Regulatory Alerts2000-01-01
Procedures for Sale of Bank Property to Employees Under K.S.A. 9-1112
The Office of the State Bank Commissioner issued Regulatory Mailing RM2000-2 to establish standardized procedures for state-chartered banks seeking approval to sell assets to employees or related parties under K.S.A. 9-1112. The directive mandates specific documentation requirements for automobiles, real estate, and other personal property, including detailed descriptions, book values, and evidence of fair market pricing. Banks must submit these requests to the department for case-by-case review to ensure compliance with statutory approval obligations.
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