2015 Kansas Statutes
Chapter 9 BANKS AND BANKING; TRUST COMPANIES
Article 8 BANKING CODE; ORGANIZATION
9-811 Prohibition against nonbank banks; exceptions.
9-811. Prohibition against nonbank banks; exceptions. No financial institution whose deposits are insured by the federal deposit insurance corporation shall conduct business in this state unless such institution: (a) Has the legal right to accept deposits that the depositor has the legal right to withdraw on demand and to engage in the business of making commercial loans or; (b) is a national bank which engages only in credit card operations, does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others, does not accept any savings or time deposits of less than $100,000, maintains only one office that accepts deposits and does not engage in the business of making commercial loans.
History: L. 1985, ch. 84, § 1; L. 1991, ch. 46, § 2; L. 2015, ch. 38, § 30; July 1.
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