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SB3447 • 2026

INS-FINANCIAL REGULATION FEES

INS-FINANCIAL REGULATION FEES

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Mark L. Walker
Last action
2026-02-04
Official status
Referred to Assignments
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

INS-FINANCIAL REGULATION FEES

INS-FINANCIAL REGULATION FEES

What This Bill Does

  • INS-FINANCIAL REGULATION FEES

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-02-04 Illinois General Assembly

    Filed with Secretary by Sen. Mark L. Walker

  2. 2026-02-04 Illinois General Assembly

    First Reading

  3. 2026-02-04 Illinois General Assembly

    Referred to Assignments

Official Summary Text

INS-FINANCIAL REGULATION FEES

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Illinois General Assembly - Full Text of SB3447

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3447

Introduced 2/4/2026, by Sen. Mark L. Walker

SYNOPSIS AS INTRODUCED:

215 ILCS 5/408

from Ch. 73, par. 1020

Amends the Illinois Insurance Code. Makes changes to the annual
financial regulation fee charged and collected from every domestic company
and foreign or alien company, except fraternal benefit societies. Provides
that those financial regulation fees shall not exceed $500,000 (instead of
$250,000) in the aggregate in any single year. Provides that, beginning on
the effective date of the amendatory Act, the Department of Insurance may
amend the imposed fees by rule.
LRB104 18376 BAB 31818 b

A BILL FOR

SB3447
LRB104 18376 BAB 31818 b
1

AN ACT concerning regulation.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Illinois Insurance Code is amended by
5
changing Section 408 as follows:

6

(215 ILCS 5/408)

(from Ch. 73, par. 1020)
7

Sec. 408.
Fees and charges.
8

(1) The Director shall charge, collect and give proper
9
acquittances for the payment of the following fees and
10
charges:
11

(a) For filing all documents submitted for the
12

incorporation or organization or certification of a
13

domestic company, except for a fraternal benefit society,
14

$2,000.
15

(b) For filing all documents submitted for the
16

incorporation or organization of a fraternal benefit
17

society, $500.
18

(c) For filing amendments to articles of incorporation
19

and amendments to declaration of organization, except for
20

a fraternal benefit society, a mutual benefit association,
21

a burial society or a farm mutual, $200.
22

(d) For filing amendments to articles of incorporation
23

of a fraternal benefit society, a mutual benefit

SB3447
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LRB104 18376 BAB 31818 b
1

association or a burial society, $100.
2

(e) For filing amendments to articles of incorporation
3

of a farm mutual, $50.
4

(f) For filing bylaws or amendments thereto, $50.
5

(g) For filing agreement of merger or consolidation:
6

(i) for a domestic company, except for a fraternal
7

benefit society, a mutual benefit association, a
8

burial society, or a farm mutual, $2,000.
9

(ii) for a foreign or alien company, except for a
10

fraternal benefit society, $600.
11

(iii) for a fraternal benefit society, a mutual
12

benefit association, a burial society, or a farm
13

mutual, $200.
14

(h) For filing agreements of reinsurance by a domestic
15

company, $200.
16

(i) For filing all documents submitted by a foreign or
17

alien company to be admitted to transact business or
18

accredited as a reinsurer in this State, except for a
19

fraternal benefit society, $5,000.
20

(j) For filing all documents submitted by a foreign or
21

alien fraternal benefit society to be admitted to transact
22

business in this State, $500.
23

(k) For filing declaration of withdrawal of a foreign
24

or alien company, $50.
25

(l) For filing annual statement by a domestic company,
26

except a fraternal benefit society, a mutual benefit

SB3447
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LRB104 18376 BAB 31818 b
1

