Title 11, Financial Institutions

(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…

(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 insti…

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…

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…

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…

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…

(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…

(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…

(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…

(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…

(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…

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…

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…

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…

(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…

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 …

(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 …

(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…

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…

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 …

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…

(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…

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…

(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…

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.