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KS SB524
Bill
Status
3/3/2026
Primary Sponsor
Assessment and Taxation
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AI Summary
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Banks, savings and loan associations, and savings banks must enter into written agreements with the state treasurer (rather than individual municipal corporations) to serve as depositories for public moneys
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Securities required to secure public deposits increase from 100% to 102% of the total deposit amount in excess of FDIC-insured amounts
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State treasurer may assess fees to operate the public moneys pooled method, with revenues deposited into a newly created public moneys fee fund
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Depositories failing to meet state treasurer requirements must allow governmental units to either close accounts without penalty (if deposits exceed seven days) or convert to repurchase agreements
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Governmental unit accounts subject to conflicting federal law are exempt from the public moneys pooled method requirements
Legislative Description
Requiring banks to enter into a written agreement with the state treasurer to be a depository of public moneys, increasing the market value of securities necessary to secure the deposit of public moneys, providing procedures for when a depository fails to follow the requirements of the state treasurer, modifying certain definitions, authorizing the state treasurer to assess a fee to operate the public moneys pooled method, creating the public moneys fee fund and providing exceptions to the public moneys pooled method if accounts are subject to conflicting federal law.
Last Action
Senate Committee Report recommending bill be passed as amended by Committee on Financial Institutions and Insurance
3/11/2026