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Bill > HB2235
KS HB2235
KS HB2235Updating 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.
summary
Introduced
02/04/2025
02/04/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT concerning financial institutions; relating to the technology- enabled fiduciary financial institutions act; making the act part of the state banking code; defining certain terms; reducing the fiduciary financial institution charter application fee; providing due dates for reports to the office of the state bank commissioner; exempting fiduciary financial institutions from certain records retention requirements; authorizing the issuance of certificates and trust certificates; providing for the supervision of fiduciary financial institutions by the bank commissioner; including Kansas nonprofit corporations as qualified charities for purposes of the fiduciary financial institution income tax credit; amending K.S.A. 9-542, 9-2303, 9-2307, 9-2309, 9-2310, 9-2311, 9-2312 and 9-2322 and K.S.A. 2024 Supp. 9-2301 and 79-32,283 and repealing the existing sections.
AI Summary
This bill updates the Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act by making several key changes to Kansas law. It reduces the charter application fee for TEFFI institutions from $100,000 to $50,000 starting July 1, 2025, and integrates the TEFFI Act more fully into the state banking code. The bill expands definitions to include new types of digital assets and financial instruments, such as certificates, controllable electronic records, and alternative asset custody accounts. It authorizes TEFFI institutions to issue certificates and trust certificates and provides more flexibility in how they can operate, including licensing technology platforms and services. The bill also modifies reporting requirements, with annual financial reports now due by March 1, and exempts TEFFI institutions from certain record retention rules. Additionally, the bill broadens the definition of qualified charities for tax credit purposes to include Kansas nonprofit corporations, regardless of their federal tax status. The legislation aims to provide more regulatory clarity and support for innovative financial institutions operating in economic growth zones, while maintaining oversight by the state bank commissioner.
Committee Categories
Labor and Employment
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Financial Institutions and Pensions (H)
Last Action
House Hearing: Friday, February 14, 2025, 9:00 AM Room 218-N (on 02/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://kslegislature.gov/li/b2025_26/measures/hb2235/ |
| Fiscal Note - Ficsal Note: As introduced | https://kslegislature.gov/li/b2025_26/measures/documents/fisc_note_hb2235_00_0000.pdf |
| BillText | https://kslegislature.gov/li/b2025_26/measures/documents/hb2235_00_0000.pdf |
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