association, a burial society, or a farm mutual, $200.
2

(m) For filing annual statement by a domestic
3

fraternal benefit society, $100.
4

(n) For filing annual statement by a farm mutual, a
5

mutual benefit association, or a burial society, $50.
6

(o) For issuing a certificate of authority or renewal
7

thereof except to a foreign fraternal benefit society,
8

$400.
9

(p) For issuing a certificate of authority or renewal
10

thereof to a foreign fraternal benefit society, $200.
11

(q) For issuing an amended certificate of authority,
12

$50.
13

(r) For each certified copy of certificate of
14

authority, $20.
15

(s) For each certificate of deposit, or valuation, or
16

compliance or surety certificate, $20.
17

(t) For copies of papers or records per page, $1.
18

(u) For each certification to copies of papers or
19

records, $10.
20

(v) For multiple copies of documents or certificates
21

listed in subparagraphs (r), (s), and (u) of paragraph (1)
22

of this Section, $10 for the first copy of a certificate of
23

any type and $5 for each additional copy of the same
24

certificate requested at the same time, unless, pursuant
25

to paragraph (2) of this Section, the Director finds these
26

additional fees excessive.

SB3447
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LRB104 18376 BAB 31818 b
1

(w) For issuing a permit to sell shares or increase
2

paid-up capital:
3

(i) in connection with a public stock offering,
4

$300;
5

(ii) in any other case, $100.
6

(x) For issuing any other certificate required or
7

permissible under the law, $50.
8

(y) For filing a plan of exchange of the stock of a
9

domestic stock insurance company, a plan of
10

demutualization of a domestic mutual company, or a plan of
11

reorganization under Article XII, $2,000.
12

(z) For filing a statement of acquisition of a
13

domestic company as defined in Section 131.4 of this Code,
14

$2,000.
15

(aa) For filing an agreement to purchase the business
16

of an organization authorized under the Dental Service
17

Plan Act or the Voluntary Health Services Plans Act or of a
18

health maintenance organization or a limited health
19

service organization, $2,000.
20

(bb) For filing a statement of acquisition of a
21

foreign or alien insurance company as defined in Section
22

131.12a of this Code, $1,000.
23

(cc) For filing a registration statement as required
24

in Sections 131.13 and 131.14, the notification as
25

required by Sections 131.16, 131.20a, or 141.4, or an
26

agreement or transaction required by Sections 124.2(2),

SB3447
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LRB104 18376 BAB 31818 b
1

141, 141a, or 141.1, $200.
2

(dd) For filing an application for licensing of:
3

(i) a religious or charitable risk pooling trust
4

or a workers' compensation pool, $1,000;
5

(ii) a workers' compensation service company,
6

$500;
7

(iii) a self-insured automobile fleet, $200; or
8

(iv) a renewal of or amendment of any license
9

issued pursuant to (i), (ii), or (iii) above, $100.
10

(ee) For filing articles of incorporation for a
11

syndicate to engage in the business of insurance through
12

the Illinois Insurance Exchange, $2,000.
13

(ff) For filing amended articles of incorporation for
14

a syndicate engaged in the business of insurance through
15

the Illinois Insurance Exchange, $100.
16

(gg) For filing articles of incorporation for a
17

limited syndicate to join with other subscribers or
18

limited syndicates to do business through the Illinois
19

Insurance Exchange, $1,000.
20

(hh) For filing amended articles of incorporation for
21

a limited syndicate to do business through the Illinois
22

Insurance Exchange, $100.
23

(ii) For a permit to solicit subscriptions to a
24

syndicate or limited syndicate, $100.
25

(jj) For the filing of each form as required in
26

Section 143 of this Code, $50 per form. Informational and

SB3447
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LRB104 18376 BAB 31818 b
1

