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Committee hears SB 139 to amend Kansas banking code; trust-company rules, relocation distance and reciprocity among key changes
Summary
Supporters told the Senate FINI committee SB 139 updates definitions, clarifies administrative hearing procedures under the Kansas Administrative Procedure Act, raises the trust‑office relocation threshold from 1 mile to 10 miles, and creates reciprocal requirements for out‑of‑state trust companies doing business in Kansas.
The Senate Committee on FINI heard proponent testimony on Senate Bill 139, a broad update to parts of the Kansas banking code that would change filing timelines, trust‑company rules, and reciprocity standards for nonresident trust companies.
Jason Thompson of the Revisor’s office summarized the bill’s major changes: it adds a reference to the Kansas Administrative Procedure Act so hearings will be conducted under that act; it modifies rules about board oaths and required notice when a bank or trust executive departs or is appointed; it alters merger provisions to ensure a charter is void the next business day after a merger’s effective date; and it exempts some federally insured institutions from state‑level approval in specified circumstances. Thompson noted the bill, if enacted,…
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