Ch. 6             1997 Session Laws of Kansas             11

Chapter 6


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

12             1997 Session Laws of Kansas             Ch. 6

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 K.S.A. 17-2223a is hereby repealed.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.

Approved March 18, 1997.