Authorizing the state bank commissioner to revoke a TEFFI charter, subject to approval by the legislative coordinating council.

SB 301 is a proposed Kansas bill that would allow the state bank commissioner to revoke a charter for a "technology-enabled fiduciary financial institution" (TEFFI) if the institution fails to comply with state laws or regulations. This revocation would require approval by a majority vote of the legislative coordinating council, preventing the commissioner from finalizing the action alone. The bill directly affects TEFFIs - financial institutions using technology to manage fiduciary services like alternative asset custody accounts - and adds a legislative check on the commissioner’s authority. It does not change existing laws but modifies the process for charter revocation under the Technology-Enabled Fiduciary Financial Institutions Act. The bill is pending review by the Financial Institutions and Insurance Committee.