Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-103-502 Directors' meetings - duties
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(1) The board of directors of a state bank shall meet at least once each calendar quarter, unless the banking board directs that meetings be held on a more frequent basis, or a less frequent basis in the case of disaster or emergency. The banking board, the commissioner, or an ex…
Colo. Rev. Stat. § 11-103-503 Waiver of notice - meeting or vote
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(1) When a notice is required to be given to directors under this code, or the charter or bylaws of any state bank, a waiver thereof in writing, signed by the person entitled to said notice, either before or after the time stated therein, shall be deemed equivalent thereto. (2) I…
Colo. Rev. Stat. § 11-103-601 Director and officer insurance and fidelity bonds - legislative declaration
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(1) The directors of a state bank shall require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the result of…
Colo. Rev. Stat. § 11-103-602 Indemnification and personal liability of directors, officers, employees, and agents
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A state bank 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. State bank directors, officers, employees, and agents have the same rights as directors, officers, employee…
Colo. Rev. Stat. § 11-103-603 Deposit insurance - membership in federal reserve system - federal national mortgage association
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(1) A state bank is authorized to do any act necessary to obtain insurance of its deposits by the United States or any agency thereof and to acquire and hold membership in the federal reserve system or to take advantage of any other act or resolution of congress that may be enact…
Colo. Rev. Stat. § 11-103-701 Merger or conversion
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(1) Upon approval of the banking board, banks may be merged with, or converted into, a resulting state bank as prescribed in this article; except that the action by a constituent national bank shall be taken in the manner prescribed by, and is subject to, any limitation or requir…
Colo. Rev. Stat. § 11-103-702 Approval of merger by directors
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(1) Where there is to be a resulting state bank, the board of directors of each constituent state bank shall, by a majority of the entire board, approve a merger agreement, which agreement shall contain: (a) The name of each constituent bank and the location of each office; (b) W…
Colo. Rev. Stat. § 11-103-703 Approval by banking board
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(1) After approval by the board of directors of each constituent bank, the merger agreement shall be submitted to the banking board for approval, together with certified copies of the authorizing resolutions of the several boards of directors showing approval by a majority of the…
Colo. Rev. Stat. § 11-103-704 Approval by stockholders - rights of dissenters
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(1) To be effective, a merger must be approved by the stockholders of each constituent state bank by a vote of two-thirds of the outstanding voting stock, at a meeting called to consider such action, which vote shall constitute the adoption of the charter and bylaws of the result…
Colo. Rev. Stat. § 11-103-705 Effective date of merger - certificate
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(1) Unless a later date is specified in the agreement, a merger becomes effective upon the approval by the banking board of the executed agreement, together with copies of the resolutions of the stockholders of each constituent bank approving it, certified by the bank's president…
Colo. Rev. Stat. § 11-103-706 Continuation of corporate entity
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(1) The resulting state bank shall be considered the same business and corporate entity as each constituent bank with all of the rights, powers, and duties of each constituent bank, except as limited by the charter and bylaws of the resulting state bank. (2) The resulting state b…
Colo. Rev. Stat. § 11-103-707 Conversion from state bank to national and vice versa
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(1) Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and, upon completion of such conversion, it shall surrender its charter as a state bank. (2) The board shall grant a s…
Colo. Rev. Stat. § 11-103-708 Nonconforming assets
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If a constituent bank has assets that do not conform to the requirements of state law for the resulting bank, or if a converting national bank has assets that do not conform to the requirements of a state law for the converted state bank, or if, in either case, there are business…
Colo. Rev. Stat. § 11-103-709 Sale of all assets of bank, branch, or department
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(1) Any state bank may sell to any other bank all, or substantially all, of the selling bank's assets and business, or all, or substantially all, of the assets and business of any department or branch of the selling bank. (2) Any state bank may, upon assuming the liabilities rela…
Colo. Rev. Stat. § 11-103-801 Voluntary liquidation and dissolution
