17-2246. Share insurance required. (a) (1) Every credit union which is organized and operating under the laws of the state of Kansas, except a corporate credit union, shall insure the shares of each shareholder of such credit union.
(2) Every credit union shall insure the shares of each shareholder of such credit union with the national credit union share insurance fund, NCUSIF, or its successor.
(b) (1) The application for NCUSIF insurance shall be filed with the Kansas department of credit unions, then forwarded to the national credit union administration.
(2) Every credit union chartered after the effective date of this act shall obtain NCUSIF insurance coverage prior to commencing business.
(3) The administrator may suspend the charter, merge, liquidate, or take possession of any credit union which fails to comply with the provisions of this section or which loses or allows such coverage to lapse.
(c) Every credit union shall forward a copy of the NCUSIF certificate of insurance to the administrator within 30 days after the credit union receives the certificate.
(d) (1) Every credit union shall take every action legally required to maintain NCUSIF insurance coverage in full force and effect, and shall refrain or desist from taking any action that is likely to cause termination of NCUSIF insurance coverage.
(2) The administrator shall order the merger, consolidation, or liquidation of any credit union whose NCUSIF insurance is terminated.
History: L. 1975, ch. 136, § 1; L. 1981, ch. 103, § 1; L. 1991, ch. 78, § 1; L. 1992, ch. 225, § 23; L. 2012, ch. 161, § 3; L. 2019, ch. 22, § 27; July 1.
CASE ANNOTATIONS
1. 1991 amendment to subsection (f) is not retroactive. Central Kansas Credit Union v. Mutual Guar. Corp., 886 F. Supp. 1529, 1542 (1995).
2. Credit union not entitled to reclaim capital contribution under impracticality of performance doctrine. Central Kansas Credit Union v. Mutual Guar. Corp., 102 F.3d 1097, 1101, 1110 (1996).
LEGISLATIVE COORDINATING COUNCIL
11/09/2023
Meeting Notice
Agenda
08/09/2023 Meeting Notice Agenda 06/05/2023 Meeting Notice Agenda 04/25/2023 Meeting Notice Agenda LCC Policies REVISOR OF STATUTES
2023 New, Amended and Repealed by KSA
2023 New, Amended and Repealed by Bill Chapter 72 Statute Transfer List Kansas School Equity & Enhancement Act Gannon v. State Information for Special Session 2021 General Info., Legal Analysis & Research 2022 Amended & Repealed Statutes 2021 Amended & Repealed Statutes 2020 Amended & repealed Statutes 2019 Amended & Repealed Statutes USEFUL LINKS
Session Laws
OTHER LEGISLATIVE SITES
Kansas LegislatureAdministrative Services Division of Post Audit Research Department |