(1) The general assembly finds, determines, and declares that distinctions in function and services of various types of financial institutions have become so narrow that organizational and operational equality should be encouraged and facilitated in this state. It is the intent of the general assembly to enact legislation that will promote the safety and soundness of financial institutions for the benefit of the public, improve efficiency for the economic operation of those financial institutions, and ensure that the state of Colorado, by its appropriate action, will continue its control of those financial institutions within its jurisdiction.
(2) Repealed.
Source: L. 2003: Entire article added with relocations, p. 1127, � 3, effective July 1. L. 2004: (2) repealed, p. 147, � 44, effective July 1.
Editor's note: This section is similar to former � 11-25-101 as it existed prior to 2003.
11-105-602. Financial branches allowed - conversion of financial institutions to branches - acquisitions. (1) Any financial institution may convert any affiliate financial institution to a branch.
(2) Any financial institution, no matter the location of its principal place of business, may acquire any other financial institution for conversion to a branch or branches in this or another state.
(3) (a) Any bank, no matter the location of its principal place of business, upon thirty days' prior written notice to the banking board or the commissioner, may establish one or more de novo branches anywhere in this or another state.
(b) Any bank or savings and loan association may, upon thirty days' written notice to the banking board or commissioner, be converted to a branch of any bank or savings and loan association.
(b.5) (I) No financial institution may directly or indirectly establish or maintain or cause to be established or maintained its principal office, a loan production office, a deposit production office, an electronic communications device, or a branch in this state on or within one and one-half miles from premises or property owned, leased, or otherwise controlled, directly or indirectly, by an affiliate that engages in commercial activities.
(II) Repealed.
(c) The banking board and the financial services board shall adopt policies and procedures by rule no more restrictive than federal regulatory policies and procedures relative to notice of branches to be established under this subsection (3).
Source: L. 2003: Entire article added with relocations, p. 1127, � 3, effective July 1. L. 2004: (3)(c) amended, p. 147, � 45, effective July 1. L. 2007: (3)(b.5) added, p. 117, � 2, effective March 16; (3)(b.5)(II)(B) amended, p. 2021, � 15, effective June 1. L. 2013: (2), (3)(a), and (3)(b) amended and (3)(b.5)(II) repealed, (SB 13-154), ch. 282, pp. 1467, 1484, �� 15, 56, effective July 1.
Editor's note: This section is similar to former � 11-25-103 as it existed prior to 2003.