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Can you summarize KSST 9-1138?
BANKING CODE; POWERS > School savings deposit program; requirements; definitions.
Short Summary
This section of the Kansas Statutes governs the establishment of a school savings deposit program to encourage savings among school children. The program allows banks to enter into a written agreement with the board of an accredited elementary or secondary school. The program is limited to opening accounts and collecting deposits from school children for deposit in the bank accounts. Before implementing the program, the executed agreement and necessary information must be submitted to the commissioner for approval. The commissioner will approve the program if it primarily promotes educational objectives and the purpose of this section. Banks participating in the program must have their main or branch office located in the same county as the participating school. If no bank in the county wants to participate, banks in any contiguous county may participate.
Whom does it apply to?
Banks, boards of education of school districts, governing authorities of accredited nonpublic schools
What does it govern?
School savings deposit program
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas