reglab/statecodes huggingface dataset:
Kansas Administrative Regulations › Agency 118 - STATE HISTORICAL SOCIETY › Article 5 - STATE REHABILITATION TAX CREDIT PROGRAM › Section 118-5-10 - Fees

Current through Register Vol. 43, No. 28, July 11, 2024
(a) The fees specified in subsection (b) shall be charged for reviewing rehabilitation certification applications.
(b) Payment shall not be made until requested by the reviewing entity. A certification decision shall not be issued on an application until the appropriate remittance is received. Each fee shall be nonrefundable.
Amount of qualified expenditures Fee amount
$5,000 -$25,000 $200
$25,001 -$50,000 $350
$50,001 -$100,000 $500
$100,001 -$500,000 $900
$500,001 -$1,000,000 $1,500
over $1,000,000 $2,000
(c) Each sale, assignment, conveyance, and transfer of tax credits pursuant to K.S.A. 79-32,211(c)  and amendments thereto shall be subject to the fees specified in this subsection, in addition to the fees specified in subsection (b). A separate, nonrefundable fee shall be charged for each new taxpayer acquiring any tax credits under this subsection.
Amount of qualified expenditures Fee amount
$5,000 -$50,000 $0
over $50,000 $300
(d) Each rehabilitation of a separate qualified historic structure shall be considered a separate project for purposes of computing the fee.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 1 - LOW-INCOME/COMMUNITY DEVELOPMENT CREDIT UNIONS › Section 121-1-1 - Low-income credit union non-member shares

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Designation of low-income status. A credit union may apply to the administrator for designation as a low-income credit union. A credit union may be designated by the administrator as a low-income credit union if the administrator determines that it is in the public interest that the administrator designate the credit union as a low-income credit union and that:
(1) a majority of members of the credit union are low-income members; or
(2) the credit union's field of membership is limited to geographic areas in which the majority of the residents, if members of the credit union, would be low-income members.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 2 - BUSINESS RECOVERY-CONTINGENCY PLANNING › Section 121-2-1 - Contingency plan

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Plan establishment. Each credit union's board of directors shall develop and maintain a current written contingency and business recovery plan, which shall be referred to as "the plan" in this regulation, meeting the requirements of subsection (b). The plan shall provide an established basis for action if the credit union is affected by a disaster, whether natural, human, or technical, that causes a disruption of operations.
(b) Plan requirements. The plan shall establish specific processes and procedures to ensure a timely resumption of services and minimize financial loss to the credit union. The plan shall meet the following requirements:
(1) Identify critical products and services, including physical, technical, and human, provided by the credit union and by third-party service providers;
(2) identify, assess, and prioritize the credit union's exposure to specific and general risks, including the failure of credit union operating systems and the interruption of service from third-party service providers;
(3) state the key assumptions on which the plan is predicated;
(4) state the credit union's response to each identified risk, including steps to minimize the potential impact of the disruption;
(5) address data reconstruction and provide for secure and remote backup storage of data files, programs, and records;
(6) state the alternative responses to each event that could cause the interruption of service, if the credit union's response is dependent upon the anticipated duration of the service interruption;
(7) provide for the relocation of the credit union, recovery of necessary data and operating systems, and resumption of key or critical products and services; and
(8) provide for alternate methods to communicate with employees, members, business partners, third-party vendors, the news media, regulators, and other outside parties.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 3 - CREDIT UNION SERVICES ORGANIZATION (CUSO) › Section 121-3-1 - Credit union services organization (CUSO)

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Organization. The board of directors of a credit union may invest in or make loans to a CUSO only if the CUSO is legally established under Kansas law as a corporation, a limited partnership, or a limited liability company, is operated as a legal entity separate from the credit union, and meets the following requirements:
(1) Ensuring that the CUSO's business transactions, accounts, and records are not intermingled with those of an investing or lending credit union;
(2) observing the formalities of the CUSO's separate corporate procedures;
(3) ensuring that the CUSO is adequately financed as a separate entity for obligations reasonably foreseeable in a business of its size and character;
(4) identifying the CUSO to the public as an enterprise separate from the investing or lending credit union;
(5) not operating as a department of an investing or lending credit union; and
(6) in the absence of a credit union-guaranteed loan to the CUSO, ensuring that all borrowings by the CUSO indicate that the credit union is not liable for an amount greater than the credit union's loan or investment to the CUSO.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
For the purposes of this article, the following definitions shall apply:
(a) "Account" means the trust or other fiduciary relationship which has been established with the corporate credit union.
(b) "Collective investment fund" means funds held by a corporate credit union as fiduciary and invested collectively in either of the following types of funds:
(1) a common trust fund maintained by the corporate credit union exclusively for the collective investment and reinvestment of moneys contributed to the fund by the corporate credit union in its capacity as trustee; or
(2) a fund consisting solely of assets of retirement, pension, profit-sharing, stock bonus or other trusts, if all such assets are only from retirement, pension, profit-sharing, stock bonus or other trusts that provide the corporate credit union with a certification of exemption from federal income tax under the internal revenue code.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-2 - Authorization

