Kansas 2025-2026 Regular Session

Kansas Senate Bill SB301

Introduced

1/12/26

Refer

1/13/26

Caption

Authorizing the state bank commissioner to revoke a TEFFI charter, subject to approval by the legislative coordinating council.

Summary

SB 301 amends the Technology-Enabled Fiduciary Financial Institutions Act, which governs Kansas’s technology-enabled fiduciary financial institutions (TEFFIs). The bill’s central change is to authorize the state bank commissioner to revoke a fiduciary financial institution charter when the institution fails to comply with the act or related regulations. However, that revocation is not final unless the institution has an opportunity to appeal to the Legislative Coordinating Council and a majority of that council approves the revocation order. The bill also updates the statutory definitions section for the TEFFI framework, restating and organizing terms used in the act. Those definitions cover concepts such as fidfin trusts, fidfin transactions, alternative asset custody accounts, custodial services, qualified investments, economic growth zones, trust advisors, and out-of-state financial institutions. The bill keeps the broader TEFFI structure intact while adding the new charter-revocation authority as a supplemental part of the act.

Impact

SB 301 would amend K.S.A. 2025 Supp. 9-2301 and repeal the existing version of that section, while incorporating the new revocation provision into the TEFFI statute. In practical terms, it gives the state bank commissioner a formal enforcement tool against TEFFIs that violate the act or regulations, but conditions final revocation on approval by the Legislative Coordinating Council. The bill therefore affects the regulatory oversight of TEFFIs, their charter security, and the state’s administrative process for disciplining these institutions.

Sentiment

Based on the bill caption and the absence of recorded committee debate or votes in the provided materials, the measure appears to be presented as a targeted oversight and enforcement update rather than a controversial policy overhaul. The available context suggests a neutral-to-supportive posture focused on strengthening supervision of a specialized financial institution charter. No recorded floor or committee opposition is included in the materials provided.

Contention

The main point of potential contention is the balance of power between the state bank commissioner and the Legislative Coordinating Council. The bill gives the commissioner authority to initiate charter revocation, but requires council approval before the revocation becomes final, which may be viewed either as an important check on agency power or as an added hurdle to enforcement. Another possible area of concern is the broader TEFFI regulatory model itself, including how the act treats alternative assets, fidfin trusts, and economic growth zone incentives, though no specific objections are documented in the provided discussion materials.

Latest KS SB301 Activity

View All Events: KS 2025-2026 Regular Session SB301

Companion Bills

No companion bills found.

Previously Filed As

KS HB2001

Authorizing the secretary of commerce to enter into agreements with major professional sports franchises to establish STAR bond projects for a major professional sports complex, providing for additional revenue sources, expanding the powers and discretion of the secretary and making other changes to the STAR bonds financing act to facilitate such projects, limiting the secretary’s authority to approve such projects to one year unless extended by the legislative coordinating council, authorizing the Kansas development finance authority to issue STAR bonds for such projects, transferring funds under certain circumstances from the state gaming revenues fund to the attracting professional sports to Kansas fund for the fiscal year ending June 30, 2025, and, if approved by the legislative coordinating council, for the fiscal year ending June 30, 2026.

KS SB5

Authorizing counties to impose an earnings tax.

KS HB2004

Authorizing counties to propose an earnings tax for ballot question.

KS HB2002

Expanding medical assistance eligibility and enacting the cutting healthcare costs for all Kansans act.

KS SB1

Modifying income tax rates for individuals, exempting all social security benefits from Kansas income tax, increasing the Kansas standard deduction and the Kansas personal exemption, increasing the income tax credit amount for household and dependent care expenses, decreasing the privilege tax normal tax, excluding internal revenue code section 1031 exchange transactions as indicators of fair market value for property tax valuation purposes, increasing the extent of property tax exemption for residential property from the statewide school levy, providing for certain transfers to the state school district finance fund and abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund.

KS SCR1602

Approving the creation of a port authority in Wyandotte County Kansas.

KS SB2

Eliminating the income limit to qualify for the subtraction modification exempting social security benefits, increasing the income tax credit amount for household and dependent care expenses, establishing the veterans' valor property tax relief act providing for an income tax credit or refund for eligible individuals, citing the increased property tax homestead refund claim section as the homeowners' property tax freeze program, decreasing the normal privilege tax rate, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the rate of ad valorem tax imposed by a school district; providing for certain transfers to the state school district finance fund, reducing the state rate of tax on sales of food and food ingredients and modifying the percent credited to the state highway fund from revenue collected.

KS SB7

Authorizing federally licensed firearm dealers, in addition to county sheriffs, to receive applications for concealed carry licenses and forward such applications to the attorney general, prohibiting sheriffs from assessing any fee related to application services and allowing dealers to assess a fee related to application services not to exceed $20.

KS SB6

Providing a sales tax exemption for sales of electricity to residential premises by municipally owned or operated utilities.

KS SB8

Exempting the sale of firearms, firearms accessories, ammunition, firearm safes and firearm safety devices from the retatilers' sales tax.

Similar Bills

KS 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.

KS SB300

Providing for the apportionment of business income by manufacturers of alcoholic liquor depending on whether the taxpayer is a qualifying Kansas investor or a general manufacturer and removing obsolete reference to global intangible low-taxed income provided for under the federal internal revenue code in determining Kansas adjusted gross income.