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Minutes for SB87 - Committee on Financial Institutions and Pensions

Short Title

Amending the Kansas credit services organization act.

Minutes Content for Wed, Mar 8, 2017

David Wiese, staff revisor, reviewed the bill.

Chairperson Kelly opened the hearing on SB87.

Marilyn Stanley testified in support of SB87 stating that it would benefit consumers by providing flexibility for payments, reducing frequency of late fees, and fostering consumer understanding of credit and debt by a thorough review of consumers' credit reports. (Attachment 4)  Ms. Stanley responded to questions from the Committee.

Jeff Witherspoon testified in support of SB87 and was in agreement with Ms. Stanley's comments. Mr. Witherspoon also stated that SB87 would provide a platform for fee structures that is a fair and equitable compromise for both consumers and agencies.  (Attachment 5)

Jennifer Cook testified in support of SB87 stating that it provides modernization of the Kansas Credit Services Organization Act and would strengthen safeguards for consumers, help CSOs provide additional services, and update regulatory processes. (Attachment 6)  Ms. Cook responded to questions from the Committee.

There being no further conferees, Chairperson Kelly closed the hearing on SB87.