9-806. Failure to engage in business; abandonement or expiration of application; reapplication required.

290 words·~1 min read·/ks/chapter-9/9-806

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

(a)If the applicant fails to complete any application under the state banking code within 60 days after being notified that the application is incomplete, such application shall be considered abandoned and the application fee shall not be refunded. An applicant whose application is abandoned under this section may reapply at any time.

(b)Except as provided by subsection (c), the bank or trust company shall engage in the activity requiring an application and approval by the commissioner or state banking board within 18 months from the date of approval. If the bank or trust company fails to engage in the activity within 18 months from the date of the approval, the application shall be deemed expired and a new application, application fee and approval is required. The provisions of this subsection do not apply to applications approved under K.S.A. 9-1601 , and amendments thereto.

(c)Any newly organized bank or trust company that did not begin business within 120 days after a certificate of authority has been issued to such bank or trust company by the commissioner shall not engage in the banking business or the business of a trust company without again obtaining a certificate of authority from the commissioner.

(d)The commissioner may extend the deadline under subsection

(b)or (c):

(1)Indefinitely, if approval from another state or federal regulator is necessary for the bank or trust company to engage in the activity; or

(2)up to 180 days for good cause.

(e)The state banking board may designate the commissioner to determine the completeness of any application requiring state banking board approval or deem as expired any state banking board approved application.