9-1127f. Same; new activities with savings and loan associations; prior approval required. (a) A savings and loan association shall apply to the commissioner for approval at least 30 days prior to acquiring, establishing or commencing new activity with an existing service corporation and shall not engage in activity with the service corporation without the commissioner's approval. The application shall include:
(1) A complete description of the saving [savings] and loan association's investment in the service corporation;
(2) the proposed activities of the service corporation;
(3) the organizational structure and management of the service corporation;
(4) the relationship between the savings and loan association and the service corporation; and
(5) any other information that the commissioner deems necessary to describe the proposal.
(b) A service corporation shall:
(1) Be operated in a manner that demonstrates to the public that it maintains a separate corporate identity from the applicant; and
(2) not commingle business transactions, accounts and records with a savings and loan association.
(c) In considering an application, the commissioner may:
(1) Limit a savings and loan association's investment in a service corporation; or
(2) refuse to permit any activity of a service corporation for supervisory, legal or safety and soundness reasons.
(d) This section shall be a part of and supplemental to the state banking code.
History: L. 2018, ch. 75, ยง 3; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 11 - Banking Code; Powers
9-1101a Issuance of capital notes or debentures, when; limitations.
9-1102 Holding of real estate; limitations.
9-1107 Temporary borrowing by bank; limitation; exceptions.
9-1111 Branch banking; remote service units.
9-1114 Board of directors of bank or trust company; rules and requirements.
9-1115 Officers of bank or trust company; election; term; bond; forfeiture of office.
9-1116 Meetings of board; examination of records, funds and securities; minutes.
9-1119 Certified checks, drafts or orders.
9-1121 Reproduction of records and papers; evidence.
9-1122 Closing of banks; business hours; emergencies.
9-1123 Bank service corporations; definitions.
9-1124 Same; investment by banks; limitations.
9-1125 Same; unreasonable discrimination in providing services prohibited; exceptions.
9-1127a Same; services which may be performed for depository institutions.
9-1127b Same; services which may be provided by corporations; restrictions.
9-1127e Same; investments by savings and loan associations and savings banks.
9-1127f Same; new activities with savings and loan associations; prior approval required.
9-1127g Same; permitted activities.
9-1127h Savings and loan service corporations; definitions.
9-1129 Same; application of act.
9-1131 Repurchase agreements with pooled money investment board.
9-1132 Personal liability of officers and directors, exceptions.
9-1133 Liability of officers and directors; actions; certain provisions applicable.
9-1134 Liability of officers and directors; severability.
9-1136 Powers; authority to lease certain personal property; definitions.
9-1138 School savings deposit program; requirements; definitions.
9-1140 Prohibiting branch banks in certain locations.
9-1141 Securing deposits for federally recognized Indian tribe.
9-1142 Savings promotion; requirements; rules and regulations.