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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 Tue, Mar 30, 2021
Chair Kelly opened discussion on HB 2398, recognized David Wiese, Assistant Revisor of Statutes, (remote) who provided a refresher to the committee on the bill, followed by Melissa Renick, Assistant Director for Research, Legislative Research Department, (remote) who provided some highlights on the Fiscal Note for HB 2398.
Chair Kelly recognized Vice Chair Representative Nick Hoheisel.
Representative Nick Hoheisel made a motion to favorably pass HB 2398. The motion was seconded by Representative Barbara Wasinger.
Chair Kelly opened for discussion.
Chair Kelly called on David Wiese, Assistant Revisor of Statutes to explain a proposed balloon amendment for HB 2398. Copies of the amendment were made available to committee members, staff, and posted to the Kansas Legislative website. (Attachment1)
Chair Kelly provided additional information and explanation on the proposed balloon amendment.
Discussion continued on HB 2398. Chair Kelly and David Wiese, Assistant Revisor (remote) responded to various questions.
Chair Kelly recognized Representative John Toplikar.
Representative John Toplikar made a motion to amend HB 2398. with the proposed balloon amendment. The motion to amend was seconded by Representative Dave Baker and passed on a "hand" vote. The vote was announced, passing 8 to 7.
Chair Kelly announced that SB 98 was assigned to the House Financial Institutions & Rural Development Committee on Monday, March 29, 2021, and SB 98 is open for discussion and further action.
Chair Kelly recognized Vice Chair Representative Nick Hoheisel.
Representative Nick Hoheisel made a motion to remove the contents of SB 98 and insert the contents of HB 2398 as amended, and allow for any necessary "technical" corrections. The motion was seconded by Representative Barbara Wasinger and passed on a voice vote.
Chair Kelly recognized Representative Barbara Wasinger.
Representative Barbara Wasinger made a motion to favorably pass House Substitute for SB 98. The motion was seconded by Representative Dave Baker and passed on a voice vote.
