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Minutes for SB288 - Committee on Financial Institutions and Insurance
Short Title
Enacting the technology-enabled trust bank act, providing requirements, fiduciary powers, duties, functions and limitations for trust banks and the administration thereof by the bank commissioner and creating an income and privilege tax credit for certain qualified distributions from trust banks.
Minutes Content for Tue, Mar 30, 2021
Chairperson Longbine reconvened the hearing on SB288.
Oral Neutral Testimony:
Bank Commissioner David Herndon testified in person as a neutral conferee on behalf of the Office of the State Bank Commissioner (OSBC). He commented that his office is neutral on this bill because the OSBC does not decide policy -- the legislature does. Commissoner Herndon listed four major concerns of the OSBC with regard to the bill. (Attachment 1) He then answered questions from Chairperson Longbine and Senator Pittman,
Alex Orel, Senior Vice President, Government Relations with Kansas Bankers Association (KBA), also testified in person as a neutral conferee. Mr. Orel recounted the many discussions over the last few months with the proponents of this legislation, members of the KBA Trust Division, and the association's State Affairs Committee. He outlined three concerns and questions for which they sought answers. In conclusion, Mr. Orel stated that KBA does not believe the provisions of SB288 would directly impact the Kansas banking and trust industry because this establishes a different, new lane of financial services. (Attachment 2) Mr. Orel responded to questions from Chairman Longbine and Senator Hilderbrand.
There being no other questions or comments and no other proponent, opponent, or neutral testimony submitted, Chairman Longbine closed the hearing on SB288.
