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Minutes for HB2197 - Committee on Financial Institutions and Insurance
Short Title
Providing a procedure for the distribution of a first-time home buyer savings account balance upon the death of an account holder, changing the term "transfer on death" to "payable on death" and resolving a conflict when beneficiaries differ on a financial institution's account records and tax forms required by the secretary of revenue.
Minutes Content for Thu, Mar 16, 2023
Chairperson Longbine opened the meeting and greeted the members, staff, and guests. He turned the committee's attention to approval of the Committee minutes for January 10, 11, 12, and 18, 2023. There were no questions, changes, or additions. Senator Gossage moved, seconded by Senator Warren, to approve the minutes as written. The motion carried.
Chairperson Longbine opened the hearing on HB2197. Eileen Ma, Assistant Revisor, Kansas Revisor of Statutes Office (ROS), presented a Memorandum brief and stood for questions. There were none. (Attachment 1)
Oral Proponents:
Kelly VanZwoll, Assistant Vice President-Government Relations, Kansas Bankers Association spoke in support of HB2197, enacted in 2021, enabling an individual to open an account with a financial institution designated as a first time home buyers savings account. She explained that HB2197 would change the term "transfer on death" to "payable on death (POD)" because the term transfer on death is generally used for investment accounts, while the payable on death (POD) designation is used for bank accounts. She related several other reasons for making the change to The First Time Home Buyers Savings Account Act (the Act). (Attachment 2) Ms. VanZwoll stood for questions. There were none.
Brandon Fenton, Public Policy Field Director, Kansas Association of Realtors also spoke in favor of HB2197. He told members that it makes some technical fixes to the Act and also gives the Treasurer's office nonexclusive authority to market the accounts. It also gives greater control to the account owner where the money goes upon their death by eliminating the uncertainty currently in the Act. (Attachment 3) Mr. Fenton stood for questions. There were none.
Chairperson Longbine called attention to the written-only proponent testimony from Steven Johnson, Kansas State Treasurer. (Attachment 4)
The Chairperson asked if there were any questions or if anyone wanted to submit other proponent, opponent, or neutral testimony. Seeing none, Chairperson Longbine closed the hearing on HB2197. Chairperson Longbine asked the committee how they felt about working the bill.
Senator Olson moved, seconded by Senator Dietrich, that HB2197 be passed with favorable recommendation from the Committee. There was discussion and a question from Senator Gossage was answered. Upon voting, the motion passed.
The Chairperson recognized Senator Warren for a point of personal privilege. She introduced Phoebe Martin, her student Page for the day. Senator Warren added that Phoebe attends a local high school and plays the viola in the Kansas City Symphony. The Chairperson thanked the Committee and staff for their hard work during this session, preparing, hearing, and working a large number of bills this year. He said that the committee would be on Call of the Chair next week. Friday, March 24, is the deadline after which non-exempt committees may not meet or consider bills. Senator Kloos also added remarks thanking the Chair and members, because this was his first session on the Committee.
The meeting adjourned at 9:52 am. There are no other regularly scheduled meetings at this time. As a Non-exempt committee, March 24, 2023 is the last official day the Senate Financial Institutions and Insurance Committee can meet or consider bills.
