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.
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.
Authorizing the state banking board to deny, suspend or revoke a charter of a fiduciary financial institution in certain circumstances, requiring fiduciary financial institutions to purchase a surety bond and establishing a civil money penalty for violations of the technology-enabled fiduciary financial institutions act.
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.
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any person to become a depositor or lessor of a safe deposit box, providing methods in which bank deposits may be withdrawn by a depositor and prohibiting banks from requiring a cosigner for an account of a child in the custody of the secretary for children and families, secretary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.
Updating statutes related to the Kansas army and air national guard, providing for the appointment of a state judge advocate, providing for the adjustment of death and disability benefits and updating the Kansas code of military justice relating to certain definitions, unlawful acts and punishment requirements thereof.
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.
Authorizing the state banking board to deny, suspend or revoke a charter of a fiduciary financial institution in certain circumstances, requiring fiduciary financial institutions to purchase a surety bond and establishing a civil money penalty for violations of the technology-enabled fiduciary financial institutions act.