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HB2235: Updating 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.

IntroducedHouse
Introduced
In Committee
Passed Chamber
Passed Both
Signed

Plain-Language Summary

This bill updates Kansas laws about technology-enabled financial institutions. It makes some changes to definitions and fees, and adds new rules for supervision.

Who This Affects

Kansas residents who use these types of financial institutions will be affected by the changes in fees and supervision. Nonprofit corporations in Kansas may also benefit from being considered qualified charities.

Key Provisions

• Makes the Technology-Enabled Fiduciary Financial Institutions (TEFFI) act part of the state banking code • Adjusts and provides certain definitions for TEFFIs • Reduces the TEFFI charter application fee

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Timeline

Introduced

Monday, February 3, 2025

Last Action

House Hearing: Friday, February 14, 2025, 9:00 AM Room 218-N

Feb 13, 2025

Sponsors

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