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KS HB2092
Bill
Status
4/10/2025
Primary Sponsor
Commerce, Labor and Economic Development
Click for details
AI Summary
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Professional employer organization (PEO) registrations with the Kansas Secretary of State will expire on October 15 following issuance, rather than 120 days after the registrant's fiscal year end
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Registrations issued on or after January 1, 2025, will receive an extended initial term, expiring on October 15, 2026
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Annual audited financial statements must now be submitted with renewal applications (no older than 12 months) instead of within 120 days after fiscal year end
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PEOs with insufficient working capital must now provide only a bond as surety, eliminating the previous options of irrevocable letters of credit or securities
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The bond amount must equal the working capital shortfall plus $100,000, with the "market value" measurement standard removed from bond sufficiency requirements
Legislative Description
Setting the time for professional employer organization registration expiration, renewal and the filing of audits with the secretary of state, limiting the method of providing surety for professional employer organizations with insufficient working capital to bonds and eliminating a market value measure of the sufficiency of such bonds.
Last Action
House Approved by Governor on Wednesday, March 26, 2025
4/10/2025