advertising filings shall be $25 per filing. The fee for
2

advisory and rating organizations shall be $200 per form.
3

(i) For the purposes of the form filing fee,
4

filings made on insert page basis will be considered
5

one form at the time of its original submission.
6

Changes made to a form subsequent to its approval
7

shall be considered a new filing.
8

(ii) Only one fee shall be charged for a form,
9

regardless of the number of other forms or policies
10

with which it will be used.
11

(iii) Fees charged for a policy filed as it will be
12

issued regardless of the number of forms comprising
13

that policy shall not exceed $1,500. For advisory or
14

rating organizations, fees charged for a policy filed
15

as it will be issued regardless of the number of forms
16

comprising that policy shall not exceed $2,500.
17

(iv) The Director may by rule exempt forms from
18

such fees.
19

(kk) For filing an application for licensing of a
20

reinsurance intermediary, $500.
21

(ll) For filing an application for renewal of a
22

license of a reinsurance intermediary, $200.
23

(mm) For filing a plan of division of a domestic stock
24

company under Article IIB, $100,000.
25

(nn) For filing all documents submitted by a foreign
26

or alien company to be a certified reinsurer in this

SB3447
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LRB104 18376 BAB 31818 b
1

State, except for a fraternal benefit society, $1,000.
2

(oo) For filing a renewal by a foreign or alien
3

company to be a certified reinsurer in this State, except
4

for a fraternal benefit society, $400.
5

(pp) For filing all documents submitted by a reinsurer
6

domiciled in a reciprocal jurisdiction, $1,000.
7

(qq) For filing a renewal by a reinsurer domiciled in
8

a reciprocal jurisdiction, $400.
9

(rr) For registering a captive management company or
10

renewal thereof, $50.
11

(ss) For filing an insurance business transfer plan
12

under Article XLVII, $100,000.
13

(2) When printed copies or numerous copies of the same
14
paper or records are furnished or certified, the Director may
15
reduce such fees for copies if he finds them excessive. He may,
16
when he considers it in the public interest, furnish without
17
charge to state insurance departments and persons other than
18
companies, copies or certified copies of reports of
19
examinations and of other papers and records.
20

(3)(a) The expenses incurred in any performance
21
examination authorized by law shall be paid by the company or
22
person being examined. The charge shall be consistent with
23
that otherwise authorized by law and shall be reasonably
24
related to the cost of the examination, including, but not
25
limited to, compensation of examiners, electronic data
26
processing costs, supervision and preparation of an

SB3447
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LRB104 18376 BAB 31818 b
1
examination report, and lodging and travel expenses. All
2
lodging and travel expenses shall be in accord with the
3
applicable travel regulations as published by the Department
4
of Central Management Services and approved by the Governor's
5
Travel Control Board, except that out-of-state lodging and
6
travel expenses related to examinations authorized under
7
Section 132 shall be in accordance with travel rates
8
prescribed under paragraph 301-7.2 of the Federal Travel
9
Regulations, 41 CFR 301-7.2, for reimbursement of subsistence
10
expenses incurred during official travel. All lodging and
11
travel expenses may be reimbursed directly upon authorization
12
of the Director. With the exception of the direct
13
reimbursements authorized by the Director, all performance
14
examination charges collected by the Department shall be paid
15
to the Insurance Producer Administration Fund, however, the
16
electronic data processing costs incurred by the Department in
17
the performance of any examination shall be billed directly to
18
the company being examined for payment to the Technology
19
Management Revolving Fund.
20

(b) The costs and fees incurred in a market conduct
21
examination shall be itemized and bills shall be provided to
22
the examinee on a monthly basis for review prior to submission
23
for payment. The Director shall review and affirmatively
24
endorse detailed billings from any contracted, qualified
25
outside professional assistance retained under Section 402 for
26
market conduct examinations before the detailed billings are

SB3447
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LRB104 18376 BAB 31818 b
1
sent to the examinee. Before any qualified outside
2
professional assistance conducts billable work on an
3
examination, the Department shall disclose to the examinee the
4
terms of the contracts with the qualified outside professional
5
assistance that will be used, including the fees and hourly
6
rates that can be charged.
7

(4) At the time of any service of process on the Director
8
as attorney for such service, the Director shall charge and
9
collect the sum of $40, which may be recovered as taxable costs
10
by the party to the suit or action causing such service to be
11
made if he prevails in such suit or action.
12

