Kansas 2025-2026 Regular Session

Kansas Senate Bill SB115

Introduced
1/30/25  

Caption

Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

Impact

If passed, SB115 will significantly alter the landscape of state financial management by allowing state agencies, municipalities, and other entities to invest in or store bullion. Previously, such investments may not have been included in state treasuries' practices. This act promotes the inclusion of precious metals in financial planning, indicating a shift towards diversifying state assets and exploring alternative forms of wealth preservation amidst economic volatility.

Summary

Senate Bill 115 aims to establish the Kansas Bullion Depository Act, which authorizes the state treasurer to create and manage bullion depositories for the secure storage of precious metals like gold and silver. The bill sets forth the legal framework for establishing depositories where state funds can be deposited in the form of bullion. This act is particularly noteworthy as it allows the state to treat bullion investments as part of its official financial reserves, potentially changing the nature of how public funds are managed and invested in Kansas.

Conclusion

Overall, SB115 represents a bold initiative to modernize state financial operations through the establishment of bullion depositories. With its potential to strengthen the state's financial foundation, it could spark debate about the effectiveness and security of investing in precious metals. Supporters argue it enables the state to leverage the stability of physical assets, while critics may call for more stringent controls and transparency within the proposed framework.

Contention

One potential point of contention surrounding SB115 is the implications of having a state-managed bullion depository. Concerns may arise regarding the security measures put in place to protect state assets, particularly the risks associated with theft or mismanagement. The bill mandates that comprehensive audits and records must be maintained, yet critics might question whether these provisions provide sufficient safeguards against potential financial mismanagement or conflicts of interest within the administration of such depositories.

Companion Bills

No companion bills found.

Previously Filed As

KS SB513

Enacting the Kansas specie legal tender act and the Kansas bullion depository act, authorizing the state treasurer to approve electronic currencies backed by specie legal tender and establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

KS HB2729

Enacting the Kansas specie legal tender act and the Kansas bullion depository act, authorizing the state treasurer to approve electronic currencies backed by specie legal tender and establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

KS SB303

Establishing the Kansas legal tender act and providing for an income tax subtraction modification for sales of specie.

KS HB2405

Establishing the Kansas legal tender act and providing for an income tax subtraction modification for sales of specie.

KS HB2321

Enacting the Kansas work and save program act, allowing certain individuals to contribute to individual retirement accounts and providing administrative duties and powers of the state treasurer regarding such program.

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 HB2182

Enacting the Kansas film and digital media industry production development act, providing a tax credit, sales tax exemption and loans and grants to incentivize film, video and digital media production in Kansas and establishing a program to be administered by the secretary of commerce for the purpose of developing such production in Kansas.

KS SB300

House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.

KS SB91

Enacting the Kansas film and digital media industry production development act, providing a tax credit, sales tax exemption and loans and grants to incentivize film, video and digital media production in Kansas, establishing a program to be administered by the secretary of commerce for the purpose of developing such production in Kansas and requiring the secretary of commerce to issue reports on the economic impact of the act.

KS HB2690

Abolishing the 911 coordinating council and establishing the state 911 board; abolishing the 911 operations fund, 911 state fund and 911 state grant fund outside of the state treasury and establishing the state 911 operations fund, state 911 fund and state 911 grant fund in the state treasury; increasing the minimum county distribution of 911 moneys; and authorizing counties to contract with other counties for the provision of 911 PSAP services.

Similar Bills

KS SB513

Enacting the Kansas specie legal tender act and the Kansas bullion depository act, authorizing the state treasurer to approve electronic currencies backed by specie legal tender and establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

KS HB2729

Enacting the Kansas specie legal tender act and the Kansas bullion depository act, authorizing the state treasurer to approve electronic currencies backed by specie legal tender and establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.

AZ SB1096

Bullion depository; establishment

AZ SB1633

Bullion depository; establishment

MS HB416

Proxy Voting Integrity and Transparency Act; create.

OH SB94

Regards the Treasurer of State, recorded instruments, liens, etc.

CT HB06339

An Act Concerning Banks, Loan Production Offices, Exchange Facilitators, Public Deposits And Real Property Tax Liens.

CA SB598

Open Financial Statements Act.