Kansas 2023-2024 Regular Session

Kansas Senate Bill SB51

Introduced
1/18/23  
Refer
1/19/23  
Report Pass
2/14/23  
Refer
2/16/23  
Refer
2/20/23  
Refer
4/4/23  

Caption

Authorizing the state bank commissioner to accept state and national criminal history record checks from private entities.

Impact

If enacted, SB51 will significantly impact how fiduciary financial institutions receive their charters and operate within Kansas. The bill establishes definitions crucial for understanding fiduciary services, including what constitutes an 'alternative asset' and the requirements for creating an 'alternative asset custody account.' This clarity is intended to foster the growth of fiduciaries that can manage both traditional and alternative investments while ensuring compliance with state laws.

Summary

Senate Bill 51, also known as the technology-enabled fiduciary financial institutions act, seeks to modernize the regulatory framework governing fiduciary financial institutions in Kansas. The bill introduces provisions for the operation and oversight of these institutions, demanding compliance with specific requirements set by the state banking board. One of the key aspects of the bill is the authorization for the state bank commissioner to accept state and national criminal history record checks from private entities, enhancing the vetting process for those involved with fiduciary financial institutions.

Contention

Notably, a point of contention within the bill is the confidentiality surrounding criminal history checks. The bill stipulates that the results from these checks must remain confidential and are not subject to public disclosure, which raises concerns about transparency and accountability in the oversight of fiduciary financial institutions. Additionally, there are discussions about the implications of allowing private entities to conduct criminal history checks, as some stakeholders argue this could lead to inconsistencies and potential biases in how applications are treated.

Implementation

The successful implementation of SB51 hinges on the coordinated efforts between the state banking board and applicants for fiduciary financial institution charters. The bill specifies stringent requirements for applicants, including necessary investments in economic growth zones and commitments to charitable contributions. These stipulations aim to not only safeguard the interests of investors but also to stimulate economic development within designated areas of Kansas.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2235

Updating provisions of the technology-enabled fiduciary financial institutions (TEFFI) act by making the act part of the state banking code, adjusting and providing certain definitions, reducing the TEFFI charter application fee, authorizing the issuance of certificates and trust certificates, providing for the supervision of TEFFIs by the state bank commissioner and including Kansas nonprofit corporations as qualified charities for the TEFFI income tax credit.

KS HB2342

Authorizing the attorney general and the state gaming agency to receive certain additional criminal history records, updating criminal history record language related to the state bank commissioner, requiring the secretary of labor to conduct criminal history record checks on employees who have access to federal tax information and authorizing the secretary of commerce to conduct such checks on final applicants for and employees in certain sensitive positions.

KS SB491

Standardizing criminal history record check fingerprinting language and defining who may be fingerprinted for a criminal history record check.

KS SB248

Requiring criminal history record check information relating to hemp producers to be sent to the state fire marshal, updating the fingerprinting language for the state banking commissioner for money transmitters and earned wage access services providers and authorizing the state gaming agency and attorney general to have access to more criminal history record information.

KS SB204

Replacing the definition of "charitable beneficiaries" with "qualified charities" in the technology-enabled fiduciary financial institutions act.

KS HB2133

Providing that fiduciary financial institutions shall be overseen, supervised and examined by the office of the state bank commissioner as a chartered trust company, allowing a fiduciary financial institution to refer to itself as a trust company in legal or regulatory filings or disclosures to existing or prospective customers or investors and authorizing a fiduciary financial institution to exercise fiduciary powers and full trust powers and to engage as a trust company under state and federal law.

KS HB2334

Enacting the Kansas protected cell captive insurance company act, providing for the redomestication of a foreign or alien captive insurance company and updating certain terms, requirements and conditions of the captive insurance act, reducing insurance company premium tax rates, creating parity between the insurance agent and public adjuster licensing requirements, authorizing insurers to file certain travel insurance policies under the accident and health line of insurance and authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register not later than December 1 of the current year.

KS SB246

Requiring all applicants for teaching licenses and certificates and employees of a school district or public innovative district to submit to a criminal history record check and creating the criminal history record check reimbursement fund for certain state and criminal history record checks conducted by the Kansas department for aging and disability services.

KS HB2436

Senate Substitute for HB 2436 by Committee on Federal and State Affairs - Creating the crime of coercion to obtain an abortion and providing enhanced criminal penalties for offenses committed with the intent to coerce a woman to obtain an abortion.

KS SB291

House Substitute for SB 291 by Committee on Legislative Modernization - Transferring all cybsersecurity services under the chief information technology officer of each branch of government, creating chief information security officers within the judicial and legislative branches, requiring a chief information security officer to be appointed by the attorney general, Kansas bureau of investigation, secretary of state, state treasurer and insurance commissioner and requiring the chief information security officers to implement certain minimum cybersecurity standards, requiring the information technology executive council to develop a plan to integrate executive branch information technology services under the executive chief information technology officer, making and concerning appropriations for the fiscal years ending June 30, 2025, and June 30, 2026, for the office of information technology, Kansas information security office and the adjutant general, authorizing certain transfers and imposing certain limitations and restrictions and directing or authorizing certain disbursements and procedures for all state agencies and requiring legislative review of state agencies not in compliance with this act.

Similar Bills

KS HB2235

Updating provisions of the technology-enabled fiduciary financial institutions (TEFFI) act by making the act part of the state banking code, adjusting and providing certain definitions, reducing the TEFFI charter application fee, authorizing the issuance of certificates and trust certificates, providing for the supervision of TEFFIs by the state bank commissioner and including Kansas nonprofit corporations as qualified charities for the TEFFI income tax credit.

KS SB204

Replacing the definition of "charitable beneficiaries" with "qualified charities" in the technology-enabled fiduciary financial institutions act.

KS HB2133

Providing that fiduciary financial institutions shall be overseen, supervised and examined by the office of the state bank commissioner as a chartered trust company, allowing a fiduciary financial institution to refer to itself as a trust company in legal or regulatory filings or disclosures to existing or prospective customers or investors and authorizing a fiduciary financial institution to exercise fiduciary powers and full trust powers and to engage as a trust company under state and federal law.

KS HB2560

Enacting the Kansas money transmission act and the Kansas earned wage access services act, providing when applications under the state banking code are considered abandoned or expired, allowing an originating trustee to have such trustee's principal place of business outside of Kansas, authorizing any person to become a depositor or lessor of a safe deposit box, providing methods in which bank deposits may be withdrawn by a depositor and prohibiting banks from requiring a cosigner for an account of a child in the custody of the secretary for children and families, secretary of corrections or a federally recognized Indian tribe.

KS SB302

Suspending fidfin transactions, custodial services and trust business of technology-enabled fiduciary financial institutions until the legislature expressly consents to and approves such activities by an act of the legislature and requiring the legislature to conduct a forensic audit of technology-enabled fiduciary financial institutions.

WV HB4778

Permit banks to transact business with any one or more fiduciaries on multiple fiduciary accounts

AR SB230

To Repeal The Arkansas Trust Institutions Act; And To Create The Arkansas Trust Institutions Act Of 2025.

CT SB00839

An Act Concerning The Revisor's Technical Corrections To The General Statutes.