9-2111. Prohibiting out-of-state entity to establish or operate trust facility; exceptions; requirements to do business.

486 words·~2 min read·/ks/chapter-9/9-2111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as provided in K.S.A. 9-2107 , and amendments thereto, no trust company, trust department of a bank, corporation or other business entity with a home office located outside of Kansas shall establish or operate a trust facility within the state of Kansas, unless the laws of the state where the home office of the nonresident trust company, trust department of a bank, corporation or other business entity is located authorize a Kansas-chartered trust company, trust department of a bank, corporation or other business entity to establish or operate a trust facility within that state. The commissioner may require any nonresident trust company to meet the greater of the requirements stated under the banking code or the laws of the nonresident trust company's home state required for a Kansas trust company to do business in the nonresident trust company's home state.

(b)Before any nonresident trust company, trust department of a bank, corporation or other business entity establishes a trust facility in Kansas, a copy of the application submitted to the home state and proof that the home state authorizes a Kansas-chartered trust company, trust department of a bank, corporation or other business entity to establish or operate a trust facility within that state shall be filed by the applicant with the commissioner.

(c)No Kansas trust company shall establish an out-of-state trust facility until an application has been filed with the commissioner and approval has been received. An application filed pursuant to this section shall be subject to the provisions in K.S.A. 9-2108 , and amendments thereto.

(d)No Kansas bank with a trust department shall establish an out-of-state trust facility until an application has been filed with the commissioner and approval has been received. An application filed pursuant to this section shall be subject to the provisions in K.S.A. 9-1111 , and amendments thereto.

(e)As used in this section, "trust facility" means any office, agency, desk or other place of business where business is conducted.

(f)Any Kansas trust company or Kansas bank making application to the commissioner pursuant to subsection

(c)or

(d)shall pay to the commissioner a fee to be established pursuant to K.S.A. 9-1726 , and amendments thereto, to defray the expenses of the commissioner in the examination and investigation of the application. The commissioner shall remit all moneys received under this section to the state treasurer in accordance with the provisions of K.S.A. 75-4215 , and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the bank investigation fund. The moneys in the bank investigation fund shall be used to pay the expenses of the commissioner in the examination and investigation of such applications and any unused balance shall be transferred to the bank commissioner fee fund.