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Minutes for HB2110 - Committee on Financial Institutions and Insurance
Short Title
Requiring nonresident trust entity applicants to prove that their home state authorizes Kansas trust entities.
Minutes Content for Thu, Mar 16, 2017
The Chairperson announced that in order to accommodate Senator Olson, who must leave early on some personal business, the committee will hear HB2110, then will pause and take action on SB23, then will resume with the hearing on SB205.
Chairperson Longbine opened the hearing on HB2110. Elaine Ma presented a short overview of the bill.
Doug Wareham gave supportive testimony for the bill. He explained that his organization worked with the OSBC to develop the language in this bill to accomplish the objective of prohibiting out-of-state trust companies and trust departments from branching into and operating in Kansas, unless the state in question allows a Kansas trust company or trust department to operate there. Mr. Wareham urged favorable action on HB2110. (Attachment 1)
Mark Knackendoffel presented testimony in favor of the HB2110. Mr. Knackendoffel told the committee that he supports this bill, which removes the requirement that the laws of Kansas and those of other states be "reciprocal" or identical, providing clarity and eliminating potential roadblocks for expansion of Kansas businesses. (Attachment 2)
Chairperson Longbine directed the committee's attention to the written-only testimony of Judi Stork, Deputy Commissioner, Banking Division of the Office of the State Bank Commissioner. (Attachment 3)
There being no questions or discussion, and no other conferees or written-only testimony submitted, Chairperson Longbine closed the hearing on HB2110.
