Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-44-101 Division of financial services created
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There is created a division of financial services in the department of regulatory agencies, which shall be administered by the state commissioner of financial services. When any law of this state refers to the savings and loan department of the state of Colorado, said law shall b…
Colo. Rev. Stat. § 11-44-101.4 Definitions
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As used in articles 30 and 40 to 46 of this title, unless the context otherwise requires, board means the financial services board, created in section 11-44-101.6. Source: L. 93: Entire section added, p. 1447, � 9, effective June 6.
Colo. Rev. Stat. § 11-44-101.5 Division subject to termination - repeal of article. (Repealed)
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Source: L. 76: Entire section added, p. 621, � 4, effective July 1. L. 89: Entire section amended, p. 616, � 2, effective July 1. L. 91: Entire section amended, p. 678, � 6, effective April 20. L. 94: (2) amended, p. 66, � 9, effective July 1. L. 2004: (2) amended, p. 138, � 20, …
Colo. Rev. Stat. § 11-44-101.6 Financial services board - creation - penalty
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(1) There is established in the division of financial services the financial services board, which consists of five members appointed by the governor with the consent of the senate. The financial services board is a type 1 entity, as defined in section 24-1-105. (2) (a) There sha…
Colo. Rev. Stat. § 11-44-101.7 Powers of the financial services board
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(1) The board is the policy-making and rule-making authority for the division and has the power to: (a) Regulate its own procedure and practice; and (b) Make, modify, reverse, and vacate rules for the proper enforcement and administration of articles 30, 40 to 46, and 49 of this …
Colo. Rev. Stat. § 11-44-101.8 Review of commissioner actions by financial services board - judicial review
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(1) (a) Any credit union, savings and loan association, or life care institution or provider, or any officer, director, employee, agent, advisor, or volunteer thereof, may appeal to the board any actions taken pursuant to authority delegated by the board pursuant to section 11-44…
Colo. Rev. Stat. § 11-44-102 Commissioner - duties - employees
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(1) The head of the division of financial services shall be the state commissioner of financial services, referred to in this article as the commissioner. The commissioner shall have had at least five years' practical experience in the operation or regulation of financial institu…
Colo. Rev. Stat. § 11-44-103 Powers of commissioner
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The commissioner has general supervision and control over all domestic and foreign savings and loan associations doing business in this state and may grant, refuse, or revoke a permit or license to any association to do business in this state when the association is not conductin…
Colo. Rev. Stat. § 11-44-103.5 Record retention by the commissioner
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The commissioner shall retain records pursuant to part 1 of article 80 of title 24 and may, in the commissioner's discretion, destroy records pursuant to said part 1. Source: L. 2004: Entire section added, p. 139, � 23, effective July 1. L. 2024: Entire section amended, (HB 24-13…
Colo. Rev. Stat. § 11-44-104 Commissioner may delegate powers
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The commissioner may delegate such of the commissioner's powers and authority to the commissioner's deputies as the commissioner deems necessary for proper administration of the division and may designate appropriate titles for the commissioner's deputies and any of the commissio…
Colo. Rev. Stat. § 11-44-105 Commissioner may institute suits
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The commissioner shall report to the attorney general, and the attorney general shall institute and prosecute suits and actions to enjoin violations of articles 40 to 46 of this title 11 or violations of orders or decisions of the commissioner rendered pursuant to said articles a…
Colo. Rev. Stat. § 11-44-106 Issuance of subpoenas
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(1) The commissioner may: (a) Issue subpoenas and require attendance of any officer, director, agent, salesperson, collector, or employee of any association and any other witnesses that the commissioner may deem necessary in relation to the association's affairs, transactions, an…
Colo. Rev. Stat. § 11-44-106.5 Suspension or removal of directors, officers, or employees - penalty
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(1) (a) The commissioner may suspend or remove any director, officer, or employee of an association who in the opinion of the commissioner has: (I) Violated the savings and loan association laws or a lawful regulation or order issued thereunder; (II) Engaged or participated in an…
Colo. Rev. Stat. § 11-44-107 Confidentiality
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(1) Neither the commissioner, the commissioner's deputy, nor any other person appointed by the commissioner shall divulge any information acquired in the discharge of the person's duties; except that: (a) A person specified in the introductory portion to this subsection (1) may d…
Colo. Rev. Stat. § 11-44-108 Seal of commissioner. (Repealed)
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Source: L. 33: p. 337, � 7. CSA: C. 25, � 53. CRS 53: � 122-6-8. C.R.S. 1963: � 122-5-8. L. 89: Entire section amended, p. 618, � 5, effective July 1. L. 94: Entire section repealed, p. 68, � 14, effective July 1.