(5)(a) The costs incurred by the Department of Insurance
13
in conducting any hearing authorized by law shall be assessed
14
against the parties to the hearing in such proportion as the
15
Director of Insurance may determine upon consideration of all
16
relevant circumstances including: (1) the nature of the
17
hearing; (2) whether the hearing was instigated by, or for the
18
benefit of a particular party or parties; (3) whether there is
19
a successful party on the merits of the proceeding; and (4) the
20
relative levels of participation by the parties.
21

(b) For purposes of this subsection (5) costs incurred
22
shall mean the hearing officer fees, court reporter fees, and
23
travel expenses of Department of Insurance officers and
24
employees; provided however, that costs incurred shall not
25
include hearing officer fees or court reporter fees unless the
26
Department has retained the services of independent

SB3447
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LRB104 18376 BAB 31818 b
1
contractors or outside experts to perform such functions.
2

(c) The Director shall make the assessment of costs
3
incurred as part of the final order or decision arising out of
4
the proceeding; provided, however, that such order or decision
5
shall include findings and conclusions in support of the
6
assessment of costs. This subsection (5) shall not be
7
construed as permitting the payment of travel expenses unless
8
calculated in accordance with the applicable travel
9
regulations of the Department of Central Management Services,
10
as approved by the Governor's Travel Control Board. The
11
Director as part of such order or decision shall require all
12
assessments for hearing officer fees and court reporter fees,
13
if any, to be paid directly to the hearing officer or court
14
reporter by the party or parties assessed for such costs. The
15
assessments for travel expenses of Department officers and
16
employees shall be reimbursable to the Director of Insurance
17
for deposit to the fund out of which those expenses had been
18
paid.
19

(d) The provisions of this subsection (5) shall apply in
20
the case of any hearing conducted by the Director of Insurance
21
not otherwise specifically provided for by law.
22

(6) The Director shall charge and collect an annual
23
financial regulation fee from every domestic company for
24
examination and analysis of its financial condition and to
25
fund the internal costs and expenses of the Interstate
26
Insurance Receivership Commission as may be allocated to the

SB3447
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LRB104 18376 BAB 31818 b
1
State of Illinois and companies doing an insurance business in
2
this State pursuant to Article X of the Interstate Insurance
3
Receivership Compact. The fee shall be the greater fixed
4
amount based upon the combination of nationwide direct premium
5
income and nationwide reinsurance assumed premium income or
6
upon admitted assets calculated under this subsection as
7
follows:
8

(a) Combination of nationwide direct premium income
9

and nationwide reinsurance assumed premium.
10

(i)
$300

$150
, if the premium is less than
11

$500,000 and there is no reinsurance assumed premium;
12

(ii)
$1,500

$750
, if the premium is $500,000 or
13

more, but less than $5,000,000 and there is no
14

reinsurance assumed premium; or if the premium is less
15

than $5,000,000 and the reinsurance assumed premium is
16

less than $10,000,000;
17

(iii)
$7,500

$3,750
, if the premium is less than
18

$5,000,000 and the reinsurance assumed premium is
19

$10,000,000 or more;
20

(iv)
$15,000

$7,500
, if the premium is $5,000,000
21

or more, but less than $10,000,000;
22

(v)
$36,000

$18,000
, if the premium is $10,000,000
23

or more, but less than $25,000,000;
24

(vi)
$45,000

$22,500
, if the premium is
25

$25,000,000 or more, but less than $50,000,000;
26

(vii)
$60,000

$30,000
, if the premium is

SB3447
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LRB104 18376 BAB 31818 b
1

