17-5601.   General supervisory power; authority to engage in activitiesauthorized for federal associations; powers of commissioner; report to legislature.(a) The commissioner shall have general supervision over all associationsand corporations which are subject to the provisions of this act. Thecommissioner shall enforce the purposes of this act by use of the powersherein conferred and by resort to the courts when required. In additionto any and all other powers heretofore granted to the state savings andloan commissioner, the commissioner, with the prior approval of thesavings and loan board, shall have the power to authorize state savingsand loan associations to engage in any activity in which suchassociations could engage were they operating as any insured depositoryinstitution at the timesuch authority is granted, including butwithout limitation because of enumeration, the power to do any act, andown, possess and carry as assets, property of such character, includingstocks, bonds or other debentures which, at the time said authority isgranted, is authorized under applicable laws andregulations to be done byany insured depositoryinstitution, notwithstanding any restrictionselsewhere contained in the statutes of the state of Kansas.

      (b)   The commissioner shall exercise the power granted in subsection (a) bythe issuance of a special order if the commissioner deems it reasonablyrequired to preserve and protect the welfare of a particular institution, or ifthe commissioner deems it reasonably required to preserve the welfare of allstate savings and loan associations and to promote competitive equality ofstateand other insured depository institutions. Suchspecialorder shall provide for the effective datethereof and upon and after such date shall be in full force and effect untilamended or revoked by the commissioner. Promptly following issuance, thecommissioner shall mail a copy of each special orderto all statesavings and loan associations and shall be published in the Kansas register.

      (c)   The commissioner, at the time of issuing any specialorder pursuant to this section, shall prepare a written report, which shallinclude a description of the special order and a copy of the special order, andsubmit the written report to:

      (1)   The president and the minority leader of the senate;

      (2)   the chairperson and ranking minority member of the senate standingcommittee 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 ofrepresentatives standing committee on financial institutions; and

      (5)   the governor.

      (d)   Within two weeks of the beginning of each legislative session, thecommissioner shall submit to the chair of the senate standing committee onfinancial institutions and insurance, and the chair of the house standingcommittee on financial institutions, a written summary of each special orderissued during the preceding year. Upon request of the chair of the senatestanding committee on financial institutions and insurance or the chair of thehouse standing committee on financial institutions, the commissioner, or thecommissioner's designee, shall appear before the committee to discussany special order issued during the preceding year. If the committee desiresinformation concerning the economic impact of any special order, the committeechair or ranking minority member may request assistance from the division ofbudget.

      (e)   The issuance of special orders under this section shallnot be subjectto the provisions of article 4 of chapter 77 of the Kansas StatutesAnnotated.

      (f)   As used in this statute, "insured depository institution" means abank, a savings and loan association or a savings bankorganized 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.