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Minutes for SB405 - Committee on Financial Institutions and Insurance
Short Title
Holding a control person liable for violations of the Kansas uniform securities act by an individual subject to discipline under the act unless the control person was unaware and could not reasonably have known of the violations of such individual.
Minutes Content for Tue, Feb 6, 2024
Chairperson Longbine opened the hearing on SB405.
Eileen Ma, Assistant Revisor, ROS, presented the Revisor's Memorandum brief on the bill. (Attachment 3) Ms. Ma answered questions from Senators Pittman and Warren.
Eric Turek, Director of Government and Public Affairs, KID, gave oral proponent testimony on this bill, which was requested by KID. (Attachment 4) Mr. Turek answered questions from Senators Pittman, Fagg, Olson, Gossage, and Warren. There was considerable discussion about numerous definitions and terms used in the bill, such as "directly or indirectly," "control person," "could have known" vs. "should have known," "reasonable" vs. "not reasonable," and others that members felt should be better-defined. Members wanted to know how many other states have similar laws. Mr. Turek said he would provide an answer as soon as possible.
There being no further questions or discussion, the Chairperson closed the hearing on SB405. The meeting adjourned at 10:05 am. The next scheduled meeting is Wednesday, February 7, 2024, in Room 546-South of the Capitol.
