Kansas Statutes 75-4214. Fee agency accounts; designation or selection of banks or savings and loan association; requirements to hold fee agency account; monthly statement
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(a) Any state agency making collection of any moneys, with the approval of the board, may select a bank, savings bank or savings and loan association in the county in which the agency is located to have a fee agency account for the deposit of such moneys.
(b) To be eligible to hold a fee agency account as provided under subsection (a), any designated bank, savings bank or savings and loan association must meet the minimum capital requirements for a commercial bank as required by the federal deposit insurance corporation.
Terms Used In Kansas Statutes 75-4214
- Bank: means a bank incorporated under the laws of this state, or organized under the laws of the United States or another state and which has a main or branch office in this state. See Kansas Statutes 75-4201
- Board: means the pooled money investment board. See Kansas Statutes 75-4201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fee agency account: means a state bank account of any state agency consisting of moneys authorized by law prior to remittance to the state treasurer. See Kansas Statutes 75-4201
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
- Savings and loan association: means a savings and loan association incorporated under the laws of this state or organized under the laws of the United States or another state, insured by the federal deposit insurance corporation or its successor and having a main or branch office in the county in which a state agency making collection of any fees, tuition or charges is located. See Kansas Statutes 75-4201
- Savings bank: means a savings bank organized under the laws of the United States or another state insured by the federal deposit insurance corporation or its successor and having a main or branch office in the county in which a state agency making collection of any fees, tuition, or charges is located. See Kansas Statutes 75-4201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) At the end of each month any bank, savings bank or savings and loan association having a fee agency account shall forward to the board a detailed statement of such account.