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Upon application to and approval by the administrator, any corporate credit union may exercise fiduciary powers with respect to any trust established by or for the benefit of one or more shareholders of the corporate credit union.
(b) A trust may be and remain a member of a corporate credit union if:
(1) The persons eligible for membership in the corporate credit union include trusts for which the corporate credit union exercises fiduciary powers;
(2) the corporate credit union is the trustee for the trust;
(3) the instrument creating the trust irrevocably waives the right of the trust, as a member of the corporate credit union, to vote at any meeting of members and irrevocably instructs the trustee to not vote for or on behalf of the trust at any meeting of members; and
(4) the trust is admitted into membership by and complies with any membership requirements of the corporate credit union.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-3 - Administration of fiduciary powers

Current through Register Vol. 43, No. 28, July 11, 2024
(a) The board of directors of each corporate credit union shall be responsible for the proper exercise of fiduciary powers by the corporate credit union.
(1) The board of directors of each corporate credit union shall be responsible for all matters pertinent to the proper exercise of fiduciary powers, including determining policies, investing and disposing of property held in a fiduciary capacity, and directing and reviewing the actions of all officers, employees, and committees utilized by the corporate credit union in the exercise of its fiduciary powers.
(2) In discharging this responsibility, the board of directors may assign the administration of any of the corporate credit union's fiduciary powers to any designated officer, employee, or committee. The board of directors shall make such an assignment by action of the board duly entered in its minutes.
(3) A corporate credit union shall not accept an account without the prior approval of the board, or the board's designee. Each corporate credit union shall make a written record of the acceptance of each account and of the relinquishment or closing of any account. Each corporate credit union shall, upon the acceptance of an account, promptly verify that assets received have been properly placed on accounting records and documented. The board shall ensure that at least once during every calendar year, and within 15 months of the last review, all assets held in fiduciary accounts where the corporate credit union has investment discretion, are reviewed to determine the advisability of retaining or disposing of such assets.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-4 - Books and accounts

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Each corporate credit union exercising fiduciary powers shall retain fiduciary records which shall be kept separate and distinct from other records of the corporate credit union.
(b) Each corporate credit union shall keep an adequate record of all pending litigation to which it is a party in connection with its exercise of fiduciary powers.
(c) Each corporate credit union shall keep a record of all written complaints and related correspondence concerning any account.
(d) Each corporate credit union shall retain the records required by this article for such periods of time as shall be specified in a records retention policy adopted by the corporate credit union and approved by the administrator.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-5 - Audit of trust activities

Current through Register Vol. 43, No. 28, July 11, 2024
(a) At least once each calendar year, each corporate credit union's supervisory committee shall cause an audit to be made of the books, records, funds and investments held in accounts. The audit shall be made by an independent certified public accountant. The supervisory committee shall make or cause to be made such supplementary audits as it deems necessary or as may be ordered by the administrator. A report of each audit shall be provided to the board of directors.
(b) Each account subject to this article shall be exempt from the certification requirements of K.S.A. 17-2211(e).
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-6 - Funds awaiting investment or distribution

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Funds in an account which are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account.
(1) Each corporate credit union exercising fiduciary powers shall adopt and follow written policies and procedures intended to provide a rate of return on investment of funds in an account that is:
(A) prudent given the rate of return available for trust-quality, short-term investments; and
(B) consistent with the requirements of the governing instrument and local laws.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-7 - Investment of funds held as fiduciary

Current through Register Vol. 43, No. 28, July 11, 2024
Funds held in an account shall be invested in accordance with any one or more of the following:
(a) the instrument establishing the fiduciary relationship;
(b) any and all applicable Kansas statutes and regulations, including K.S.A. 17-5004, and K.A.R. 121-4-10 and amendments thereto.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-8 - Self-dealing

