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Can you summarize 17 KSAR Article 8?
Office of the State Bank Commissioner > Financial Modernization
Short Summary
This document, part of the Kansas Administrative Regulations under the Office of the State Bank Commissioner, governs banks’ acquisition of interests in financial subsidiaries or engaging in new activities within existing financial subsidiaries. The document requires banks to provide written notice to the commissioner before acquiring an interest or engaging in a new activity. The notice should include details such as the proposed transactions, percentage of ownership, name and address of the financial subsidiary, current and proposed activities, and information about insurance activities if applicable. The notice is deemed approved unless the commissioner notifies the bank of approval, additional review requirements, or disapproval. The document also sets a limit on the aggregate consolidated total assets of all financial subsidiaries, which should not exceed 45 percent of the parent bank’s consolidated total assets. If a financial subsidiary is found to be operated illegally or in an unsafe and unsound manner, the commissioner may order the bank to take remedial action or divest its interest in the subsidiary. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Banks
What does it govern?
Banks' acquisition of interests in financial subsidiaries or engaging in new activities within existing financial subsidiaries
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Kansas