SB1906 Summary

• Requires the Department of Financial and Professional Regulation to calculate administrative expenses for enforcing regulated acts by July 1, 2013 and annually thereafter, using a 2-year average of prior expenses.

• Mandates that excess funds in the Financial Institution Fund, Insurance Financial Regulation Fund, Insurance Producer Administration Fund, and Illinois State Medical Disciplinary Fund be credited to licensees proportionally based on fees paid.

• Credits to licensees become available for the following year once calculations are made, with each licensee receiving a credit proportional to their individual license fees relative to total fees collected.

• Applies to enforcement of financial institution acts, insurance regulations, and medical practice licensing under the affected regulatory regimes.

• Takes effect immediately upon becoming law.