Council approval would be required to revoke fiduciary charters

The state bank commissioner may order a fiduciary financial institution’s charter revoked for failing to follow the act or its rules. This applies to fiduciary financial institutions operating under Kansas’s technology-enabled fiduciary financial institutions act. The institution may appeal the order to the legislative coordinating council. The charter cannot be finally revoked unless a majority of council members approve the order. If enacted, the bill would take effect when published in the statute book.