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Unless lawfully authorized by the instrument creating the relationship, by court order, or by the laws of the state of Kansas, a corporate credit union shall not invest funds from an account in stock or obligations of, or property acquired from any of the following:
(1) the corporate credit union, or its directors, officers, or employees, or from individuals associated with such persons;
(2) organizations in which there exists an interest which might affect the exercise of the best judgment of the corporate credit union in acquiring the property; or
(3) affiliates of the corporate credit union, or their directors, officers or employees.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-9 - Custody of investments

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Each corporate credit union shall keep the investments of each account separate from the assets of the corporate credit union, and shall place the investments in the joint custody or control of not less than two of the officers or employees of the corporate credit union designated for that purpose by the board of directors.
(b) Any corporate credit union may permit the investments of an account to be deposited elsewhere. In such cases, the corporate credit union shall obtain a written agreement from all depositories, other than the federal reserve bank.
(c) Each corporate credit union shall either:
(1) keep the investments of each account separate from those of all other accounts, except as provided in K.A.R. 121-4-10 and amendments thereto; or
(2) identify each investment as the property of the relevant account.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-10 - Collective investment

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Funds held by a corporate credit union as fiduciary may be invested collectively:
(1) in a common trust fund maintained by the corporate credit union exclusively for the collective investment and reinvestment of moneys contributed to the common trust fund by the corporate credit union in its capacity as trustee; or
(2) in a fund consisting solely of assets of retirement, pension, profit-sharing, stock bonus or other trusts, if all such assets are only from retirement, pension, profit-sharing, stock bonus or other trusts that provide the corporate credit union with a certification of exemption from federal income tax under the internal revenue code.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 4 - TRUST SUPERVISION › Section 121-4-11 - Location of trust documents

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Each corporate credit union shall maintain all records required by this article and the original governing instruments establishing a fiduciary relationship with the corporate credit union at one site, which shall be either:
(1) the main office of the corporate credit union; or
(2) another site approved by the administrator.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 5 - CREDIT UNION DETERIORATING CONDITION › Section 121-5-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
For the purpose of this article, the following definitions shall apply.
(a) "Appropriate state official" means the administrator of the Kansas department of credit unions.
(b) "Call report" means a statement of the financial condition of a credit union.
(c) "Credit union" means a credit union, as defined in K.S.A. 17-2231  and amendments thereto, that serves primarily natural person members.
(d) "FISCU" means federally insured state credit union.
(e) "Investment" means any security, obligation, account, or deposit. This term shall not include any loans to members.
(f)
(1) "Member business loan" means any loan, line of credit, or letter of credit, including any unfunded commitments, in which the borrower uses the proceeds for commercial, corporate, other business investment property or venture, or agricultural purposes.
(2) "Member business loan" shall not include any of the following:
(A) Any loan fully secured by a lien on a one-family to four-family dwelling that is the member's primary residence;
(B) any loan fully secured by shares in the credit union making the extension of credit or by deposits in other financial institutions;
(C) any loan or loans to a member or an associated member that, in total, are equal to less than $50,000;
(D) any loan for which a federal or state agency or its political subdivision fully insures repayment, fully guarantees repayment, or provides an advance commitment to purchase in full; or
(E) any loan granted by a corporate credit union to another credit union.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 5 - CREDIT UNION DETERIORATING CONDITION › Section 121-5-3 - Deteriorating condition

Current through Register Vol. 43, No. 28, July 11, 2024
(a) A credit union shall be deemed to be in a "deteriorating condition," as that term is used in K.S.A. 17-2206(d)  and amendments thereto, if any of the following conditions is met:
(1) The credit union's net worth category declines from well capitalized, adequately capitalized, or undercapitalized to significantly undercapitalized or to critically undercapitalized within a 12-month period.
(2) The credit union's net worth category declines from significantly undercapitalized to critically undercapitalized within a 12-month period.
(3) The credit union's net worth category declines to critically undercapitalized in a manner other than the manner specified in paragraphs (a)(1) and (2).
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 5 - CREDIT UNION DETERIORATING CONDITION › Section 121-5-4 - Meaning of insolvent

