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Minutes for HB2398 - Committee on Financial Institutions and Rural Development
Short Title
Enacting the technology-enabled trust bank act, providing requirements, fiduciary powers, duties, functions and limitations for trust banks and the administration thereof by the bank commissioner and creating an income and privilege tax credit for certain qualified distributions from trust banks.
Minutes Content for Mon, Mar 22, 2021
Chair Kelly opened the hearing on HB 2398, recognized David Wiese, Assistant Revisor, who briefed the committee on the bill (remote), (Attachment1) . Question and answer period followed.
Chair Kelly called on Research, Melissa Renick, Assistant Director for Research, (remote) who provided information detailing the Fiscal Note on HB 2398.
Proponent - Chair Kelly recognized The Beneficient Company Group and Brad Heppner, Chief Executive Officer and Chairman who provided background information and testimony in support of HB 2398, (Attachment2) (Attachment3); followed by Derek L. Fletcher, President and Chief Fiduciary Officer, The Beneficient Company Group; (Attachment4) (Attachment5) (Attachment6); James Silk, Executive Vice President and Chief Legal Officer, The Beneficient Company Group, (Attachment7), because of time issues, yielded his time to David Kauffman, Mayor, City of Hesston who testified, (Attachment8). Due to further time issues Keith R. Martens, Chairman of the Board, Hesston Community Foundation, (Attachment9); was unable to testify and Representative Stephen Owens, District 74, Hesston, (Attachment10) was recognized, and then yielded his time to other scheduled conferees. Question and answer period followed.
Proponent-written only - None
Neutral - Chair Kelly recognized the following individuals / organizations who provided testimony on HB 2398. David Herndon, Commissioner, Office of State Bank Commissioner of Kansas, (Attachment11); Alex Orel, Senior Vice President, Kansas Bankers Association, (Attachment12); and David Soffer, Legislative & Policy Director, Kansas Department of Commerce, (Attachment13). Question and answer period followed.
Opponent - None
Opponent-written only - None
Chair Kelly closed the hearing on HB 2398.
The next House Financial Institutions and Rural Development Committee will be announced.
Chair Kelly adjourned the meeting at 10:33 am.
