Kansas Statutes Annotated
Updated Through the 2016 Legislative Session

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Statute Number:9-811
Chapter Title:BANKS AND BANKING; TRUST COMPANIES
Article Title:BANKING CODE; ORGANIZATION
Tax Type:Privilege
Brief Description:Prohibition against nonbank banks; exceptions.
Keywords:


Body:

9-811.Prohibition against nonbank banks; exceptions.No financial institution with deposits insured by the federal deposit insurance corporation shall conduct business in this state unless such institution: (a) Has the legal right to accept deposits that the depositor has the legal right to withdraw on demand and to engage in the business of making commercial loans; or (b) is a national bank which engages only in credit card operations, does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, does not accept any savings or time deposits of less than $100,000, maintains only one office that accepts deposits and does not engage in the business of making commercial loans.
History:L. 1985, ch. 84, 1; L. 1991, ch. 46, 2; L. 2015, ch. 38, 30; L. 2016, ch. 54, 10; July 1.



Date Composed: 11/10/2016 Date Modified: 11/14/2016

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