$50,000,000 or more, but less than $100,000,000;
2

(viii)
$75,000

$37,500
, if the premium is
3

$100,000,000 or more.
4

(b) Admitted assets.
5

(i)
$300

$150
, if admitted assets are less than
6

$1,000,000;
7

(ii)
$1,500

$750
, if admitted assets are
8

$1,000,000 or more, but less than $5,000,000;
9

(iii)
$7,500

$3,750
, if admitted assets are
10

$5,000,000 or more, but less than $25,000,000;
11

(iv)
$15,000

$7,500
, if admitted assets are
12

$25,000,000 or more, but less than $50,000,000;
13

(v)
$36,000

$18,000
, if admitted assets are
14

$50,000,000 or more, but less than $100,000,000;
15

(vi)
$45,000

$22,500
, if admitted assets are
16

$100,000,000 or more, but less than $500,000,000;
17

(vii)
$60,000

$30,000
, if admitted assets are
18

$500,000,000 or more, but less than $1,000,000,000;
19

(viii)
$75,000

$37,500
, if admitted assets are
20

$1,000,000,000 or more.
21

(c) The sum of financial regulation fees charged to
22

the domestic companies of the same affiliated group shall
23

not exceed
$500,000

$250,000
in the aggregate in any
24

single year and shall be billed by the Director to the
25

member company designated by the group.
26

(7) The Director shall charge and collect an annual

SB3447
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LRB104 18376 BAB 31818 b
1
financial regulation fee from every foreign or alien company,
2
except fraternal benefit societies, for the examination and
3
analysis of its financial condition and to fund the internal
4
costs and expenses of the Interstate Insurance Receivership
5
Commission as may be allocated to the State of Illinois and
6
companies doing an insurance business in this State pursuant
7
to Article X of the Interstate Insurance Receivership Compact.
8
The fee shall be a fixed amount based upon Illinois direct
9
premium income and nationwide reinsurance assumed premium
10
income in accordance with the following schedule:
11

(a)
$300

$150
, if the premium is less than $500,000
12

and there is no reinsurance assumed premium;
13

(b)
$1,500

$750
, if the premium is $500,000 or more,
14

but less than $5,000,000 and there is no reinsurance
15

assumed premium; or if the premium is less than $5,000,000
16

and the reinsurance assumed premium is less than
17

$10,000,000;
18

(c)
$7,500

$3,750
, if the premium is less than
19

$5,000,000 and the reinsurance assumed premium is
20

$10,000,000 or more;
21

(d)
$15,000

$7,500
, if the premium is $5,000,000 or
22

more, but less than $10,000,000;
23

(e)
$36,000

$18,000
, if the premium is $10,000,000 or
24

more, but less than $25,000,000;
25

(f)
$45,000

$22,500
, if the premium is $25,000,000 or
26

more, but less than $50,000,000;

SB3447
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LRB104 18376 BAB 31818 b
1

(g)
$60,000

$30,000
, if the premium is $50,000,000 or
2

more, but less than $100,000,000;
3

(h)
$75,000

$37,500
, if the premium is $100,000,000 or
4

more.
5

The sum of financial regulation fees under this subsection
6
(7) charged to the foreign or alien companies within the same
7
affiliated group shall not exceed
$500,000

$250,000
in the
8
aggregate in any single year and shall be billed by the
9
Director to the member company designated by the group.
10

(8) Beginning January 1, 1992, the financial regulation
11
fees imposed under subsections (6) and (7) of this Section
12
shall be paid by each company or domestic affiliated group
13
annually. After January 1, 1994, the fee shall be billed by
14
Department invoice based upon the company's premium income or
15
admitted assets as shown in its annual statement for the
16
preceding calendar year. The invoice is due upon receipt and
17
must be paid no later than June 30 of each calendar year. All
18
financial regulation fees collected by the Department shall be
19
paid to the Insurance Financial Regulation Fund. The
20
Department may not collect financial examiner per diem charges
21
from companies subject to subsections (6) and (7) of this
22
Section undergoing financial examination after June 30, 1992.
23
Beginning on the effective date of this amendatory Act of the
24
104th General Assembly, the Department may amend the fees
25
imposed under subsections (6) and (7) by rule.

