Session of 1999
SENATE BILL No. 120
An Act concerning banks and trust companies; relating
to the powers of the bank com-
missioner; amending K.S.A. 1998 Supp. 9-1715 and repealing
the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 1998 Supp. 9-1715
is hereby amended to read as
follows: 9-1715. (a) The commissioner shall have the power to
authorize
any or all state banks to engage in any activity in which such
banks could
engage were they operating as national banks at the time such
authority
is granted, including but without limitation because of enumeration
the
power to do any act, and own, possess and carry as assets, property
of
such character including stocks, bonds or other debentures which,
at the
time authority is granted, is authorized under federal laws and
regulations
to be done by national banks notwithstanding any restriction
elsewhere
contained in the statutes of the state of Kansas. This power shall
include
the power to authorize any or all Kansas trust companies to engage
in
any trust related activity in which the trust department of a
national bank
with trust powers could engage at the time authority is granted.
This
power shall be in addition to any and all other powers granted to
the
commissioner.
(b) The commissioner shall exercise the
power granted in subsection
(a) by the issuance of a special order if the commissioner deems it
rea-
sonably required to preserve and protect the welfare of a
particular in-
stitution, or if the commissioner deems it reasonably required to
preserve
the welfare of all state banks or trust companies and to promote
com-
petitive equality of state and national banks. Such special order
shall pro-
vide for the effective date thereof and upon and after such date
shall be
in full force and effect until amended or revoked by the
commissioner.
Promptly following issuance, the commissioner shall cause a copy of
each
special order to be mailed to all state banks and trust
companies.
(c) The commissioner, at the time
of issuing any special order pur-
suant to this section, shall submit a written report to the
president and
the minority leader of the senate and to the speaker and
the minority
leader of the house of representatives. The
commissioner, at the time of
issuing any special order pursuant to this section, shall
prepare a written
report, which shall include a description of the special order
and a copy
of the special order, and submit the written report
to:
(1) The president and the minority
leader of the senate;
(2) the chairperson and ranking
minority member of the senate stand-
ing committee on financial institutions and
insurance;
(3) the speaker and the minority
leader of the house of representa-
tives;
(4) the chairperson and ranking
minority member of the house of
representatives standing committee on financial institutions;
and
(5) the governor.
(d) Within two weeks of the beginning
of each legislative session, the
commissioner shall submit to the chair of the senate standing
committee
on financial institutions and insurance, and the chair of the
house stand-
ing committee on financial institutions, a written summary of
each special
order issued during the preceding year. Upon request of the
chair of the
senate standing committee on financial institutions and
insurance or the
chair of the house standing committee on financial institutions,
the com-
missioner, or the commissioner's designee, shall appear before
the com-
mittee to discuss any special order issued during the preceding
year. If
the committee desires information concerning the economic impact
of any
special order, the committee chair or ranking minority member
may re-
quest assistance from the division of budget.
(d) (e) The
issuance of special orders under this section shall not be
subject to the provisions of article 4 of chapter 77 of the Kansas
Statutes
Annotated.
Sec. 2. K.S.A. 1998 Supp. 9-1715 is hereby repealed.
Sec. 3. This act shall take effect and be in force
from and after its
publication in the statute book.
I hereby certify that the above BILL originated in the
SENATE, and passed that body
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Passed the HOUSE ______________________________
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APPROVED ______________________________
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