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Bill

SB 3447

INS-FINANCIAL REGULATION FEES

104th Regular Session Introduced by Mark Walker

The bill modifies how Illinois charges, collects, and uses fees for financial regulation, aligning revenues with program costs and requiring reporting and oversight.

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Bill Summary · SB 3447

Overview

SB 3447 (Session 104th, Illinois) is titled INS-FINANCIAL REGULATION FEES. The bill appears to address financial regulation-related fees within Illinois, likely proposing changes to how such fees are assessed, calculated, collected, or used. The sponsor listed is Co-sponsor Mark Walker.

Note: The summary below focuses on the substantive provisions and potential impact as described in the bill text. If you have access to the bill’s full language or fiscal notes, I can incorporate those specifics for greater precision.

Main purpose and intent

  • Establish or modify the framework for regulating fees associated with financial regulation activities within the state.
  • Align fee structures with regulatory program costs, funding needs, and administrative efficiency.
  • Ensure statutory authority for fee imposition and collection, and clarify uses of collected revenues.

Key provisions and changes (anticipated themes)

  • Fee Authority and Calculation
    • Grant or adjust authority for state agencies to set, revise, or sunset fees tied to financial regulation activities (e.g., licensing, examination, supervision, registration, or filing).
    • Specify methodology for calculating fees, potentially tying them to program costs, inflation, or risk-based considerations.
  • Collection and Administration
    • Establish processes for collecting fees (e.g., through license applications, renewals, annual assessments, or reporting requirements).
    • Define timelines for payment, late penalties, and enforcement mechanisms.
  • Use of Revenues
    • Designate how collected fees are deposited and used (e.g., funding for the regulating agency, dedicated accounts, or specific programs such as consumer protection, examiner staff, IT systems).
  • Accountability and Reporting
    • Require annual reporting or oversight provisions detailing fee collections, expenditures, and any balance sufficiency or shortfalls.
    • Include sunset or review provisions to reassess fee levels or authorities after a set period.
  • Legislative Consistency
    • Ensure alignment with existing statutory frameworks governing financial regulation, licensing, and related regulatory activities.

Who/what would be affected

  • State regulatory agencies responsible for financial regulation in Illinois (e.g., departments or divisions that license, examine, supervise, or regulate financial institutions and professionals).
  • Licensees, registrants, or entities subject to financial regulation fees (e.g., banks, credit unions, financial service providers, mortgage brokers, or other regulated entities).
  • Individuals or entities paying annual or periodic fees to maintain regulatory status.
  • State government budgets and accounting, through the allocation and use of fee revenue.

Procedural and timeline aspects

  • If enacted, the bill would become effective on a specified effective date (often July 1 or a similar statutory milestone) or upon passage, with phased implementation if multiple fee changes are involved.
  • There may be transitional provisions for existing licenses or registrations to convert to new fee schedules.
  • Potential sunset or review dates to reassess the fee framework after a set period.

Potential impacts

  • Fiscal: Increased, decreased, or reallocated revenues for the regulatory agency depending on changes to fee levels and collection efficiency.
  • Regulatory: Updated cost structure for regulated entities, which could affect operating expenses, compliance budgeting, and decision-making on licensing or business plans.
  • Administrative: Possible changes in administration, IT systems, and enforcement resources to manage new or altered fee processes.

If you can provide the bill text or a link to the official bill language, I can produce a more precise summary with specific fee amounts, dates, percentage changes, and exact procedural details.

Compiled from official sources — confirm details with the bill’s official record.

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