26

(9) In addition to the financial regulation fee required

SB3447
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LRB104 18376 BAB 31818 b
1
by this Section, a company undergoing any financial
2
examination authorized by law shall pay the following costs
3
and expenses incurred by the Department: electronic data
4
processing costs, the expenses authorized under Section 131.21
5
and subsection (d) of Section 132.4 of this Code, and lodging
6
and travel expenses.
7

Electronic data processing costs incurred by the
8
Department in the performance of any examination shall be
9
billed directly to the company undergoing examination for
10
payment to the Technology Management Revolving Fund. Except
11
for direct reimbursements authorized by the Director or direct
12
payments made under Section 131.21 or subsection (d) of
13
Section 132.4 of this Code, all financial regulation fees and
14
all financial examination charges collected by the Department
15
shall be paid to the Insurance Financial Regulation Fund.
16

All lodging and travel expenses shall be in accordance
17
with applicable travel regulations published by the Department
18
of Central Management Services and approved by the Governor's
19
Travel Control Board, except that out-of-state lodging and
20
travel expenses related to examinations authorized under
21
Sections 132.1 through 132.7 shall be in accordance with
22
travel rates prescribed under paragraph 301-7.2 of the Federal
23
Travel Regulations, 41 CFR 301-7.2, for reimbursement of
24
subsistence expenses incurred during official travel. All
25
lodging and travel expenses may be reimbursed directly upon
26
the authorization of the Director.

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LRB104 18376 BAB 31818 b
1

In the case of an organization or person not subject to the
2
financial regulation fee, the expenses incurred in any
3
financial examination authorized by law shall be paid by the
4
organization or person being examined. The charge shall be
5
reasonably related to the cost of the examination including,
6
but not limited to, compensation of examiners and other costs
7
described in this subsection.
8

(10) Any company, person, or entity failing to make any
9
payment of $150 or more as required under this Section shall be
10
subject to the penalty and interest provisions provided for in
11
subsections (4) and (7) of Section 412.
12

(11) Unless otherwise specified, all of the fees collected
13
under this Section shall be paid into the Insurance Financial
14
Regulation Fund.
15

(12) For purposes of this Section:
16

(a) "Domestic company" means a company as defined in
17

Section 2 of this Code which is incorporated or organized
18

under the laws of this State, and in addition includes a
19

not-for-profit corporation authorized under the Dental
20

Service Plan Act or the Voluntary Health Services Plans
21

Act, a health maintenance organization, and a limited
22

health service organization.
23

(b) "Foreign company" means a company as defined in
24

Section 2 of this Code which is incorporated or organized
25

under the laws of any state of the United States other than
26

this State and in addition includes a health maintenance

SB3447
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LRB104 18376 BAB 31818 b
1

organization and a limited health service organization
2

which is incorporated or organized under the laws of any
3

state of the United States other than this State.
4

(c) "Alien company" means a company as defined in
5

Section 2 of this Code which is incorporated or organized
6

under the laws of any country other than the United
7

States.
8

(d) "Fraternal benefit society" means a corporation,
9

society, order, lodge or voluntary association as defined
10

in Section 282.1 of this Code.
11

(e) "Mutual benefit association" means a company,
12

association or corporation authorized by the Director to
13

do business in this State under the provisions of Article
14

XVIII of this Code.
15

(f) "Burial society" means a person, firm,
16

corporation, society or association of individuals
17

authorized by the Director to do business in this State
18

under the provisions of Article XIX of this Code.
19

(g) "Farm mutual" means a district, county and
20

township mutual insurance company authorized by the
21

Director to do business in this State under the provisions
22

of the Farm Mutual Insurance Company Act of 1986.
23
(Source: P.A. 103-75, eff. 1-1-25; 103-718, eff. 7-19-24;
24
103-897, eff. 1-1-25; 104-417, eff. 8-15-25.)

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