This bill authorizes the state bank commissioner to establish a nonprofit organization in Kansas aimed at providing charitable consumer financial education initiatives. The organization will have the flexibility to engage in various lawful activities to promote financial education, including outreach, funding other nonprofits, providing scholarships for higher education, and investing idle funds for future initiatives. The nonprofit can accept public grants and donations, and individuals under enforcement actions may contribute to the organization in lieu of paying fines designated for consumer financial education, with the commissioner’s approval.

The bill outlines specific operational guidelines for the nonprofit, including that it cannot have paid employees or acquire real or personal property beyond necessary educational materials. It will be managed by a volunteer board of directors appointed by the state bank commissioner, with no board member or their immediate family allowed to benefit financially from the organization. Additionally, the nonprofit is prohibited from funding political activities and is not considered a state agency. The act will take effect upon publication in the statute book.