Current through Register Vol. 43, No. 28, July 11, 2024
(a) For purposes of this regulation, the following definitions shall apply:
(1) "Assets" shall mean all items owned by a credit union, including cash, loans, investments, buildings, equipment, accounts receivable, and repossessed collateral.
(2) "Liabilities" shall mean all items owed by a credit union, including accounts payable, notes payable, and outstanding checks.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 6 - REPORTING PLACE OF BUSINESS FOR CREDIT UNIONS › Section 121-6-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
"Place of business" shall mean each location owned or leased by the credit union and each shared service center facility in which the credit union is an owner or a lessee, where employees of either the service center or credit union are located and where any of the following occurs:
(a) payments on shares are received;
(b) loan or share withdrawals are disbursed;
(c) loan applications are received, approved, or denied; or
(d) administrative offices of the credit union are located.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 6 - REPORTING PLACE OF BUSINESS FOR CREDIT UNIONS › Section 121-6-2 - Reporting requirement

Current through Register Vol. 43, No. 28, July 11, 2024
A credit union shall annually report each place of business, as defined in   K.A.R. 121-6-1, to  the administrator of the Kansas department of credit unions. The report shall be submitted on forms and in the manner prescribed by the administrator.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 7 - INCIDENTAL POWERS OF CREDIT UNIONS › Section 121-7-1 - Incidental powers

Current through Register Vol. 43, No. 28, July 11, 2024
An "incidental powers" activity shall mean an activity that is necessary to enable a credit union to carry on effectively the business for which the credit union is incorporated. An activity shall meet the definition of an incidental powers activity if the activity meets the following conditions:
(a) Is convenient or useful in carrying out the mission or business of the credit union in a manner that is consistent with the requirements of the Kansas credit union act;
(b) is the functional equivalent or logical outgrowth of any activity that is part of the mission or business of the credit union; and
(c) involves risks similar in nature to those risks already assumed as part of the business of credit unions.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 8 - CREDIT UNION UNSAFE AND UNSOUND PRACTICES › Section 121-8-1 - Unsafe or unsound practice

Current through Register Vol. 43, No. 28, July 11, 2024
For the purpose of this article, "unsafe or unsound practice" shall mean any act or conduct by any credit union board member, employee, supervisory committee member, or credit committee member that meets any of the following conditions:
(a) Varies materially from any act or conduct prescribed by statute, regulation, any policy adopted by the credit union board, or any bylaw of the credit union;
(b) jeopardizes or causes the loss of the fidelity bond eligibility of an employee, director, officer, supervisory committee member, or credit committee member;
(c) jeopardizes or causes the loss of the credit union's national credit union administration share insurance; or
(d) is contrary to or inconsistent with generally accepted standards of credit union operations and either results in or creates a substantial likelihood of resulting in an abnormal or unacceptable level of risk or loss to the credit union or a shareholder of the credit union.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 9 - FOREIGN CREDIT UNIONS › Section 121-9-1 - Foreign credit union; requirements for approval

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Before doing business in this state, the board of directors
				of each foreign credit union shall obtain the approval of the administrator of
				the Kansas department of credit unions.
(b) In order to apply for the administrator's approval of a
				foreign credit union, the board of directors of the foreign credit union shall
				meet the following requirements:
(1) Describe on a form provided by the administrator how the
				proposed field of membership meets the requirements of K.S.A. 17-2205  and
				amendments thereto;
(2) provide documentation by which the administrator can
				evaluate the financial safety and soundness of the credit union, including the
				following:
(A) A statement from the credit union regulator in the state
				where the foreign credit union is chartered or incorporated that the credit
				union is in good standing in that state;
(B) a copy of the most current insurance certificate from the
				national credit union share insurance fund;
(C) a copy of the credit union's most current balance sheet,
				the year-to-date income statement, and the most recent call report;
(D) a resolution from the foreign credit union's board of
				directors stating that, for loans originating in Kansas, the foreign credit
				union will comply with Kansas statutes and regulations;
(E) a copy of the most recent regulatory examination, annual
				supervisory committee audit report, or equivalent examination or report from
				the credit union regulator in the state where the foreign credit union is
				chartered or incorporated; and
(F) a description of the services that the credit union intends
				to provide to its members; and
(3) if deemed necessary by the administrator to determine the
				credit union's safety and soundness, undergo an examination by the Kansas
				department of credit unions.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 10 - CREDIT UNION ANNUAL AUDIT REQUIREMENTS › Section 121-10-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
For purposes of this article, the following definitions shall
				apply:
(a) "Agreed-upon procedures engagement" means an engagement to
				report on findings based on specific agreed-upon procedures performed by an
				independent certified public accountant. The nature and extent of the
				procedures to be performed shall be agreed to and specified in a written
				agreement between the supervisory committee and the independent certified
				public accountant.
(b) "Audit" means a review of a credit union's receipts,
				disbursements, income, assets, and liabilities.
(c) "Financial statement audit" and "opinion audit" mean the
				examination of a credit union's financial statements performed by an
				independent certified public accountant for the purpose of expressing an
				opinion as to whether those financial statements of the credit union present
				fairly, in all material respects, the financial position and results of
				operations of the credit union.
(d) "Independent certified public accountant" means a certified
				public accountant who meets the following requirements:
(1) Holds a valid permit to practice issued by a state board of
				accountancy. The independent certified public accountant's firm shall be
				registered with the Kansas board of accountancy; and
(2) is independent of the credit union as defined by the code
				of professional conduct issued by the American institute of certified public
				accountants.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 10 - CREDIT UNION ANNUAL AUDIT REQUIREMENTS › Section 121-10-2 - Credit union audit reporting requirements

