Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary

58-4906. Actions that are not a requirement of nor the responsibility or liability of financial institutions; determining a payable on death beneficiary. (a) No financial institution shall be required to: (1) Designate an account as a first-time home buyer savings account or designate the beneficiaries of an account in the financial institution's account contracts or systems or in any other way; (2) track the use of moneys withdrawn from an account; or (3) report any information to the department of revenue or any other governmental agency that is not otherwise required by law. (b) No financial institution shall be responsible or liable for: (1) Determining or ensuring that an account holder is eligible for a Kansas adjusted gross income modification pursuant to K.S.A. 79-32,117, and amendments thereto; (2) determining or ensuring that moneys in the account are used for eligible expenses; or (3) reporting or remitting taxes or penalties related to the use of account moneys. (c) A financial institution may rely on such financial institution's account records for determining a payable on death beneficiary for a first-time home buyer savings account. If the payable on death beneficiary in a financial institution's account records conflicts with the designated beneficiary on any form required by the secretary under the first-time home buyer savings account act, the payable on death beneficiary in such financial institution's account records shall control. History: L. 2021, ch. 102, § 6; L. 2023, ch. 5, § 4; July 1. Previous | Next LEGISLATIVE COORDINATING COUNCIL General Policies 2026 Archived LCC Documents Archived LCC Meetings REVISOR OF STATUTES Archived Session Documents Archived School Finance Documents USEFUL LINKS Session Laws Kansas Administrative Regulations OTHER LEGISLATIVE SITES Kansas Legislature Administrative Services Division of Post Audit Research Department Contact Us PDF Help www.ksrevisor.gov 2026