KS SB316

State bank commissioner authorized to establish a Kansas nonprofit organization for charitable consumer financial education initiatives, including direct outreach, funding other nonprofits, and providing scholarships to Kansans at state postsecondary institutions

Nonprofit may accept public grants and donations; persons under enforcement actions may donate to the organization in lieu of paying fines designated for consumer financial education, with commissioner approval

Funding authorized through initial and subsequent transfers from the consumer education settlement fund

Organization prohibited from having paid employees, holding real property (except educational publications), funding political activities, or benefiting board members or their families; board members serve as unpaid volunteers

Nonprofit explicitly not considered a state agency and will be governed by a board of directors initially appointed by the state bank commissioner