Title 7, Corporations and Associations
0 chapters · 1,168 sections in this title.
Colo. Rev. Stat. § 7-49-101 Legislative declaration
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(1) The general assembly hereby finds and declares that: (a) There exists in both the urban and rural areas of the state a substantial quantity of older houses which, while still structurally sound and safe, are in danger of deteriorating due to the lack of available private inve…
Colo. Rev. Stat. § 7-49-102 Definitions
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As used in this article, unless the context otherwise requires: (1) Corporation means the Colorado older housing preservation corporation authorized to be created in this article. (2) Eligible housing structure or eligible housing means a structure occupied by the owner and used …
Colo. Rev. Stat. § 7-49-103 Corporation authorized
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A corporation, for the purposes enumerated in this article, may be incorporated upon approval of the governor and the state treasurer. The provisions of the Colorado Business Corporation Act, articles 101 to 117 of this title, not in conflict with or inconsistent with the provisi…
Colo. Rev. Stat. § 7-49-104 Corporate name
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The corporation shall be called the Colorado older housing preservation corporation. Source: L. 75: Entire article added, p. 265, � 1, effective June 29.
Colo. Rev. Stat. § 7-49-105 Approval of governor and state treasurer
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The articles of incorporation shall not be delivered to the secretary of state, for filing pursuant to part 3 of article 90 of this title, unless the governor and the state treasurer have approved in writing the method for selection of public members of the board of directors and…
Colo. Rev. Stat. § 7-49-106 Election of board of directors
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(1) The business and affairs of the corporation shall be conducted by a board of directors comprised of: (a) Four members elected by a vote of the eight participating financial institutions who have made or committed the largest contributions to the loan and insurance funds provi…
Colo. Rev. Stat. § 7-49-107 Restrictions on powers
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(1) The powers of the corporation shall be subject to the following restrictions: (a) It shall not approve any application for a loan until the applicant has shown that the applicant has applied to two or more financial institutions that could lawfully lend the amount of money so…
Colo. Rev. Stat. § 7-49-108 Membership - loans from members
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(1) Any financial institution is authorized to become a member of the corporation by making application to the board of directors on such form and in such manner as the board of directors may by rule require, and membership shall become effective upon approval of the application …
Colo. Rev. Stat. § 7-49-109 Loan insurance fund established
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(1) The articles of incorporation shall include provisions for the establishment of a loan insurance fund as follows: (a) At the time of incorporation, and prior to initiating any loans under section 7-49-108, the corporation may call upon each member institution to contribute to…
Colo. Rev. Stat. § 7-49-110 Mortgage loans eligible for insurance
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(1) Fund insurance may be made available under the following conditions: (a) Fund insurance is applicable to loans originated by mortgagees approved by the corporation. (b) Mortgage loans must be a first lien against subject property. (c) Mortgage loans involving leaseholds must …
Colo. Rev. Stat. § 7-49-111 Percentage of insurance
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(1) The corporation may insure: (a) Up to one hundred percent of the unpaid principal amount of loans for the purpose of purchasing, rehabilitating, or repairing eligible housing; (b) Up to thirty percent of the original principal amount of refinancing loans, if the funds in exce…
Colo. Rev. Stat. § 7-49-112 Processing loans for insurance
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(1) Insurance on a loan qualifying for mortgage insurance under this article shall be in effect as of the date on which the lender has made a report to the corporation which shall document: (a) The estimated cost of the rehabilitation work to be done; (b) In the case of a refinan…
Colo. Rev. Stat. § 7-49-113 Eligible properties
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(1) Property which is the subject of mortgage insurance or a mortgage or rehabilitation loan must: (a) Meet the provisions of section 7-49-102 (2); (b) Be located in this state; (c) Be primarily residential in nature and use. (2) If the housing facility includes three or more uni…
Colo. Rev. Stat. § 7-49-114 Working capital fund
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(1) The corporation shall, at the time of incorporation, establish a general fund, referred to in this article as the working capital fund, and shall pay into such working capital fund any other moneys which may be available to the corporation for its general purposes from any so…
Colo. Rev. Stat. § 7-49-115 Division of housing - assistance
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(1) The division of housing of the department of local affairs is hereby authorized to assist individuals and the corporation as to: (a) The nature, extent, and manner of repairs, remodeling, or rehabilitation financed under this article and the nature, extent, and manner of repa…
Colo. Rev. Stat. § 7-49-116 Nonliability of state for mortgage insurance commitments
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This state shall not be liable for mortgage insurance commitments of the fund beyond the reserves and fee revenues of the fund. The mortgage insurance commitments issued on the fund shall contain a statement to that effect. Source: L. 75: Entire article added, p. 270, � 1, effect…
Colo. Rev. Stat. § 7-49-117 Deposit of funds
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The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an offic…
Colo. Rev. Stat. § 7-49-118 Books and records
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In addition to the books and records required by sections 7-116-101 to 7-116-105, the corporation shall keep a record showing the names and addresses of all members of the corporation and the current status of loans made by each to the corporation. Members shall have the same rig…