9-2315 Excluded fiduciary; actions not liable for; relieved of certain duties; deemed administrative actions.
9-2315. Excluded fiduciary; actions not liable for; relieved of certain duties; deemed administrative actions. (a) An excluded fiduciary is not liable, either individually or as a fiduciary, for any of the following: (1) Any loss that results from compliance with a direction of the trust advisor, including any loss from the trust advisor breaching fiduciary […]
9-2220 Citation of act; severability.
9-2220. Citation of act; severability. (a) The provisions of K.S.A. 9-2201 through 9-2220, and amendments thereto, and K.S.A. 9-2216a, and amendments thereto, shall be known and may be cited as the Kansas mortgage business act. (b) If any provision of this act or its application to any person or circumstance is held invalid, the remainder […]
9-2301 Citation of act; definitions.
9-2301. Citation of act; definitions. (a) The provisions of K.S.A. 2021 Supp. 9-2301 through 9-2327, and amendments thereto, shall be known and may be cited as the technology-enabled fiduciary financial institutions act. The technology-enabled fiduciary financial institutions act shall be a part of and supplemental to chapter 9 of the Kansas Statutes Annotated, and amendments […]
9-2302 Organization; application for certificate of authority; criteria for approval; applicable distribution.
9-2302. Organization; application for certificate of authority; criteria for approval; applicable distribution. (a) No fiduciary financial institution shall be organized under the laws of this state nor engage in fidfin transactions, custodial services or trust business in this state until the application for such fiduciary financial institution’s organization and the application for certificate of authority […]
9-2303 Fees and assessments; examination expenses; remittance of moneys.
9-2303. Fees and assessments; examination expenses; remittance of moneys. (a) Every fiduciary financial institution shall be assessed an initial fee of $500,000 to be remitted concurrently with the issuance of such fiduciary financial institution’s charter. The expense of every annual regular fiduciary financial institution examination, together with the expense of administering fiduciary financial institution laws, […]
9-2304 Provisions of state banking code applicable; exceptions; conflict of law.
9-2304. Provisions of state banking code applicable; exceptions; conflict of law. (a) To the extent a conflict does not exist between this act and chapter 9 of the Kansas Statutes Annotated, and amendments thereto, the provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall apply to a fiduciary financial institution in […]
9-2305 Capitalization requirements.
9-2305. Capitalization requirements. (a) For purposes of this section, “capital” means the total of the aggregate par value of a fiduciary financial institution’s outstanding membership units, its surplus and its undivided profits. (b) (1) The required capital for fiduciary financial institutions shall at all times be $250,000 when: (A) The fiduciary financial institution does not […]
9-2306 Board of directors; membership; annual meeting; oath; notification of commissioner.
9-2306. Board of directors; membership; annual meeting; oath; notification of commissioner. (a) The business of any fiduciary financial institution shall be managed and controlled by such fiduciary financial institution’s board of directors. (b) The board shall consist of not less than five nor more than 25 members who shall be elected by the members at […]
9-2307 Report to commissioner; safety and soundness.
9-2307. Report to commissioner; safety and soundness. (a) A fiduciary financial institution shall make a report to the commissioner pursuant to the provisions of K.S.A. 9-1704, and amendments thereto. In making such a report, a fiduciary financial institution shall: (1) Report the fiduciary financial institution’s fidfin transactions pursuant to generally accepted accounting principles; and (2) […]
9-2308 Name of institution; advertising; restrictions.
9-2308. Name of institution; advertising; restrictions. A fiduciary financial institution may use in such fiduciary financial institution’s business name or advertising the words “fiduciary financial institution” or any similar term or phrase, but may not use in such institution’s name the words “bank” or “trust company” without reference to fidfin trusts or any other term […]