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Minutes for SB400 - Committee on Financial Institutions and Rural Development

Short Title

Substitute for SB 400 by Committee on Financial Institutions and Insurance - 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 Mon, Mar 7, 2022

Chair Kelly opened the hearing on Sub SB 400, recognized David Wiese, Senior Assistant Revisor of Statutes, who briefed the committee on the Sub SB 400. (Attachment3) No questions.

Note - at 9:25am a Statehouse alarm sounded and all in the committee room exited the building for a brief interruption of the proceedings.  Meeting resumed at 9:33am.

Proponents - Chair Kelly recognized Will Bergman, In-House Counsel, Midwest Trust Company, Overland Park, who testified in support of Sub SB 400, (Attachment4) A question and answer period followed.

Proponents - Written Only - Chair Kelly advised that Joe Karnes, Trust Division Board, Kansas Bankers Association provided "written only" testimony is support of Sub SB 400. (Attachment5)

Neutral - Chair Kelly recognized Joe Molina, Director of Legislative Services, Kansas Bar Association who provided neutral testimony related to Sub SB 400. (Attachment6) (Attachment7) A question and answer period followed.

Opponents - None

Chair Kelly closed the hearing on Sub SB 400.