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Minutes for SB204 - Committee on Financial Institutions and Insurance
Short Title
Replacing the definition of "charitable beneficiaries" with "qualified charities" in the technology-enabled fiduciary financial institutions act.
Minutes Content for Tue, Feb 14, 2023
Chairperson Longbine opened the meeting by greeting the members, staff, and guest. He then opened the hearing on SB204. Eileen Ma, Assistant Revisor, Kansas Revisor of Statutes Office (ROS) presented a bill brief and stood for questions. (Attachment 1) There were none at this time.
Oral Proponents:
Derek Fletcher, President and Chief Fiduciary Officer, Ben, The Beneficient Company Group, LP (BEN) appeared in support of SB204, a bill which would expand the definition of "qualified charities" to include not only 501(c)(3) organizations, but any Kansas non-profit corporation, regardless of its federal tax status. This expansion will allow a variety of charitable organizations to participate in economic growth, subject to the proper oversight and reporting requirements. He also suggested two changes be made to amend the bill. (Attachment 2) Derek Fletcher and Eileen Ma answered questions from Senator Pittman pertaining to other entities that would be included under this broader definition.
The Chairperson, seeing no other questions or comments, and no other proponent, opponent, or neutral testimony was submitted, closed the hearing on SB204.
