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

HB 2417 modifies Kansas law to give the state bank commissioner authority to revoke a charter for a technology-enabled fiduciary financial institution (TEFFI) if it fails to comply with regulations. However, the commissioner cannot finalize the revocation without approval from the legislative coordinating council, which must vote unanimously in favor. This bill directly affects TEFFIs - specialized financial institutions managing alternative assets like private investments through digital custody accounts - and adds a legislative review step to the revocation process. The law amends existing sections of the TEFFI Act to formalize this two-step procedure.