Session Law

Identifying Information:L. 2001 ch. 033
Other Identifying Information:2001 Senate Bill 142
Tax Type:Other
Brief Description:An Act concerning financial institutions; relating to the authority to issue special orders; amending K.S.A. 17-5601 and K.S.A. 2000 Supp. 9-1715 and repealing the existing sections.
Keywords:


Body:

CHAPTER 33

SENATE BILL No. 142


An Act concerning financial institutions; relating to the authority to issue special orders;

amending K.S.A. 17-5601 and K.S.A. 2000 Supp. 9-1715 and repealing the existing sections.




Be it enacted by the Legislature of the State of Kansas:

Section 1. K.S.A. 2000 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 any insured depository in-

stitution at the time such authority is granted, including but without lim-

itation 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 applicable laws and regulations to be done by national banks

any insured depository institution notwithstanding any restriction else-

where contained in the statutes of the state of Kansas. This power shall

include the power to authorize any or all Kansas trust companies to en-

gage in any trust related activity in which the trust department of a na-

tional bank any insured depository institution 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 other insured depository in-

stitutions. Such special order shall provide 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 mail a copy of each special order to be

mailed to all state banks and trust companies and shall be published in

the Kansas register.

(c) The commissioner, at the time of issuing any special order pur-

suant 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 standing

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

request assistance from the division of budget.

(e) The issuance of special orders under this section shall not be sub-

ject to the provisions of article 4 of chapter 77 of the Kansas Statutes

Annotated.

(f) As used in this statute, ``insured depository institution'' means a

bank, a savings and loan association or a savings bank organized under

the laws of the United States, this state, or any other state, whose deposits

are insured by the United States government.

Sec. 2. K.S.A. 17-5601 is hereby amended to read as follows: 17-

5601. (a) The commissioner shall have general supervision over all asso-

ciations and corporations which are subject to the provisions of this act.

The commissioner shall enforce the purposes of this act by use of the

powers herein conferred and by resort to the courts when required. In

addition to any and all other powers heretofore granted to the state sav-

ings and loan commissioner, the commissioner, with the prior approval

of the savings and loan board, shall have the power to authorize state

savings and loan associations to engage in any activity in which such as-

sociations could engage were they operating as federal savings and loan

associations any insured depository institution 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 said authority is granted, is authorized under federal applicable laws

and regulations to be done by federal savings and loan associations any

insured depository institution, notwithstanding any restrictions elsewhere

contained in the statutes of the state of Kansas. The commissioner shall

exercise such power by the issuance of a special order therefor, if such

commissioner deems it reasonably required to preserve and protect the

welfare of state savings and loan associations and promote competitive

equality of state and federal savings and loan associations. Such special

order shall provide 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, with the prior approval of the state savings and loan board,

by subsequent special order. Upon issuance of a special order, the com-

missioner promptly shall mail copies thereof to all state savings and loan

associations. The issuance of such special orders shall not be subject to

the provisions of article 4 of chapter 77 of the Kansas Statutes Annotated.

(b) The commissioner shall, at the time of issuing any special order

pursuant to this section, submit a written report thereof to the president

and minority leader of the senate and to the speaker and minority leader

of the house of representatives.

(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 savings and loan associations and to promote com-

petitive equality of state and other insured depository institutions. Such

special order shall provide 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

mail a copy of each special order to all state savings and loan associations

and shall be published in the Kansas register.

(c) The commissioner, at the time of issuing any special order pur-

suant 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.

(e) The issuance of special orders under this section shall not be sub-

ject to the provisions of article 4 of chapter 77 of the Kansas Statutes

Annotated.

(f) As used in this statute, ``insured depository institution'' means a

bank, a savings and loan association or a savings bank organized under

the laws of the United States, this state, or any other state, whose deposits

are insured by the United States government.

Sec. 3. K.S.A. 17-5601 and K.S.A. 2000 Supp. 9-1715 are hereby

repealed.

Sec. 4. This act shall take effect and be in force from and after its

publication in the statute book.

Approved March 21, 2000.


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Date Composed: 09/25/2001 Date Modified: 09/25/2001