Current through Register Vol. 43, No. 28, July 11, 2024
(a) The supervisory committee of each new credit union shall be required to obtain an audit of that credit union as specified in subsection (b) at least once during the first year of operation.
(b) The supervisory committee of each established credit union shall be required to obtain, at least once during each calendar year, an audit of that credit union that covers the entire period of time that has elapsed since the previous audit. The type of audit required shall be one of the following, as applicable:
(1) For a credit union with total prior year-end assets of $10 million or less, a supervisory committee annual audit and internal control checklist, an agreed-upon procedures engagement, or a financial statement audit;
(2) for a credit union with total prior year-end assets greater than $10 million but less than $250 million, an agreed-upon procedures engagement or a financial statement audit; or
(3) for a credit union with total prior year-end assets of $250 million or greater, a financial statement audit.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 11 - MERGER OF CREDIT UNIONS › Section 121-11-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
For purposes of this article, the following definitions shall
				apply:
(a) "Continuing credit union" means a credit union that
				continues in operation after a merger.
(b) "Merging credit union" means a credit union that ceases to
				exist as an operating credit union at the time of a merger.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 11 - MERGER OF CREDIT UNIONS › Section 121-11-2 - Process for merger of credit unions

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Either of the following may merge into a single credit
				union:
(1) Any two credit unions formed under the laws of this state;
				or
(2) any credit union formed under the laws of this state and
				any credit union formed under the laws of any other state or of the United
				States of America that is formed for the same purpose for which a credit union
				might be formed under the laws of this state.
Kansas Administrative Regulations › Agency 121 - DEPARTMENT OF CREDIT UNIONS › Article 12 - CREDIT UNION BRANCHES › Section 121-12-1 - Definition

Current through Register Vol. 43, No. 28, July 11, 2024
For purposes of K.S.A. 17-2221a(c)  (2) and amendments thereto,
				"branch" shall not include any automated teller machine, remote service unit,
				or similar device.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 1 - DEFINITIONS › Section 122-1-1 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
As used in these regulations:
(a) the words and phrases defined by K.S.A. 75-4201  and amendments thereto shall have the meaning ascribed to them in such statute; and
(b) "delivery versus payment" means the transfer or payment of funds simultaneous with or after the delivery of securities purchased with such funds.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 2 - DEPOSITORY BANKS › Section 122-2-1 - Qualifications for depository banks

Current through Register Vol. 43, No. 28, July 11, 2024
(a) State moneys shall be deposited only in state financial institutions which have been determined to meet qualifications in this regulation for depository banks. Each depository bank shall be a state financial institution which has been determined by the board:
(1) to have demonstrated credit-worthiness;
(2) to have executed a security agreement with the board; and
(3) to have executed a custodial agreement with the board.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 2 - DEPOSITORY BANKS › Section 122-2-2 - Collateral

