Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-41-131 Dissolution
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(1) A domestic association may elect to abandon its certificate of authority, liquidate its affairs, and dissolve as provided in this section. The affirmative vote of at least a majority of the board of directors must be cast in favor of a proposed dissolution at a special meetin…
Colo. Rev. Stat. § 11-41-132 Escheat proceedings
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(1) If the affairs of an association have been voluntarily liquidated as provided in articles 40 to 46 of this title and any liquidating dividends remain unclaimed after the approval of the final report of liquidation, the trustees for liquidation may transfer such unclaimed liqu…
Colo. Rev. Stat. § 11-41-133 Acquisition of majority control over an existing association - definitions
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(1) As used in this section, unless the context otherwise requires: (a) “Entity” means a person or group of persons. (b) “Person” means an individual, corporation, partnership, trust, or similar organization. (c) An entity shall be deemed “to have control” of an association if sa…
Colo. Rev. Stat. § 11-41-134 Indemnification and personal liability of directors, officers, employees, and agents - legislative declaration
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(1) The savings and loan association has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article 109 of title 7. Savings and loan association directors, officers, employees, and agents have the sa…
Colo. Rev. Stat. § 11-42-101 Investment and savings shares
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(1) Every association may issue and sell an unlimited number of shares of the following types, as described in this section: (a) Investment shares are shares on which the full payment has been made and on which dividends shall be paid in cash. (b) Savings shares are shares on whi…
Colo. Rev. Stat. § 11-42-102 Preliminary requirements
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Shares may be purchased and held absolutely by or in trust for any person, partnership, association, corporation, or trustee. Certificates shall be issued to each purchaser of shares at the time of making full or initial payment thereon, and at the same time share account books s…
Colo. Rev. Stat. § 11-42-103 Contents of certificate - accounts
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A share account shall be kept on the books of the association with each certificate holder showing the aggregate of all payments made, plus dividends paid in cash or credited. The aggregate of all payments made, plus dividends credited, less withdrawals, shall be termed the certi…
Colo. Rev. Stat. § 11-42-104 Participating and limited dividend shares
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Shares may be issued to participate fully or to a limited extent in the net earnings of the association if the articles of incorporation so provide, and such participation shall be specified in the body of the certificate. All shares participating fully in net earnings shall be e…
Colo. Rev. Stat. § 11-42-105 Responsibility for losses - extent
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The members of an association shall not be responsible for any losses which its invested capital is not sufficient to satisfy, except to the extent provided in sections 11-42-108 to 11-42-110, and the shares shall not be subject to assessment, nor shall certificate holders be lia…
Colo. Rev. Stat. § 11-42-106 Transfer of shares
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Share certificates are transferable on the books of the association by the holder thereof, in person or by a duly authorized attorney, upon surrender of the certificate properly endorsed. The association may treat the holder of record thereof as the owner for all purposes without…
Colo. Rev. Stat. § 11-42-107 Permanent stock
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(1) Permanent stock shall be of one class only, shall have the full voting rights, and shall have a par value of not less than one dollar per share; and the proceeds thereof, to the extent of such par value, shall be set apart, shall be nonwithdrawable, and shall be a reserve to …
Colo. Rev. Stat. § 11-42-108 Assessment to restore impaired permanent stock
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(1) Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock issued on or after July 1, 1981, except as provided by this section. If the commissioner, as a result of any examination or from any report made to the commiss…
Colo. Rev. Stat. § 11-42-109 Sale of delinquent stock
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(1) If a stockholder refuses or neglects to pay the assessment specified in a notice provided pursuant to section 11-42-108 (2) within sixty days after the date of mailing, the directors of the association may sell to the highest bidder at public auction any part or all of the st…
Colo. Rev. Stat. § 11-42-110 Forfeiture of delinquent stock
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(1) If no bid or offer is received equal to or more than the amount of such assessment and the expense of sale, such stock shall be declared forfeited to the association and accepted in full satisfaction of such assessment, and such stock shall not be reissued except in accordanc…
Colo. Rev. Stat. § 11-42-111 Reserves and distribution of earnings
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(1) Every association shall maintain general reserves for the sole purpose of meeting losses. Such reserves shall include the following: Permanent stock, federal insurance reserve, contingent reserve, state tax reserve, and any special purpose reserve established for the sole pur…
