Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-110-1001 Net worth
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(1) A licensee licensed pursuant to this article 110 shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred millio…
Colo. Rev. Stat. § 11-110-1002 Surety bond
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(1) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the banking board or, with the board's approval, a deposit instead of a bond in accordance with this section…
Colo. Rev. Stat. § 11-110-1003 Maintenance of permissible investments - statutory trust - rules
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(1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of the licensee’s outstanding money transmission obligations…
Colo. Rev. Stat. § 11-110-1004 Types of permissible investments - rules
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(1) The following investments are permissible under section 11-110-1003: (a) Cash, including demand deposits, savings deposits, and money in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalent…
Colo. Rev. Stat. § 11-110-101 Short title
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The short title of this article 110 is the Money Transmission Modernization Act. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 375, � 1, effective August 6. Editor's note: Prior to its repeal and reenactment, this section was similar to former � 12-52-101 as it e…
Colo. Rev. Stat. § 11-110-102 Legislative declaration
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(1) The general assembly finds and declares that the purpose of this article 110 is to: (a) Ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources; (b) Protect…
Colo. Rev. Stat. § 11-110-1101 Suspension and revocation of license
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(1) The banking board may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (a) The licensee violates this article 110 or a rule adopted or an order issued under this article 110; (b) The licensee does not cooperate with an ex…
Colo. Rev. Stat. § 11-110-1102 Suspension and revocation of authorized delegates
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(1) The banking board may issue an order suspending or revoking the designation of an authorized delegate if the board finds that: (a) The authorized delegate violated this article 110 or a rule adopted or an order issued under this article 110; (b) The authorized delegate did no…
Colo. Rev. Stat. § 11-110-1103 Orders to cease and desist
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(1) If the banking board determines that a violation of this article 110 or a rule adopted or an order issued under this article 110 by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, the licensee's customers, or the public as …
Colo. Rev. Stat. § 11-110-1104 Consent orders
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The banking board may enter into a consent order at any time with a person to resolve a matter arising under this article 110 or a rule adopted or order issued under this article 110. A consent order must be signed by the person to whom it is issued or by the person's authorized …
Colo. Rev. Stat. § 11-110-1105 Criminal penalties
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(1) An individual that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this article 110 or that intentionally makes a false entry or omits a material entry in such a record commits a class 2 mis…
Colo. Rev. Stat. § 11-110-1106 Civil penalties
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The banking board may assess a civil penalty against a person that violates this article 110 or a rule adopted or an order issued under this article 110 in an amount as determined by the board for each day the violation is outstanding, plus this state's costs and expenses for the…
Colo. Rev. Stat. § 11-110-1107 Unlicensed persons
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(1) If the banking board has reason to believe that a person has violated or is violating section 11-110-501, the board may issue an order to show cause why an order to cease and desist should not be issued requiring that the person cease and desist from the violation of section …
Colo. Rev. Stat. § 11-110-1108 Judicial review
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A person aggrieved and directly affected by an order of the banking board issued under this article 110 may seek a review in the district court of this state in and for the county in which the principal place of business of the applicant, licensee, or authorized delegate is locat…
Colo. Rev. Stat. § 11-110-1201 Uniformity of application and construction
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In applying and construing this article 110, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 413, � 1, effective August 6.
Colo. Rev. Stat. § 11-110-1202 Severability
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If any provision of this article 110 or the application thereof to any person or circumstance is held invalid, such invalidity does not affect other provisions or applications of this article 110 that can be given effect without the invalid provision or application, and to this e…
Colo. Rev. Stat. § 11-110-1203 Repeal of article - review of functions
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This article 110 is repealed, effective September 1, 2030. Before the repeal, this article 110 is scheduled for review in accordance with section 24-34-104. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 413, � 1, effective August 6.
Colo. Rev. Stat. § 11-110-201 Definitions - rules
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As used in this article 110, unless the context otherwise requires: (1) Acting in concert means persons knowingly acting together with a common goal of jointly acquiring control of a licensee, whether or not pursuant to an express agreement. (2) Authorized delegate means a person…
Colo. Rev. Stat. § 11-110-301 Exemptions
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(1) This article 110 does not apply to: (a) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, de…
Colo. Rev. Stat. § 11-110-302 Authority to require demonstration of exemption
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The banking board may require that a person claiming to be exempt from licensing pursuant to section 11-110-301 provide information and documentation to the board demonstrating that the person qualifies for the claimed exemption. Source: L. 2025: Entire article R&RE, (HB 25-1201)…
Colo. Rev. Stat. § 11-110-401 Implementation - rules
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(1) Powers. In order to carry out the purposes of this article 110, the banking board may, subject to the provisions of section 11-110-402 (1) and (2): (a) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulato…
Colo. Rev. Stat. § 11-110-402 Confidentiality
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(1) Except as otherwise provided in subsection (2) of this section, all information or reports obtained by the banking board from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or con…
Colo. Rev. Stat. § 11-110-403 Supervision
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(1) The banking board may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this article 110 or by a rule adopted or order issued under this article 110 as reasonably necessary or appropriate to adminis…
Colo. Rev. Stat. § 11-110-404 Networked supervision
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(1) To efficiently and effectively administer and enforce this article 110 and to minimize regulatory burden, the banking board may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Mon…
Colo. Rev. Stat. § 11-110-405 Relationship to federal law - interpretative guidance
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(1) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this article 110 and federal law governing money transmission is governed by the applicable federal law to the extent of the inconsistency. (2) In th…
Colo. Rev. Stat. § 11-110-501 License required
