SB 46--
By Committee on Financial Institutions and Insurance

AN ACT relating to credit unions; concerning foreign credit unions; amending K.S.A. 17-2223a and repealing the existing section. Be it enacted by the Legislature of the State of Kansas: Section 1. K.S.A. 17-2223a is hereby amended to read as follows: 17- 2223a. (a) No credit union, except credit unions organized under the laws of the state of Kansas or the ``federal credit union act,'' 12 U.S.C. 1751 et seq., and amendments thereto, shall do business in this state until it has received the approval of the credit union administrator. (b) The administrator may require any such credit union to submit at least every 18 months an examination report made by or under the authority of the national credit union administration or its successor or successors, by any such other appropriate federal or state agency or by an independent auditor or certified public accountant. Such report shall meet the standards which the administrator has established. (c) If after a hearing or an opportunity for a hearing has been given such credit union in accordance with the provisions of the Kansas ad- ministrative procedure act, the administrator determines that such credit union has violated any provision of this act, the administrator may revoke such credit union's authority to do business in this state. Sec. 2. K.S.A. 17-2223a is hereby repealed. Sec. 3. This act shall take effect and be in force from and after its publication in the statute book.