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Legislative report recommends modernizing linked‑deposit programs and centralized collateral pool
Summary
A special committee recommended reworking Kansas linked‑deposit loan programs, creating a centralized collateral pool and other statutory changes to modernize the Pooled Money Investment Board (PMIB) and linked deposit programs.
Mike Ditch of the Legislative Research Department briefed the committee on the special committee report regarding centralized pooled collateral, PMIB modernization and linked deposit loan programs.
The special committee recommended two bills: one to rework state linked‑deposit loan programs to remove outdated restrictions and make Kansas programs more competitive with neighboring states, and a second bill to incorporate the remaining committee recommendations.
Those remaining recommendations include creating a centralized collateral pool program, clarifying statutory intent and negotiating rates that differ from statutory rates, ensuring public entities comply with public deposit laws, designating municipal bond sale proceeds as public deposits, and prohibiting third‑party investment advisers from actively investing public funds they advise.
The report recommended preparing proposed legislation in coordination with the Kansas Bankers Association and introducing the bills during the 2025 legislative session.
