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KS HB2281
Bill
Status
2/5/2025
Primary Sponsor
Financial Institutions and Pensions
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AI Summary
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Establishes the Kanbucks program authorizing the state treasurer to invest in linked deposits for loans supporting agricultural production, housing/adult care home construction, business purposes, and extraordinary natural gas costs from the February 2021 winter weather event
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Limits total linked deposits to 5% of the pooled money investment portfolio, with individual loans for agricultural or business purposes capped at $2,500,000 and housing loans limited to 15-year amortization
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Sets loan deposit interest rates at 2% below market rate (minimum 0.25%), with eligible lending institutions permitted to charge borrowers up to 3% above the deposit rate; loan terms cannot exceed 10 years
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Eligible borrowers include family farms, housing developers, businesses with 200 or fewer employees operating in Kansas, and wholesale natural gas customers affected by the 2021 winter storm
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Abolishes five existing loan deposit programs (Kansas agricultural production, housing, extraordinary utility costs, economic recovery, and city utility low-interest loan programs) while allowing outstanding loans under those programs to continue under their original terms
Legislative Description
Establishing the Kanbucks program to authorize the state treasurer to invest in linked deposits with eligible financial institutions to provide linked deposit loans to eligible borrowers and abolishing the Kansas agricultural production, housing, extraordinary utility costs and economic recovery loan deposit programs and the city utility low-interest loan program.
Last Action
House Referred to Committee on Financial Institutions and Pensions
2/5/2025