17-5601. General supervisory power; authority to engage in activities authorized for federal associations; powers of commissioner; report to legislature.
17-5601
17-5601. General supervisory power; authority to engage in activities
authorized for federal associations; powers of commissioner; report to legislature.
(a) The commissioner shall have general supervision over all associations
and corporations which are subject to the provisions of this act. The
commissioner shall enforce the purposes of this act by use of the powers
herein conferred and by resort to the courts when required. In addition
to any and all other powers heretofore granted to the state savings and
loan commissioner, the commissioner, with the prior approval of the
savings and loan board, shall have the power to authorize state savings
and loan associations to engage in any activity in which such
associations could engage were they operating as any insured depository
institution at the time
such authority is granted, including but
without limitation because of enumeration, the power to do any act, and
own, possess and carry as assets, property of such character, including
stocks, bonds or other debentures which, at the time said authority is
granted, is authorized under applicable laws and
regulations to be done by
any insured depository
institution, notwithstanding any restrictions
elsewhere contained in the statutes of the state of Kansas.
(b) The commissioner shall exercise the power granted in subsection (a) by
the issuance of a special order if the commissioner deems it reasonably
required to preserve and protect the welfare of a particular institution, or if
the commissioner deems it reasonably required to preserve the welfare of all
state savings and loan associations and to promote competitive equality of
state
and other insured depository institutions. Such
special
order shall provide for the effective date
thereof and upon and after such date shall be in full force and effect until
amended or revoked by the commissioner. Promptly following issuance, the
commissioner shall mail a copy of each special order
to all state
savings and loan associations and shall be published in the Kansas register.
(c) The commissioner, at the time of issuing any special
order pursuant to this section, shall prepare a written report, which shall
include a description of the special order and a copy of the special order, and
submit the written report to:
(1) The president and the minority leader of the senate;
(2) the chairperson and ranking minority member of the senate standing
committee on financial institutions and insurance;
(3) the speaker and the minority leader of the house of representatives;
(4) the chairperson and ranking minority member of the house of
representatives standing committee on financial institutions; and
(5) the governor.
(d) Within two weeks of the beginning of each legislative session, the
commissioner shall submit to the chair of the senate standing committee on
financial institutions and insurance, and the chair of the house standing
committee on financial institutions, a written summary of each special order
issued during the preceding year. Upon request of the chair of the senate
standing committee on financial institutions and insurance or the chair of the
house standing committee on financial institutions, the commissioner, or the
commissioner's designee, shall appear before the committee to discuss
any special order issued during the preceding year. If the committee desires
information concerning the economic impact of any special order, the committee
chair or ranking minority member may request assistance from the division of
budget.
(e) The issuance of special orders under this section shall
not be subject
to the provisions of article 4 of chapter 77 of the Kansas Statutes
Annotated.
(f) As used in this statute, "insured depository institution" means a
bank, a savings and loan association or a savings bank
organized under the laws of the United States, this state, or any other state,
whose deposits are insured by the United States government.
History: L. 1943, ch. 133, § 151;
L. 1976, ch. 111, § 1;
L. 1980, ch. 48, § 3;
L. 2001, ch. 33, § 2; July 1.