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(1) A person shall not engage in the business of money transmission or advertise, solicit, or make representations that the person may provide money transmission unless the person is licensed under this article 110. (2) Subsection (1) of this section does not apply to: (a) A pers…
Colo. Rev. Stat. § 11-110-502 Consistent state licensing - rules
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(1) To establish consistent licensing between Colorado and other states, the banking board may: (a) Implement all licensing provisions of this article 110 in a manner that is consistent with other states that have adopted laws regulating money transmission that are similar to the…
Colo. Rev. Stat. § 11-110-503 Application for license - license fee - rules
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(1) An applicant for a license shall apply with the banking board in a form and in a medium prescribed by the board. The board by rule or procedure shall determine the content of the application and may change or update the application in accordance with applicable law or to carr…
Colo. Rev. Stat. § 11-110-504 Information requirements for certain individuals - background check - name-based judicial record check
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(1) An individual in control of a licensee or applicant, an individual that seeks to acquire control of a licensee, and each key individual shall furnish to the banking board through NMLS the following items: (a) The individual’s fingerprints for submission to the federal bureau …
Colo. Rev. Stat. § 11-110-505 Issuance of license - investigation of financial condition - initial license term - denial - appeal
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(1) When an application for an original license appears to include all the items and addresses all of the matters that are required pursuant to this article 110, the application is complete, and the banking board shall promptly notify the applicant in a record of the date on whic…
Colo. Rev. Stat. § 11-110-506 Renewal of license - annual fee - renewal report
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(1) (a) A license issued under this article 110 shall be renewed annually. (b) Not more than sixty days before the license expiration, a licensee shall pay an annual license fee to the banking board, as established by the banking board. (c) The renewal term is for a period of one…
Colo. Rev. Stat. § 11-110-507 Maintenance of license - suspension and revocation
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(1) If a licensee does not continue to meet the qualifications or satisfy the requirements for an applicant for a new money transmission license described in this article 110, the banking board may suspend or revoke the licensee's license in accordance with the procedures establi…
Colo. Rev. Stat. § 11-110-601 Acquisition of control - application - fee - investigation of financial condition - denial - appeal - exemptions
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(1) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the banking board prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to this section if that…
Colo. Rev. Stat. § 11-110-602 Notice and information requirements for a change of key individuals
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A licensee adding or replacing a key individual shall provide notice to the banking board in a manner prescribed by the board by rule within fifteen days after the effective date of the key individual’s appointment.
Colo. Rev. Stat. § 11-110-701 Report of condition
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(1) Each licensee shall submit a report of condition to the banking board within forty-five days after the end of a calendar quarter or within any extended time as the board by rule may prescribe. (2) The report of condition must include: (a) Financial information at the licensee…
Colo. Rev. Stat. § 11-110-702 Audited financials
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(1) Each licensee shall, within ninety days after the end of each fiscal year, or within any extended time as the banking board by rule may prescribe, file with the board: (a) An audited financial statement of the licensee for the fiscal year prepared in accordance with United St…
Colo. Rev. Stat. § 11-110-703 Authorized delegate reporting
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(1) Each licensee shall submit a report of authorized delegates to the banking board within forty-five days after the end of a calendar quarter. The board is authorized and encouraged to utilize NMLS for the submission of the report required by this section if the functionality i…
Colo. Rev. Stat. § 11-110-704 Reports of certain events
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(1) A licensee shall file a report with the banking board within one business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee under the United States bankruptcy code, 11 U.S.C. sec…
Colo. Rev. Stat. § 11-110-705 Bank secrecy act reports
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A licensee and an authorized delegate shall file all reports required by federal currency reporting, record-keeping, and suspicious activity reporting requirements as set forth in the bank secrecy act and other federal and state laws pertaining to money laundering. The timely fil…
Colo. Rev. Stat. § 11-110-706 Records - rules
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(1) A licensee shall maintain the following records for determining the licensee's compliance with this article 110 for at least three years after the creation of the record: (a) A record of each outstanding money transmission obligation sold; (b) A general ledger posted at least…
Colo. Rev. Stat. § 11-110-801 Relationship between licensee and authorized delegate - written policies and procedures required - background investigation - definition
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(1) As used in this section, “remit” means to make direct payments of money to a licensee or the licensee’s representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (2) Before a licensee is authorized to conduct business th…
Colo. Rev. Stat. § 11-110-802 Unauthorized activities - joint and several liability
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A person shall not engage in the business of money transmission on behalf of a person not licensed under this article 110 or not exempt pursuant to part 3 of this article 110. A person that engages in such activity provides money transmission to the same extent as if the person w…
Colo. Rev. Stat. § 11-110-901 Timely transmission
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(1) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a c…
Colo. Rev. Stat. § 11-110-902 Refunds
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(1) This section does not apply to: (a) Money received for transmission subject to the federal remittance rule, 12 CFR 1005, subpart B; or (b) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services …
Colo. Rev. Stat. § 11-110-903 Receipts - definition
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(1) This section does not apply to: (a) Money received for transmission subject to the federal remittance rule, 12 CFR 1005, subpart B; (b) Money received for transmission that is not primarily for personal, family, or household purposes; (c) Money received for transmission pursu…
Colo. Rev. Stat. § 11-110-904 Notice
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Every licensee or authorized delegate shall include on a receipt described in section 11-110-903 or disclose on the licensee's website or mobile application the name and phone number of the division and a statement that the licensee's customers can contact the division with quest…
Colo. Rev. Stat. § 11-110-905 Disclosures for payroll processing services
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(1) A licensee that provides payroll processing services shall: (a) Issue reports to clients detailing client payroll obligations in advance of the payroll money being deducted from an account; and (b) Make available worker pay stubs or an equivalent statement to workers. (2) Sub…