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Panel considers bill barring state agencies from acting as receiver for TEFIs
Summary
Senate Bill 300 would prohibit the Office of the State Bank Commissioner or any state agency from being appointed receiver for a technology‑enabled fiduciary financial institution; proponents cited a prior out‑of‑state wind‑down that remains unresolved and argued the bill protects state resources.
The Kansas Senate committee heard testimony on Senate Bill 300, which would add a section to the Technology Enabled Fiduciary Financial Institutions Act (KSA 9‑2,301) prohibiting the Office of the State Bank Commissioner or any other state agency from acting as receiver for an insolvent technology‑enabled fiduciary financial institution (TEFI).
Eileen, a legislative staff member, summarized the bill's text and said it defines insolvency for TEFIs by two conditions: (1) the institution's…
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