Brief ⁽¹⁾

HB 2997 makes several changes in statutes governing the sale of securities in the state. The bill:

• amends the definition of "Commissioner" to reference the person appointed in KSA 75-6301 and the definition of "Person" to include limited liability companies;



• deletes reference to the savings and loan department as that agency has been abolished;



• subjects the offerings of not for private profit organizations, including bonds issued by religious organizations, to filing requirements as set by the Securities Commissioner through rules and regulations;



• deletes from the securities statutes reference to named recognized securities manuals; and



• strikes language that expired October 10, 1999.

Background

HB 2997 was requested by the Securities Commissioner who described the changes made by the bill as housekeeping in nature.

The fiscal note prepared by the Division of the Budget indicates passage of the bill would have no fiscal impact.

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