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Minutes for SB288 - Committee on Financial Institutions and Insurance
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 29, 2021
Chairman Longbine opened the hearing on SB288. He welcomed the conferees and guests. The Chair started the meeting with testimony of oral proponent, David Toland, Lt. Governor and Secretary of the Department of Commerce, who had to leave for another meeting following his testimony. (Attachment 1) Lt. Governor Toland said that if the committee decided to work the bill, he had suggested an amendment for use at the appropriate time.
David Wiese, Assistant Revisor of Statutes, Kansas Revisor of Statutes Office (ROS) presented an Overview of SB288. (Attachment 2) He answered a question from Senator Pittman.
Continued Oral Proponents:
Brad K. Heppner, Chief Executive Officer and Chairman, The Beneficient Company Group, LP (Attachment 3) He answered questions from Chairman Longbine and Senator Pittman.
Derek Fletcher, President and Chief Fiduciary Officer, The Beneficient Company Group, LP (Attachment 4) (Attachment 5) Mr. Fletcher answered several questions from Senator Pittman.
James Silk, Executive Vice President and Chief Legal Officer, The Beneficient Company Group, LP (Attachment 6) Mr. Silk answered questions from Senators Pittman, Olson, and Chairman Longbine.
David Kauffman, Mayor, City of Hesston, Kansas (Attachment 7)
Keith Martens, Chairman of the Board, Hesston Community Foundation (Attachment 8)
Representative Stephen Owens, 74th District, Hesston, Kansas (Attachment 9)
At the end of these presentations, there was discussion, and Brad Heppner answered two additional questions from Senator Pittman.
Chairman Longbine outlined tomorrow's hearing which will include neutral oral testimony from David Herndon, the Bank Commissioner, and Alex Orel for the Kansas Bankers Association, then possible action on SB288.
Adjournment was at 10:23 am. The next scheduled meeting is Tuesday, March 30, 2021 at 9:00 am in Room 546-South of the Capitol.
