Kansas SB524 mandates written agreements for banks to serve as depositories of public moneys, increases security requirements, and allows the state.

Kansas SB524 requires banks, savings and loan associations, and savings banks to enter into written agreements with the state treasurer to serve as depositories of public moneys. It increases the market value of securities necessary to secure these deposits and outlines procedures for when a depository fails to meet requirements. The bill modifies definitions and authorizes the state treasurer to assess a fee for operating the public moneys pooled method, creating the public moneys fee fund.

Kansas SB524 mandates written agreements for banks to serve as depositories of public moneys, increases security requirements, and allows the state.

Kansas SB524 requires banks, savings and loan associations, and savings banks to enter into written agreements with the state treasurer to serve as depositories of public moneys. It increases the market value of securities necessary to secure these deposits and outlines procedures for when a depository fails to meet requirements. The bill modifies definitions and authorizes the state treasurer to assess a fee for operating the public moneys pooled method, creating the public moneys fee fund.