Creates money transmission act for processing, clearing, settlement on wire transfers, credit and debit transactions, stored value transactions, ACH or similar fund transfers.
Includes application, license, governance, records, reporting, enforcement provisions.
Amend standing law for any incomplete Kansas State chartered bank, BHC application to be null and void if not completed within 60 days after being notified of incompletion.
Require bank or trust company to begin activity within 18 months of notified approval.
Remove permission for a financial institution's contracting trustee to be out-of-State.
Legislative History
On Feb. 22, 2024, House issued emergency final action, bill passed House unanimously
On Feb. 28, 2024, bill introduced in Senate; on Mar. 26, 2024, bill passed in Senate.
On Apr. 5, 2024, bill introduced in House; on Apr. 9, 2024, enrolled, sent to governor.
Effectiveness
Most provisions effective Jan. 1, 2025.
Apr. 19, 2024 KNS LEG Governor Approval
On Apr. 19, 2024, KNS LEG governor approved bill HB 2560, effective Jan 1, 2025.
In Jun. 2024, KNS BANK enacted rules for Earned Wage Access Services, see #216300
