The bill amends the technology-enabled fiduciary financial institutions act by granting the state bank commissioner the authority to revoke a fiduciary financial institution charter, contingent upon approval from the legislative coordinating council. The commissioner can revoke the charter if the institution fails to comply with the act or its regulations. If such a revocation is ordered, the affected institution has the right to appeal to the legislative coordinating council, which must approve the revocation by a majority vote before it can take effect. This new provision is intended to enhance oversight and accountability within the fiduciary financial institutions sector.

Additionally, the bill amends K.S.A. 2025 Supp. 9-2301 to clarify the definitions and provisions related to fiduciary financial institutions, including terms such as "fidfin trust," "alternative asset," and "custodial services." It also repeals the existing section of K.S.A. 2025 Supp. 9-2301, thereby streamlining the legal framework governing these institutions. The changes aim to ensure that the act remains relevant and effective in regulating fiduciary financial institutions in Kansas.

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