Kansas SB 301: Requiring annual filing of a statement of substantial interest by local governmental officers and employees, exempting elected or appointed officers of townships or school districts from such requirements absent a change in substantial interests of such officers.

Bill Text

Session of 2026
SENATE BILL No. 301
By Joint Committee on Fiduciary Financial Institutions Oversight
12-29
AN ACT concerning financial institutions; relating to the technology-
enabled fiduciary financial institutions act; authorizing the state bank
commissioner to revoke a fiduciary financial institution charter, subject
to approval by the legislative coordinating council; amending K.S.A.
2025 Supp. 9-2301 and repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
New Section 1. (a) Subject to the provisions of subsection (b), the
commissioner may revoke a fiduciary financial institution charter upon a
finding of a failure to comply with the provisions of this act or the rules
and regulations promulgated thereunder.
(b) If the commissioner orders the revocation of the charter of a
fiduciary financial institution, such fiduciary financial institution shall
have the right to appeal such order to the legislative coordinating council.
No fiduciary financial institution charter shall be finally revoked by the
commissioner unless a majority of the members of the legislative
coordinating council vote in the affirmative to approve the revocation
order. The legislative coordinating council may consider and act on such
matter at any time, including when the legislature is in session.
(c) The provisions of this section shall be a part of and supplemental
to technology-enabled fiduciary financial institutions act.
Sec. 2. K.S.A. 2025 Supp. 9-2301 is hereby amended to read as
follows: 9-2301. (a) The provisions of K.S.A. 9-2301 through 9-2327, and
amendments thereto, and section 1, and amendments thereto, shall be
known and may be cited as the technology-enabled fiduciary financial
institutions act. The technology-enabled fiduciary financial institutions act
shall be a part of and supplemental to chapter 9 of the Kansas Statutes
Annotated, and amendments thereto.
(b) For purposes of the technology-enabled fiduciary financial
institutions act:
(1) "Act" means the technology-enabled fiduciary financial
institutions act;
(2) "alternative asset" means professionally managed investment
assets that are not publicly traded, including, but not limited to, private
equity, venture capital, leveraged buyouts, special situations, structured
credit, private debt, private real estate funds and natural resources,
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including any economic or beneficial interest therein;
(3) "alternative asset custody account" means an account created by
the owner of an alternative asset that designates a fiduciary financial
institution as custodian or agent and into which the owner transfers,
electronically or otherwise, content, materials, data, information,
documents, reports and contracts in any form, including, without
limitation, evidence of ownership, subscription agreements, private
placement memoranda, limited partnership agreements, operating
agreements, financial statements, annual and quarterly reports, capital
account statements, tax statements, correspondence from the general
partner, manager or investment advisor of the alternative asset, an
investment contract as defined in K.S.A. 17-12a102(28)(E), and
amendments thereto, and any digital asset as defined in K.S.A. 58-4802,
and amendments thereto, whether such information is in hard copy form or
a representation of such information that is stored in a computer readable
format;
(4) "charitable beneficiaries" means one or more charities,
contributions to which are allowable as a deduction pursuant to section
170 of the federal internal revenue code that are designated as
beneficiaries of a fidfin trust;
(5) "custodial services" means the safekeeping and management of an
alternative asset custody account, including the execution of customer
instructions, serving as agent, fund administrative services and overall
decision-making and management of the account by a fiduciary financial
institution and. "Custodial services" shall be deemed to involve the
exercise of fiduciary and trust powers;
(6) "director" means a person designated as a member of the board of
directors pursuant to K.S.A. 9-2306, and amendments thereto;
(7) "economic growth zone" means an incorporated community with
a population of not more than 5,000 people located within one of the
following counties: Allen, Anderson, Barber, Bourbon, Brown, Chase,
Chautauqua, Cherokee, Cheyenne, Clark, Clay, Cloud, Coffey, Comanche,
Decatur, Doniphan, Edwards, Elk, Ellsworth, Gove, Graham, Grant, Gray,
Greeley, Greenwood, Hamilton, Harper, Harvey, Haskell, Hodgeman,
Jackson, Jewell, Kearny, Kingman, Kiowa, Labette, Lane, Lincoln, Linn,
Logan, Marion, Marshall, Meade, Mitchell, Montgomery, Morris, Morton,
Nemaha, Neosho, Ness, Norton, Osborne, Ottawa, Pawnee, Phillips, Pratt,
Rawlins, Republic, Rice, Rooks, Rush, Russell, Scott, Sheridan, Sherman,
Smith, Stafford, Stanton, Stevens, Sumner, Trego, Thomas,