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Each state bank account shall be fully collateralized at all times based on securities, which may be accepted or rejected by the pooled money investment board, under K.S.A. 75-4201(k), and amendments thereto. Such securities shall be priced on a market value basis. The aggregate market value of the securities shall be sufficient to equal the outstanding amount of state funds deposited, plus accrued interest on the state funds, less federal deposit insurance coverage.
(b) The qualified depository institution shall ensure that deposits and accrued interest are always sufficiently collateralized. Sufficiency of collateral values shall be validated by the treasurer.
(c) Each qualified depository institution depositing securities with a custodial bank shall enter into a written custodial agreement with the custodial bank and the board for the safekeeping of the securities.
(d) Collateral based on corporate surety bonds as provided under K.S.A. 75-4201  shall be subject to the following requirements.
(1) The surety bonds shall be approved by the Kansas commissioner of insurance and shall be in a standard format approved by the treasurer.
(2) The issuer of the surety bond shall be admitted and licensed to issue surety bonds in Kansas.
(3) The treasurer shall be designated as the insured public depositor.
(4) The issuer and the qualified depository institution shall notify the treasurer by certified or registered mail no fewer than 90 days before nonrenewal and no fewer than 45 days before cancellation of a surety bond.
(5) The ability of the issuer to pay claims shall be rated and shall remain rated in the highest rating category of one of the nationally recognized rating agencies, as specified by written policy of the board. Within 48 hours of discovery of a downgrade of an issuer by a rating agency or notice of financial regulatory action by any jurisdiction in which the issuer is licensed, the issuer shall notify the treasurer by certified or registered mail.
(6) The amount of collateral provided in the form of surety bonds by a qualified depository and the amount of total state deposits that may be collateralized in the form of surety bonds shall be limited as provided by written policy of the board.
(7) The issuer shall send quarterly reports to the treasurer, listing all Kansas banks that have purchased a surety bond as collateral for deposits, the insured amount covering deposits of the treasurer, and the total insured amount per qualified depository institution in the state of Kansas, noting the retainage and reinsured amounts for each qualified depository institution.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-1 - Investment principles

Current through Register Vol. 43, No. 28, July 11, 2024
(a) All state moneys which are available for investment shall be invested by the director of investments in a manner which will:
(1) be consistent with the prudent person standard established under K.S.A. 1995 Supp. 75-4209, and amendments thereto; and
(2) conform to provisions of applicable laws governing the investment of state moneys.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-2 - Portfolio management

Current through Register Vol. 43, No. 28, July 11, 2024
Following the primary objective of preservation of capital, each investment portfolio shall be actively managed to take advantage of market opportunities. In so doing, negotiable securities may be sold prior to their maturity for the purpose of:
(a) providing liquid funds as needed for cash flow purposes;
(b) enhancing portfolio returns; or
(c) restructuring maturities to increase yield, decrease risk or both.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-3 - Investment instruments; requirements

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Except as otherwise authorized by statutes applicable to a specific fund that is created by statute or by bond documents, investments of state moneys shall be limited to those instruments permitted under K.S.A. 1995 Supp. 75-4209, and amendments thereto.
(b) Repurchase agreements may be made in accordance with K.S.A. 1995 Supp. 75-4209(a)(2)(B)  and amendments thereto. Reverse repurchase agreements may be made in accordance with K.S.A. 1995 Supp. 75-4212a, and amendments thereto.
(c) Such repurchase and reverse repurchase agreements may be made only with Kansas banks and dealers that have entered into fully executed master repurchase agreements on file with the board.
(d) Except as otherwise authorized by the board, the market value of the securities underlying any repurchase agreement shall be maintained with a market value of at least 102% of the amount of the repurchase agreement. If the market value of the securities falls below 102% of the amount of the repurchase agreement, additional securities shall be required to attain full security unless otherwise authorized by the board.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-4 - Maturity

Current through Register Vol. 43, No. 28, July 11, 2024
(a) In scheduling the maturities of investment portfolios, projected cash flows shall be considered.
(b) Except as authorized by statute for specific investments, investment maturities of state moneys shall be limited to the lesser of:
(1) four years, pursuant to K.S.A. 1995 Supp. 75-4209(g); or
(2) the maturity date for securities obtained through repurchase agreements.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-5 - Investment transactions; requirements for brokers and dealers

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Investment transactions shall be conducted only with qualified institutions. Qualified institutions shall be limited to:
(1) qualified depository banks;
(2) the federal reserve bank in Kansas City, Missouri;
(3) primary government securities dealers, as defined in K.S.A. 75-4209  and amendments thereto;
(4) broker-dealers engaged in the business of selling government securities which are registered in compliance with section 15 or 15C of the securities exchange act of 1934 and K.S.A. 17-1254, and amendments thereto; or
(5) direct issuers or dealers of qualified commercial paper.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-6 - Competitive selection of investment instruments

Current through Register Vol. 43, No. 28, July 11, 2024
Each security transaction, other than directly-issued instruments, securities in syndicate or specially bid or offered securities, shall be executed through a competitive process involving solicitation of bids or offers from qualified institutions as set out in   K.A.R. 122-3-5. When purchasing a security, the offer which provides the highest anticipated current and future rate of return and which meets the investment objectives of the portfolio shall be accepted. When selling a security, the bid which generates the highest sales price shall be accepted.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-7 - Safekeeping and custody

