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Minutes for SB400 - Committee on Financial Institutions and Insurance

Short Title

Updating certain requirements and conditions relating to the creation, modification and termination of trusts in the Kansas uniform trust code and updating the definition of resident trust for tax purposes.

Minutes Content for Tue, Feb 8, 2022

Chairperson Longbine started the meeting by welcoming the visitors in the audience.  Senator Dietrich introduced Thomas, Audrey, and Emma, Senate Pages today from her district.  The Chair then opened the hearing on SB400.

 

Eileen Ma, Assistant Revisor with the Kansas Office of Revisor of Statutes, presented a bill overview of SB400.  Ms. Ma answered a question from Senator Pittman.   (Attachment 1)

 

Will Bergman, In-House Counsel for Midwest Trust Company, Overland Park, Kansas, presented oral proponent testimony.   (Attachment 2)  No questions were posed to Mr. Bergman.

 

Chairperson Longbine pointed the Committee's attention to proponent written-only testimony of Joe Karnes, CTFA-Trust Division, Kansas Bankers Association.   (Attachment 3)

 

Joseph N. Molina appeared on behalf of the Kansas Bar Association to give oral neutral testimony regarding SB400.  No questions were posed to Mr. Molina  (Attachment 4)

Senator Pittman offered a comment that there could possibly be an amendment offered by Kansas Bankers.  Chair Longbine cautioned that such submissions should be as expedient as possible because the committee only has about two more weeks to meet before Turnaround on February 24, 2022.

Chairperson Longbine called for any other proponent, opponent or neutral testimony.  Seeing no other questions, and no other testimony submissions, the Chair closed the hearing on SB400.

 

The meeting adjourned at 9:45 am.  The next scheduled meeting is Wednesday, February 9, 2022, in Room 546-South of the Capitol.