9-811.   Prohibition against nonbank banks; allowing certain credit cardbanks.No financial institution whose deposits are insured by thefederal deposit insurance corporation shall conduct business in this stateunless such institution (a) has the legal right to accept deposits that thedepositor has the legal right to withdraw on demand and to engage in thebusiness of making commercial loans or, (b) is anational bank which engages onlyin credit card operations, does not accept demand deposits or deposits that thedepositor may withdraw by check or similar means for payment to third partiesor others, does not accept any savings or time deposits of less than $100,000,accepts deposits only from corporations which own 51% or more of the votingshares ofthe bank holding company or its parent corporation, as defined by K.S.A.9-519, and amendments thereto, of which the bank engaging only in credit cardoperations is a subsidiary, as defined by K.S.A. 9-519, andamendments thereto, maintainsonly one office that accepts deposits, and does not engage in the business ofmaking commercial loans.

      History:   L. 1985, ch. 84, § 1;L. 1991, ch. 46, § 2; July 1.