric utility. Provides conditions on the issuance of rate mitigation bonds. Adds provisions concerning financing orders, the State pledge to holders of rate mitigation bonds, proceeds of rate mitigation bonds, residential customers assessed for bond charges, recourse against an issuer, maintaining records of bond charges, security, transfers of bondable property, successors to electric utilities, subsequent ratemaking, and severability. Makes other changes. Amends the Uniform Commercial Code. Makes changes concerning bondable property in provisions concerning definitions, sufficiency of a description, perfection and priority of security interests, and duration and effectiveness of financing statements. Effective immediately.
Amends the Downstate Teacher Article of the Illinois Pension Code. Provides that a member who is eligible to receive a retirement annuity of at least 74.6% of final average salary and who will attain age 55 on or after May 15 of the calendar year of retirement shall be deemed to attain age 55 on May 15 of that calendar year (now who will attain age 55 on or before December 31 during the year which commences on July 1 shall be deemed to attain age 55 on the preceding June 1). Effective immediately.
Amends the Environmental Protection Act. Makes a technical change in a Section concerning NPDES discharge fees.
Appropriates $2 from the General Revenue Fund to the Department of Commerce and Community Affairs for tourism. Effective July 1, 2005.
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning vehicle insurance policy provisions.
Amends the Consumer Installment Loan Act. Provides that, during the 30-day period beginning with the date the loan is commenced, a short-term lender may not impose fees of more than 25% of the principal amount of a short-term or title-secured loan.