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HB2152: Substitute for HB 2152 by Committee on Financial Institutions and Pensions - Mandating financial institutions to secure governmental unit deposits in excess of the amount insured or guaranteed by the FDIC by utilizing a public moneys pooled method of securities, prohibiting investment advisers that execute bids for the investment of public moneys from managing moneys directly from such bid, allowing governmental unit deposits to be invested at a rate agreed upon by the governmental unit and the financial institution, requiring certification from a governmental unit that deposits in the municipal investment pool fund were first offered to a financial institution in the preceding year and allowing financial institutions to file complaints upon the failure to comply.
Passed BothHouse
Introduced
In Committee
Passed Chamber
Passed Both
Signed
Plain-Language Summary
This bill requires financial institutions to secure government deposits exceeding FDIC insurance by using a public moneys pooled method. It also regulates investment advisers and allows for complaints if there's non-compliance.
Who This Affects
Governmental units in Kansas, such as cities and counties, will be affected by this bill. Their deposits will need to follow specific guidelines to ensure security.
Key Provisions
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Timeline
Introduced
Tuesday, January 28, 2025
Last Action
House Approved by Governor on Thursday, April 3, 2025
Apr 9, 2025
Sponsors
No sponsors listed.
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