Colo. Rev. Stat. § 11-44-109 Examination by commissioner - procedure - penalty
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(1) At such intervals as the commissioner determines to be necessary or desirable in order to ascertain that each association is conducting its business in a safe and authorized manner, the commissioner or the commissioner's deputy or employee shall visit the home office and bran…
Colo. Rev. Stat. § 11-44-110 Power to take possession of association
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(1) If the commissioner finds that an association doing business in this state is violating its articles of incorporation or bylaws or the laws of this state provided for the association's government, or is conducting its business in an unsafe or unauthorized manner, the commissi…
Colo. Rev. Stat. § 11-44-110.5 Supervisory mergers
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As a condition to allowing an association to resume business, the commissioner may require the association to merge with a domestic, foreign, or federal savings and loan association. In the case of such a supervisory merger initiated by the commissioner or the federal deposit ins…
Colo. Rev. Stat. § 11-44-111 Appeal from commissioner's action
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When any association, of whose property, business, and assets the commissioner has taken possession, deems itself aggrieved thereby, it may appeal to the financial services board pursuant to section 11-44-101.8 and receive expedited consideration as soon as practicable, and if it…
Colo. Rev. Stat. § 11-44-112 Appointment of commissioner as receiver - assignment for benefit of creditors prohibited
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Upon application to the district court, the commissioner may be appointed the receiver to operate a savings and loan association when such appointment is necessary to avoid the association’s assets becoming impaired or when the association is operating in an unsafe manner. In lie…
Colo. Rev. Stat. § 11-44-113 Procedure under court order
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(1) The commissioner may retain possession of a savings and loan association for the purpose of liquidating its affairs, but before doing so, the commissioner shall furnish a bond, executed by a surety company authorized to do business in this state and running to the people of t…
Colo. Rev. Stat. § 11-44-114 Noncompliance with orders - penalty
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If the commissioner demands possession of the property, business, and assets of any association, pursuant to section 11-44-110, the refusal of any officer, agent, employee, or director of such association to comply with such demand constitutes a class 2 misdemeanor; and, if such …
Colo. Rev. Stat. § 11-44-115 Officers to furnish schedule of property
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(1) Upon taking possession of the property, business, and assets of an association, the commissioner shall require the president and secretary of the association to: (a) Make a schedule of all of the association's property and assets and all collateral held by the association as …
Colo. Rev. Stat. § 11-44-116 Liquidation powers of commissioner
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(1) In liquidating the affairs of an association, the commissioner may: (a) Collect all money due to and all claims of the association and give full receipt for the money and claims; (b) Release or reconvey all real or personal property pledged, hypothecated, or transferred in tr…
Colo. Rev. Stat. § 11-44-117 Setoffs
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Credits on loan shares of all persons indebted to any savings and loan association in the possession of the commissioner, whether the indebtedness is due or to become due, shall be applied by the commissioner on account of the indebtedness. Source: L. 33: p. 349, � 16. CSA: C. 25…
Colo. Rev. Stat. § 11-44-118 Commissioner and deputy not to accept gifts
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Neither the commissioner nor the commissioner's deputy shall receive or accept any bribe, gratuity, or reward from any person or association for any purpose or knowingly and willfully make any false or fraudulent report of the condition of any association for any purpose. One or …
Colo. Rev. Stat. § 11-44-119 Association's right to resort to court
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Nothing in articles 40 to 46 of this title shall be construed to prevent an association or person affected by any order, ruling, proceeding, act, or action of the commissioner or the financial services board or any person acting on behalf and at the instance of the commissioner o…
Colo. Rev. Stat. § 11-44-120 Records of commissioner
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(1) The commissioner shall maintain annually revised summaries disclosing: (a) The names of the officers and directors of all savings and loan associations doing business in the state during the preceding year; (b) The financial condition of the savings and loan associations, inc…
Colo. Rev. Stat. § 11-44-121 Commissioner may destroy records. (Repealed)
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Source: L. 55: p. 764, � 11. CRS 53: � 122-6-21. C.R.S. 1963: � 122-5-21. L. 2004: Entire section repealed, p. 140, � 25, effective July 1.
Colo. Rev. Stat. § 11-44-122 Waiver of membership or stockholder voting
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Notwithstanding any other provision of state law, whenever the commissioner finds that it is necessary to effect a merger, consolidation, purchase and assumption agreement, conversion to stock association, conversion to mutual association, conversion to federal association, or co…
Colo. Rev. Stat. § 11-44-123 Assessment of civil money penalties
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(1) (a) After notice and a hearing as provided in article 4 of title 24, C.R.S., and after making a determination that no other appropriate governmental agency has taken similar action against such person for the same act or practice, the commissioner may assess and collect a civ…
Colo. Rev. Stat. § 11-44-124 Repeal of article - review of functions
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This article 44 is repealed, effective September 1, 2033. Before the repeal, the division and the board are scheduled for review in accordance with section 24-34-104. Source: L. 2024: Entire section added, (HB 24-1381), ch. 350, p. 2362, � 2, effective August 7.