Colo. Rev. Stat. § 11-42-112 Requirements for sale of permanent stock
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(1) No association shall sell, offer for sale, negotiate for the sale of or take subscriptions for, or issue any of its permanent stock until it has first applied for and secured from the commissioner a permit authorizing it so to do. Such application shall be in writing, verifie…
Colo. Rev. Stat. § 11-42-113 Redemption of shares or stock
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Every savings and loan association may redeem its shares or stock and repay the funds acquired thereby with such earnings as the same may be entitled to according to the terms of the issue thereof if the same are no longer required for the purposes of the association upon giving …
Colo. Rev. Stat. § 11-42-114 Bonus plan
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(1) Any association may adopt a plan for the payment of a cash bonus to members agreeing to make share investments in order to provide funds for the financing of homes. Such plan, before being adopted, shall be approved by a majority of the members of the board of directors at an…
Colo. Rev. Stat. § 11-42-115 Power to issue shares to minors or in trust
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(1) An association may issue stock or shares to a minor of any age and receive payments on the stock or shares from, by, or for the minor. A minor may withdraw, transfer, or pledge any shares owned by the minor and receive from the association any dividends or other money that be…
Colo. Rev. Stat. § 11-42-116 Joint accounts
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Except as to accounts, which are defined in and which are paid as provided in article 15 of title 15, C.R.S., where shares or stock of an association is issued in the name of two or more persons or the survivors of them, such shares or stock and all dues paid on account thereof b…
Colo. Rev. Stat. § 11-42-117 Notice of intention to withdraw
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Each association may, at its option, prescribe a period or periods of notice of intention to withdraw. The period of any such notice of intention to withdraw shall not exceed sixty days. All notices of intention to withdraw shall be set forth and be a part of the bylaws of the as…
Colo. Rev. Stat. § 11-42-118 Form of notice
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Any notice of intention to withdraw shall be invalid unless it is given in writing and is signed by a member entitled to make a withdrawal. Source: L. 33: p. 320, � 2. CSA: C. 25, � 28. CRS 53: � 122-3-18. C.R.S. 1963: � 122-3-18. L. 83: Entire section amended, p. 501, � 2, effec…
Colo. Rev. Stat. § 11-42-119 Filing of notice
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All notices of intention to withdraw shall be filed when received by each association in the order in which they are received, and each shall be kept on file with the exact time of the receipt thereof noted thereon, or recorded, until it is paid or canceled at the written request…
Colo. Rev. Stat. § 11-42-120 Shares or account not withdrawable
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No member whose shares are pledged or whose account is pledged as security for a real estate loan from the association issuing such shares or accepting such account shall be permitted to make a withdrawal or be entitled to give any valid notice of intention to withdraw in respect…
Colo. Rev. Stat. § 11-42-121 Payment of withdrawals
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(1) In case the funds of an association applicable to withdrawals are not sufficient to pay off all members desiring to withdraw, such members may be paid off in either one of two methods, dependent upon which method the board of directors of the association may desire to follow,…
Colo. Rev. Stat. § 11-42-122 Limitation on withdrawals
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(1) If an association has on file more withdrawal requests than can be met in full from current funds, the association shall apply to such withdrawals one-half of the monthly receipts, after first deducting the amount necessary to pay the actual and reasonable expenses incurred i…
Colo. Rev. Stat. § 11-42-123 Matured shares
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If, at the time shares in a savings and loan association have matured, the association has withdrawal notices on file to such an extent that the funds of the association, applicable to withdrawals, are not sufficient to pay all shareholders desiring to withdraw, as well as shares…
Colo. Rev. Stat. § 11-42-124 Applicable to previously issued certificates
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All stock or shares or certificates or instruments of whatsoever kind issued by savings and loan associations prior to June 8, 1933, evidencing savings in said associations by the holders thereof, except permanent or nonwithdrawable stock, shall be subject to all the rights and a…
Colo. Rev. Stat. § 11-42-125 Associations authorized to accept deposit accounts
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(1) Any other provision of articles 40 to 46 of this title to the contrary notwithstanding, any association organized under articles 40 to 46 of this title may be organized as, or may convert to, an association authorized to accept savings deposits. No association shall accept sa…
Colo. Rev. Stat. § 11-43-101 Restrictions on foreign associations
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No foreign savings and loan association which conducts a savings and loan business as defined in section 11-40-103 shall operate an office in this state in order to sell its shares or accounts or make new loans in this state. Violation of this section is a class 2 misdemeanor whi…
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…