9-2408. Annual report; confidentiality; reportable events; penalty for failure to report.

308 words·~1 min read·/ks/chapter-9/9-2408

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

(1)On or before April 1 of each year, each registrant shall file with the commissioner an annual report relating to earned wage access services provided by the registrant in this state during the preceding calendar year. The annual report shall be on a form prescribed by the commissioner.

(2)The information contained in the annual report shall be confidential and shall not be subject to the open records act, K.S.A. 45-215 et seq., and amendments thereto. The commissioner may publish aggregate annual report information for multiple registrants in composite form. The provisions of this paragraph shall expire on July 1, 2029, unless the legislature reviews and acts to continue such provisions pursuant to K.S.A. 45-229 , and amendments thereto, prior to July 1, 2029.

(b)Within 15 calendar days of any of the following events, a registrant shall file a written report with the commissioner describing the event and such event's expected impact on the registrant's business:

(1)The filing for bankruptcy or reorganization by the registrant;

(2)the institution of a revocation, suspension or other proceeding against the registrant by a governmental authority that is related to the registrant's earned wage access services business in any state;

(3)the addition or loss of any owner, officer, partner, member, principal or director of the registrant;

(4)a felony conviction of the registrant or any of such registrant's owners, officers, members, principals, directors or partners;

(5)a change in the registrant's name or legal entity status; or

(6)the closing or relocation of the registrant's principal place of business.

(c)If a registrant fails to make any report to the commissioner as required by this section, the commissioner may require the registrant to pay a late penalty of $100 for each day such report is overdue.