Brief ⁽¹⁾

SB 412, as amended, makes technical changes in the law pertaining to the Bank Commissioner's authority to adopt administrative rules and regulations. The bill consolidates the Commissioner's authority in one statute, K.S.A. 9-1713. Additionally, the bill names as the State Banking Code, Articles 5, and 6 through 21, of Chapter 9 of the Kansas Statutes Annotated.

The House Committee amendment allows for the conversion of a federal savings and loan association and a federal savings bank to a state chartered bank. The process of conversion follows existing law for the conversion of a national bank to a state bank.

The House Committee of the Whole amendment concerns the list of bank stockholders' names submitted annually to the Bank Commissioner and makes confidential, and not subject to disclosure under the Kansas Open Records Act, the names and addresses of those stockholders owning less than 5 percent of the capital stock of the bank.

Background

SB 412 was recommended for introduction as a committee bill as a result of a review of banking rules and regulations during the interim by the Joint Committee on Administrative Rules and Regulations.

The amendment was proposed by the Bank Commissioner who indicated a savings association is interested in converting to a state chartered bank.

The Office of the State Bank Commissioner indicated to the Budget Director that there is no fiscal impact resulting from passage of this bill.

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/bill_search.html