The bill amends the technology-enabled fiduciary financial institutions act by explicitly prohibiting the office of the state bank commissioner or any other state agency from acting as a receiver for any technology-enabled fiduciary financial institution that becomes insolvent or declares bankruptcy. It defines insolvency for these institutions based on their inability to meet creditor liabilities or demands. Additionally, the bill includes a new section that clarifies the definitions and provisions related to fiduciary financial institutions, ensuring that these institutions are recognized as part of the broader framework of financial regulations in Kansas.

Furthermore, the bill amends K.S.A. 2025 Supp. 9-2301 to incorporate the new provisions and definitions related to technology-enabled fiduciary financial institutions, while repealing the existing section that may have contained outdated or conflicting language. The changes aim to provide clearer guidelines and protections for fiduciary financial institutions operating within the state, enhancing their regulatory framework and operational clarity.

Statutes affected:
As introduced: 9-2301, 9-701