Current through Register Vol. 43, No. 28, July 11, 2024
All security transactions entered into by the director of investments pursuant to K.S.A. 75-4209(a)(2)  and amendments thereto, including securities underlying repurchase agreements, shall be conducted on a delivery versus payment basis. Securities shall be held by the treasurer or a third-party custodian designated by the treasurer, as evidenced by safekeeping receipts held by the treasurer or a third-party custodian.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-8 - Conflicts of interest

Current through Register Vol. 43, No. 28, July 11, 2024
(a) Except upon unanimous vote of the board members voting, no investment of any state moneys shall be made when one or more members, officers or employees of the board has personal business activity that:
(1) conflicts with proper execution of that investment; or
(2) could impair the ability of that member, officer, or employee to make an impartial decision regarding that investment.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-9 - Performance monitoring

Current through Register Vol. 43, No. 28, July 11, 2024
The performance of each investment portfolio shall be continually monitored and evaluated by the director of investments using investment strategies developed under the investment principles of   K.A.R. 122-3-1. External comparative performance reviews shall be conducted as the board deems necessary. Summary reports shall be provided on a monthly basis for the board and annually for the legislature as required by statute.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-10 - Chief investment officer; qualifications

Current through Register Vol. 43, No. 28, July 11, 2024
(a) A director of investments shall be appointed by the board. The director of investments shall be responsible for planning, directing and managing the state moneys investment programs under the direction of the board in accordance with applicable statutes, rules and regulations, and policies of the board.
(b) The director of investments shall meet qualifications established by the board with respect to:
(1) education and training in a finance-related field;
(2) experience as an investment or trust officer for a financial institution, association or corporation, or experience in a finance-related field;
(3) experience in money market and fixed-income investments; and
(4) supervisory experience.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 3 - INVESTMENT OF STATE MONEYS › Section 122-3-11 - Commercial paper

Current through Register Vol. 43, No. 28, July 11, 2024
(a) The director of investments may invest up to 50 percent of the pooled money investment portfolio in the types of commercial paper authorized by K.S.A. 1995 Supp. 75-4209(a)(2)(E), as amended by  L. 1996, Ch. 254. No more than 10 percent of the pooled money investment portfolio shall be invested in commercial paper of any single business entity. The limitations of this subsection shall be applicable only at the time investments are made in commercial paper, and such limitations shall not be construed to require the sale of any commercial paper properly acquired.
(b) By written and published policies, the above limitations on investments in commercial paper may be further restricted by the board.
(c) For purposes of computing the limitation on investments in commercial paper, the pooled money investment portfolio shall be comprised solely of investments made pursuant to subsection (a), (c) and (d) of K.S.A. 1995 Supp. 75-4209, as amended by  L. 1996, Ch. 254, and K.S.A. 1995 Supp. 75-4262, including interest receivable on such investments.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 4 - MUNICIPAL INVESTMENT POOL › Section 122-4-1 - Municipal investment pool; earnings

Current through Register Vol. 43, No. 28, July 11, 2024
(a) All participants' earnings on investments in the municipal investment pool shall be calculated using the rate factors that are determined and quoted each day. Each participant's earnings shall be credited to the participant's account no later than the last calendar day of the month.
(b) A quoted rate factor shall be specified for each investment option available to participants. The rate factor shall be determined by the director of investments, subject to directives of the board. In determining the rate factor for each such investment option, consideration shall be given to the duration of the deposits, the interest rates available from competing investments available to participants, yield factors and other factors deemed relevant by the board. The quoted rate factors shall be net of the administrative fee authorized by section 1 of Chapter 254 of the
1996 Session Laws of Kansas.
Kansas Administrative Regulations › Agency 122 - POOLED MONEY INVESTMENT BOARD › Article 5 - INVESTMENT ACCOUNTS IN QUALIFIED BANKS › Section 122-5-1 - Money available for investment

Current through Register Vol. 43, No. 28, July 11, 2024
(a) In order to make state moneys available for investment pursuant to subsection (a)(1) of K.S.A. 1995 Supp. 75-4209  and amendments thereto, the director of investments shall periodically, and at least annually, review and determine the liquidity needs of the state, the varying maturities of the investment accounts to be offered, and the amount of state moneys to be invested in each of the maturities offered.
(b) In conducting the review and making the determinations, consideration shall be given to the following factors:
(1) historical state cash-flow trends;
(2) anticipated periods of peak disbursements and revenue receipts;
(3) maturities of existing investments;
(4) anticipated future expenditures and re-ceipts;
(5) contingencies for unanticipated obligations;
(6) unforeseeable occurrences or unascertainable effects of foreseeable occurrences; and
(7) general economic conditions of the state.
Kansas Administrative Regulations › Agency 123 - JUVENILE JUSTICE AUTHORITY › Article 1 - GENERAL ADMINISTRATION › Section 123-1-101 - Definitions

