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SB524: Requiring banks to enter into a written agreement with the state treasurer to be a depository of public moneys, increasing the market value of securities necessary to secure the deposit of public moneys, providing procedures for when a depository fails to follow the requirements of the state treasurer, modifying certain definitions, authorizing the state treasurer to assess a fee to operate the public moneys pooled method, creating the public moneys fee fund and providing exceptions to the public moneys pooled method if accounts are subject to conflicting federal law.
In CommitteeSenate
Introduced
In Committee
Passed Chamber
Passed Both
Signed
Plain-Language Summary
This bill requires banks to enter into a written agreement with the state treasurer to hold public funds. It also increases the value of securities needed to secure these deposits and outlines procedures if a bank fails to comply.
Who This Affects
The bill affects Kansans who have money deposited in state accounts, such as school districts and municipalities, which would be impacted by changes to how their funds are secured.
Key Provisions
• Requires banks to enter into written agreements with the state treasurer for public deposits
• Increases the market value of securities needed to secure these deposits
• Establishes procedures if a bank fails to comply with state treasurer's requirements
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Timeline
Introduced
Monday, March 2, 2026
Last Action
House Referred to Committee on Financial Institutions and Pensions
Mar 22, 2026
Sponsors
No sponsors listed.
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