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KS HB2235
Bill
Status
2/4/2025
Primary Sponsor
Financial Institutions and Pensions
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AI Summary
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Reduces the fiduciary financial institution charter application fee from $100,000 to $50,000 effective July 1, 2025
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Adds new definitions for "certificate," "controllable account," "controllable electronic record," "controllable payment intangible," and "custodial services" to accommodate digital assets and distributed ledger technology
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Authorizes fiduciary financial institutions to issue certificates and trust certificates representing beneficial ownership of trusts or alternative asset custody accounts, including through digitization processes using blockchain and smart contracts
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Extends financial report due dates, with the annual report not due until March 1 and other reports not due until 60 days after the commissioner's request
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Expands "qualified charities" eligible for the fiduciary financial institution income tax credit to include Kansas nonprofit corporations regardless of their federal income tax treatment
Legislative Description
Updating provisions of the technology-enabled fiduciary financial institutions (TEFFI) act by making the act part of the state banking code, adjusting and providing certain definitions, reducing the TEFFI charter application fee, authorizing the issuance of certificates and trust certificates, providing for the supervision of TEFFIs by the state bank commissioner and including Kansas nonprofit corporations as qualified charities for the TEFFI income tax credit.
Last Action
House Hearing: Friday, February 14, 2025, 9:00 AM Room 218-N
2/14/2025