Brief⁽¹⁾

H.B. 2718, as amended, would make several technical changes in Kansas security laws. The definition of agent would restate which persons would be considered exempt agents by referring to the whole of K.S.A. 17-1261 (the list of securities exempt from registration) as opposed to the several subsections of that law. The restatement would incorporate subsection (d), securities of federally chartered savings and loan associations, a category not currently included in the list of exempt securities.

Further, the bill would clarify the definition of "Investment adviser representative" to ensure its consistency with federal security law.

Finally, H.B. 2718 would rewrite the introductory sentences of two statutes, making it clear that certain securities and certain transactions are exempt only from registration under the Kansas act, not from all of the provisions of the act.

The Senate Committee amendment changes the effective date of the bill to publication in the Kansas Register.

Background

H.B. 2718 was requested by the Securities Commissioner.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext-bill.html.