9-560. Commissioner authorized to participate in multistate supervisory processes.

272 words·~1 min read·/ks/chapter-9/9-560

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

(a)To administer and enforce the provisions of this act and minimize the regulatory burden, the commissioner is hereby authorized to participate in multistate supervisory processes established between states and coordinated through the conference of state bank supervisors, money transmitter regulators associations and affiliates and successors thereof for all licensees that hold licenses in Kansas or other states. As a participant in such established multistate supervisory processes, the commissioner may:

(1)Cooperate, coordinate and share information with other state and federal regulators in accordance with K.S.A. 2025 Supp. 9-559 , and amendments thereto;

(2)enter into written cooperation, coordination or information-sharing contracts or agreements with organizations, the membership of which is made up of state or federal governmental agencies; and

(3)cooperate, coordinate and share information with organizations, the membership of which is made up of state or federal governmental agencies, if the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with K.S.A. 2025 Supp. 9-558 , and amendments thereto.

(b)The commissioner shall not waive, and nothing in this section shall constitute a waiver of, the commissioner's authority to conduct an examination or investigation or otherwise take independent action authorized by this act or rules and regulations adopted or an order issued under this act to enforce compliance with applicable state or federal law.

(c)A joint examination or investigation or acceptance of an examination or investigation report shall not be construed to waive an examination assessment provided for in this act.

(d)This section shall take effect on and after January 1, 2025.