KansasKansas council must approve charter revocations for financial institutions
The state bank commissioner may seek to revoke a fiduciary financial institution's charter for violations, but a council majority must approve the final revocation.
What it does
The state bank commissioner may order a fiduciary financial institution's charter revoked for failure to follow the law or its rules. The institution may appeal, and a council majority must approve final revocation.
Argument forCouncil approval before final revocation could give institutions another chance to challenge a decision that would end their charter.
Argument againstA charter could remain active despite the commissioner's finding of violations if the coordinating council does not approve revocation, which may limit enforcement.
More detail
The state bank commissioner may order a fiduciary financial institution's charter revoked after finding that it failed to follow the law or its rules. This applies to a Kansas fiduciary financial institution charter. The institution may appeal the order to the legislative coordinating council. The charter is not finally revoked unless a majority of council members votes to approve the order. The coordinating council may consider and act on an appeal at any time, including while the legislature is in session.
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Where it stands
- Introduced
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 10Died in CommitteeDied
- Jan 12Prefiled for Introduction on Monday, January 5, 2026Minor
- Jan 12IntroducedMinor
- Jan 12Referred to House Committee on Financial Institutions and PensionsIntroduced
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