Bill > SB316

This bill authorizes the state bank commissioner, who oversees banks in Kansas, to create a nonprofit organization under Kansas law specifically to offer charitable consumer financial education programs across the state. This new organization can engage in various activities to achieve its educational goals, such as directly teaching people about finances, supporting other nonprofits that do similar work, providing scholarships for Kansans to attend college in the state, or investing money for future educational efforts. The organization can receive donations from the public, and individuals facing fines from enforcement actions or examinations related to consumer finance can, with the commissioner's approval, donate to this nonprofit instead of paying the fine. The state bank commissioner can also use funds from a "consumer education settlement fund" to initially and subsequently support this nonprofit. However, the nonprofit is prohibited from having paid employees and from owning any real estate or personal property beyond materials for its educational initiatives. It can hire third-party professionals like accountants and investment advisors. The organization will be governed by a board of directors, with the initial board appointed by the state bank commissioner and subsequent appointments following the organization's bylaws; all board members will serve as volunteers, only receiving reimbursement for approved expenses, and neither they nor their immediate families can profit from the organization. Crucially, the nonprofit is forbidden from funding political activities, and it will not be considered a state agency.

Business and Industry

Financial Institutions and Insurance (Senate)

https://kslegislature.gov/li/b2025_26/measures/sb316/