Division of the Budget
Landon State Office Building Phone: (785) 296-2436
900 SW Jackson Street, Room 504 adam.c.proffitt@ks.gov
Topeka, KS 66612 http://budget.kansas.gov
Adam Proffitt, Director Laura Kelly, Governor
Division of the Budget
February 3, 2023
The Honorable Nick Hoheisel, Chairperson
House Committee on Financial Institutions and Pensions
300 SW 10th Avenue, Room 582-N
Topeka, Kansas 66612
Dear Representative Hoheisel:
SUBJECT: Fiscal Note for HB 2197 by House Committee on Financial Institutions and
Pensions
In accordance with KSA 75-3715a, the following fiscal note concerning HB 2197 is
respectfully submitted to your committee.
HB 2197 would make technical changes to the First-Time Home Buyer Savings Account
Act. The bill clarifies that the naming of a designated beneficiary does not create a survivorship
interest in the account. In the event of death of an account holder, the balance of the account would
be paid to the named payable on death beneficiary or in the absence of a named payable on death
beneficiary the account would be paid according to provisions in the Kansas Probate Code. The
bill replaces the term “surviving transfer on death beneficiary” with “surviving payable on death
beneficiary.” If the payable on death beneficiary in a financial institution’s account records
conflicts with the designated beneficiary on any form under the First-Time Home Buyer Savings
Account Act, the payable on death beneficiary in the financial institution’s account records would
be used.
The Department of Revenue indicates HB 2197 would have no fiscal effect
Sincerely,
Adam Proffitt
Director of the Budget
cc: Lynn Robinson, Department of Revenue