Rep. Frank J. Mautino

Amends the Illinois Public Accounting Act. Makes a technical change in a Section concerning the short title.

Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Makes changes to the notification procedures for TIF designations. Provides that, prior to setting a date for a public hearing concerning the adoption of a TIF ordinance, a municipality must make available both its redevelopment plan and a separate report setting forth the basis for the eligibility for the redevelopment project (now, the municipality must make either the plan or the separate report available). Requires the municipality to give notice to each affected taxing district of the availability of the redevelopment plan and the separate report at least 3 days before setting the date for the public hearing. Requires that the written report by the board of review contain a statement from a representative from each affected taxing district detailing the estimated impact on that taxing district under the plan. Requires the municipality to submit a copy of the redevelopment plan and the separate report when providing notice of the time and place of the public hearing. Effective immediately.

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.

Amends the Property Tax Code. Sets forth procedures for the valuation of property used for wind energy conversion systems. Effective immediately.

Amends the Use Tax Act. Makes a technical change in a Section concerning the sale of a leased or rented motor vehicle.

Amends the Pyrotechnic Operator Licensing Act. Provides that "display fireworks" are Division 1.3G explosives (rather than Division 1.3G or 1.4). Provides that the State Fire Marshal shall adopt rules regarding Division 1.3G explosives (rather than Division 1.3G and 1.4).

Amends the Regulatory Sunset Act to extend the repeal date of certain Articles of the Illinois Insurance Code until January 1, 2017. Amends the Illinois Insurance Code. Extends the repeal date for a Section concerning the Standard Non-forfeiture Law for Individual Deferred Annuities until July 1, 2016. Provides that no Illinois resident activated for military service and no spouse or dependent of that resident who becomes eligible for a government-sponsored health insurance program as a result of the service may be denied reinstatement to the health insurance coverage that lapsed as a result of the military service. Provides that the insurer must receive the request for reinstatement within a certain time period. Requires insurers to provide written notice to policyholders of the right to reinstatement. Provides that the requirement of reinstatement does not apply to certain types of policies. Authorizes the Secretary of Financial and Professional Regulation to adopt rules. Effective immediately.

Creates the Interstate Insurance Product Regulation Compact. Provides for the promotion and protection of the interests of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products. Creates the Interstate Insurance Product Regulation Commission to develop uniform standards for insurance products covered under the Compact, to establish a central clearing house to receive and provide prompt review of insurance products covered under the Compact, to provide appropriate regulatory approval, and to improve coordination of regulatory resources and expertise between state insurance departments. Effective immediately.

Amends the Health Maintenance Organization Act. Changes references from hospital to provider in a Section concerning provider agreements. Deletes a provision providing that the Health Maintenance Organization Guaranty Association is not required to pay any provider of health care services to an enrollee if the provider has agreed by contract not to seek payment from the enrollee or if as a matter of law the provider may not seek payment from the enrollee. Effective immediately.

Amends the State aid formula provisions of the School Code. With regard to supplemental general State aid, provides that (i) for the 2005-2006 school year, the grant shall be no less than the grant for the 2002-2003 school year, (ii) for the 2006-2007 school year, the grant shall be no less than the grant for the 2002-2003 school year multiplied by 0.66, and (iii) for the 2007-2008 school year, the grant shall be no less than the grant for the 2002-2003 school year multiplied by 0.33. Effective immediately.