Current through Register Vol. 43, No. 28, July 11, 2024
The definitions in this regulation shall be applicable to all
				regulations of the juvenile justice authority. Unless the context clearly
				indicates a different meaning, the following terms shall have the meanings
				assigned in this regulation:
(a)
			 "Agency" means the juvenile justice authority.
(b) "Commissioner" means the commissioner of
			 juvenile justice.
(c) "Facility"
			 means a building or complex of buildings or structures and the associated staff
			 that are organized and operated under the control of the commissioner pursuant
			 to K.S.A.
			 75-7001 et seq., and amendments thereto, to
			 provide services to juveniles who are under the jurisdiction of the Kansas
			 juvenile justice code.
(d)
			 "Facility order" means a written directive promulgated by the superintendent or
			 designee of any facility operated by the commissioner that meets the following
			 conditions:
(1) Dictates the governance of
			 any aspect of the facility's operations, procedures, processes, or practices;
			 and
(2) applies to all individuals
			 at the facility where the written directive is promulgated.
Kansas Administrative Regulations › Agency 123 - JUVENILE JUSTICE AUTHORITY › Article 2 - FACILITIES MANAGEMENT › Section 123-2-1 - Term of incarceration

Current through Register Vol. 43, No. 28, July 11, 2024
(a) "Term of
			 incarceration," as used in Sections 67 and 70 of 1997 House Substitute for SB
			 69, is the length of detention that a juvenile offender shall serve in a
			 juvenile correctional facility for offenses committed before midnight of June
			 30, 1999.
(b) The length of
			 detention shall be based upon the severity level of the most serious offense
			 for which the juvenile offender is committed to a juvenile correctional
			 facility.
(c) A juvenile offender
			 who has committed an offense that would constitute an off-grid crime, if
			 committed by an adult, shall be detained in a juvenile correctional facility
			 until the juvenile offender is 23 years of age.
(d) A juvenile offender who has committed an
			 offense that would constitute a person felony, severity level 1, 2, or 3, if
			 committed by an adult, shall be detained in a juvenile correctional facility
			 for a minimum of 12 months.
(e) A
			 juvenile offender who has committed an offense that would constitute a person
			 felony, severity level 4, 5 or 6, or a drug felony, severity level 1 or 2, if
			 committed by an adult, shall be detained in a juvenile correctional facility
			 for a minimum of nine months.
(f)
			 A juvenile who is prosecuted as an adult pursuant to K.S.A. 38-1636, as
			 amended, and who is convicted may serve a period of detention at a juvenile
			 correctional facility until the juvenile is 16 years old, at which time the
			 juvenile may be transferred to the Kansas department of corrections.
(g) A juvenile offender who has committed any
			 other offense, including any violation of a conditional release, shall be
			 detained in a juvenile correctional facility for a minimum of two months.
(h) Any exception to the minimum
			 term of incarceration shall be approved in writing by the commissioner of
			 juvenile justice.
(i) This
			 regulation shall expire at midnight on June 30, 1999.
Kansas Administrative Regulations › Agency 123 - JUVENILE JUSTICE AUTHORITY › Article 2 - FACILITIES MANAGEMENT › Section 123-2-105 - Duties of superintendents

Current through Register Vol. 43, No. 28, July 11, 2024
Subject to the supervision of the commissioner or designee and
				the applicable laws, regulations, and internal management policies and
				procedures, each superintendent shall perform the following:
(a) Oversee the government and discipline of
			 the facility and superintend all of the business concerns of the facility;
(b) give necessary directions to
			 the facility's officers and employees and examine whether each officer and
			 employee has satisfactorily performed the officer's or employee's duties;
(c) examine the state of the
			 facility and the health, conduct, and safekeeping of the offenders;
(d) under the direction of the commissioner
			 or designee, use every proper means to furnish programs to the offenders that
			 are most beneficial to the public and suited to the offenders' abilities; and
(e) take charge of all real and
			 personal property belonging to the state in and about the facility.
This regulation shall be effective on and after April 8, 2005.