9-1138. School savings deposit program; requirements; definitions.
9-1138
9-1138. School savings deposit program; requirements; definitions.
(a) As used in this section:
(1) "Accredited school" means any school operated by a public school
district organized under the laws of this state and any nonpublic school
accredited by the state board of education.
(2) "Board" means the board of education of a school district and the
governing authority of an accredited nonpublic school.
(b) In order to encourage savings among school children, a bank may enter
into a written agreement with a board of an accredited school to establish a
school
savings deposit program. Such program shall be limited to the opening of
accounts
and the periodic collection, by bank employees or school personnel, of deposits
from
school children for deposit in such bank accounts. No such program shall be
implemented until the executed agreement and any information deemed necessary
has been submitted to the Kansas state bank commissioner. If the commissioner
determines the agreement and proposed program primarily promote educational
objectives and the purpose of this section, the commissioner shall provide the
bank with written approval to implement the program. Any bank
participating in
such school savings deposit program shall have its main or branch office
located in the same county as the participating school, or if no bank in the
county wants to participate in such program, then banks in any contiguous
county may participate. The school savings deposit program may be conducted in
any
elementary or secondary school.
History: L. 1997, ch. 180, § 9; May 29.