9-513b. Money transmitter; permissible investments; requirements. (a) Each licensee under this act shall at all times possess permissible investments having an aggregate market value, calculated in accordance with United States generally accepted accounting principles, of not less than the aggregate amount of the outstanding payment liability held by the licensee in the United States. This requirement may be waived by the commissioner if the dollar volume of a licensee's outstanding payment liability does not exceed the bond or other security devices posted by the licensee pursuant to K.S.A. 9-509, and amendments thereto.
(b) In the event of the bankruptcy of the licensee, the permissible investments shall be deemed by operation of law to be held in trust for the benefit of all persons whose money or monetary value is considered outstanding, even if such permissible investments are commingled with other assets of the licensee.
History: L. 2006, ch. 113, § 3; L. 2015, ch. 33, § 6; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 5 - Miscellaneous Provisions
9-508 Kansas money transmitter act; definitions.
9-510 Same; engaging in business; locations; licensee requirements.
9-510a Same; authorized charges for transmission.
9-511 Same; inapplicability of act to certain businesses and activities.
9-512 Same; penalties for violations.
9-513 Same; invalidity of part; interpretation of act.
9-513a Same; issuance of license; revocation of license, when.
9-513b Money transmitter; permissible investments; requirements.
9-513c Same; confidential information; release of, when.
9-513d Citation of Kansas money transmitter act; rules and regulations.
9-513e Same; change in executive officers or directors; fingerprinting.
9-519 Bank holding companies; definitions.
9-520 Same; ownership limitations; exceptions.
9-533 Same; application; required information.
9-534 Same; application; approval; factors.
9-535 Same; approval of application; applicant right to appeal.
9-536 Same; subject to change of control provisions.
9-537 Same; review of operations by commissioner; additional information.
9-540 Foreign bank prohibited from having branch bank in state.
9-541 Acquisition of bank by out-of-state bank holding company; age limitation; exceptions.