The bill amends K.S.A. 2025 Supp. 9-551 to establish the Kansas Financial Institutions Information Security Act, which sets information security standards for covered entities in line with federal regulations (16 C.F.R. 314) as of July 1, 2023. The act applies to various entities, including credit services organizations, mortgage companies, supervised lenders, financial institutions involved in money transmission (with a specific reference to K.S.A. 9-555), trust companies, technology-enabled fiduciary financial institutions, and earned wage access service registrants.

Additionally, the bill repeals the existing K.S.A. 2025 Supp. 9-551, indicating a complete overhaul of the previous law. The commissioner is granted the authority to adopt necessary rules and regulations for the act's administration. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 9-551