9-1138.   School savings deposit program; requirements; definitions.(a) As used in this section:

      (1)   "Accredited school" means any school operated by a public schooldistrict organized under the laws of this state and any nonpublic schoolaccredited by the state board of education.

      (2)   "Board" means the board of education of a school district and thegoverning authority of an accredited nonpublic school.

      (b)   In order to encourage savings among school children, a bank may enterinto a written agreement with a board of an accredited school to establish aschoolsavings deposit program. Such program shall be limited to the opening ofaccountsand the periodic collection, by bank employees or school personnel, of depositsfromschool children for deposit in such bank accounts. No such program shall beimplemented until the executed agreement and any information deemed necessaryhas been submitted to the Kansas state bank commissioner. If the commissionerdetermines the agreement and proposed program primarily promote educationalobjectives and the purpose of this section, the commissioner shall provide thebank with written approval to implement the program. Any bankparticipating insuch school savings deposit program shall have its main or branch officelocated in the same county as the participating school, or if no bank in thecounty wants to participate in such program, then banks in any contiguouscounty may participate. The school savings deposit program may be conducted inanyelementary or secondary school.

      History:   L. 1997, ch. 180, § 9; May 29.