9-1715.Authority to engage in activities authorized
for national banks;
powers of bank commissioner, limitations; special order, publication; report to
legislature.
(a) The commissioner shall have the power to authorize any or all state banks
to engage in any activity in which such banks
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
authority is granted, is authorized under applicable laws
and regulations to be
done by any insured depository institution
notwithstanding any restriction elsewhere contained in
the statutes of the state of Kansas.
This power shall include the power to authorize any or all Kansas trust
companies to engage in any trust related activity in which the trust department
of any insured depository institution with trust
powers could engage at the time authority is
granted.
This power shall be in addition to any
and all other powers granted to the commissioner.
(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 banks or trust companies 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
banks and trust companies 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. 1967, ch. 74, § 1;
L. 1975, ch. 44, § 36;
L. 1980, ch. 48, § 1;
L. 1986, ch. 57, § 11;
L. 1995, ch. 74, § 1;
L. 1999, ch. 12, § 1;
L. 2000, ch. 19, § 1;
L. 2001, ch. 33, § 1; July 1.
9-1715.Authority to engage in activities authorized
for national banks;
powers of bank commissioner, limitations; special order, publication; report to
legislature.
(a) The commissioner shall have the power to authorize any or all state banks
to engage in any activity in which such banks
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
authority is granted, is authorized under applicable laws
and regulations to be
done by any insured depository institution
notwithstanding any restriction elsewhere contained in
the statutes of the state of Kansas.
This power shall include the power to authorize any or all Kansas trust
companies to engage in any trust related activity in which the trust department
of any insured depository institution with trust
powers could engage at the time authority is
granted.
This power shall be in addition to any
and all other powers granted to the commissioner.
(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 banks or trust companies 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
banks and trust companies 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. 1967, ch. 74, § 1;
L. 1975, ch. 44, § 36;
L. 1980, ch. 48, § 1;
L. 1986, ch. 57, § 11;
L. 1995, ch. 74, § 1;
L. 1999, ch. 12, § 1;
L. 2000, ch. 19, § 1;
L. 2001, ch. 33, § 1; July 1.
9-1715.Authority to engage in activities authorized
for national banks;
powers of bank commissioner, limitations; special order, publication; report to
legislature.
(a) The commissioner shall have the power to authorize any or all state banks
to engage in any activity in which such banks
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
authority is granted, is authorized under applicable laws
and regulations to be
done by any insured depository institution
notwithstanding any restriction elsewhere contained in
the statutes of the state of Kansas.
This power shall include the power to authorize any or all Kansas trust
companies to engage in any trust related activity in which the trust department
of any insured depository institution with trust
powers could engage at the time authority is
granted.
This power shall be in addition to any
and all other powers granted to the commissioner.
(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 banks or trust companies 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
banks and trust companies 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. 1967, ch. 74, § 1;
L. 1975, ch. 44, § 36;
L. 1980, ch. 48, § 1;
L. 1986, ch. 57, § 11;
L. 1995, ch. 74, § 1;
L. 1999, ch. 12, § 1;
L. 2000, ch. 19, § 1;
L. 2001, ch. 33, § 1; July 1.