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(1) With the approval of the banking board, a state bank may liquidate and dissolve. The banking board shall grant such approval if it appears that the proposal to liquidate and dissolve has been approved by a vote of two-thirds of the outstanding voting stock at a meeting called…
Colo. Rev. Stat. § 11-103-802 Involuntary liquidation by banking board - reorganization
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(1) (a) Except as otherwise provided in this code, only the banking board may take possession of a state bank if, after a hearing before the banking board, the banking board finds: The bank's capital is inadequate or it is otherwise in an unsound condition; the bank's business is…
Colo. Rev. Stat. § 11-103-803 Reorganization plan
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(1) A plan of reorganization shall not be prescribed under this code unless: (a) The plan is feasible and fair to all classes of depositors, creditors, and stockholders; (b) The aggregate face amount of the interest accorded to any class of depositors, creditors, or stockholders …
Colo. Rev. Stat. § 11-103-804 Liquidation by commissioner - procedure
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(1) In liquidating a state bank, the commissioner may exercise any power thereof, but the commissioner shall not, without the approval of the court in which notice of possession has been filed: (a) Sell any asset of the bank having a value in excess of five hundred dollars; (b) C…
Colo. Rev. Stat. § 11-103-805 Federal deposit insurance corporation or successor as liquidator
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(1) The federal deposit insurance corporation, created by section 12B of the “Federal Reserve Act”, as amended, or its successor is authorized to act without bond as liquidator of any banking institution, the deposits in which are to any extent insured by said corporation or its …
Colo. Rev. Stat. § 11-103-806 Assets sold or pledged as security
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(1) With respect to any banking institution closed on account of inability to meet the demands of its depositors or by action of the banking board or by action of its directors or in the event of its capital inadequacy or suspension, the liquidator of such institution may borrow …
Colo. Rev. Stat. § 11-103-807 Enforcement of directors' liability
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Among its other powers, the federal deposit insurance corporation, in the performance of its powers and duties as such liquidator, has the right and power, upon the order of a court of record of competent jurisdiction, to enforce the individual liability of the directors of any s…
Colo. Rev. Stat. § 11-103-808 Emergency grant of new charter
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In addition to powers regarding liquidation or reorganization, the banking board may, in the interest of protecting the public and the depositors of a closed state bank or national banking association with its principal office in this state, issue a new bank charter to qualified …
Colo. Rev. Stat. § 11-103-809 Emergency grant of branch facility - legislative declaration
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(1) The general assembly hereby finds, determines, and declares that the economy of this state and its communities and the public interest will be better served by permitting financial institutions, as defined in section 11-101-401 (35), to operate at the same location as a close…
Colo. Rev. Stat. § 11-103-810 Preapproved shelf charter
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The board may preapprove a shelf charter for a new bank to qualified individuals, contingent upon the new bank completing all specified requirements and purchasing the assets and assuming the liabilities of a bank in receivership as the federal deposit insurance corporation may d…
Colo. Rev. Stat. § 11-104-101 Prohibition on acquisition or control - limited service banking institutions
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Notwithstanding any other provision of law, no bank holding company or other company may acquire or control any banking institution located in this state that does not both accept deposits that the depositor has a legal right to withdraw on demand and engage in the business of ma…
Colo. Rev. Stat. § 11-104-201 Legislative declaration
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(1) The general assembly finds, determines, and declares that, in authorizing expansion of interstate banking to this state, primary consideration should be given to providing positive benefits for the people of this state; to affording protection to bank depositors in this state…
Colo. Rev. Stat. § 11-104-202 Acquisition of control of bank holding companies and banks by bank holding companies in different states - interstate banking and branching - rules
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(1) A Colorado bank holding company may acquire control of out-of-state bank holding companies and out-of-state banks; and, subject to the limitations of subsections (2) to (6) of this section, an out-of-state bank holding company may acquire control of Colorado financial institu…
Colo. Rev. Stat. § 11-104-203 Authority of banking board to enforce provisions of article
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(1) Any bank holding company controlling any other bank holding company or bank pursuant to this code in this state is, for purposes of enforcing this article, subject to the jurisdiction of the banking board with respect to its operations and affairs in the state of Colorado. Th…
Colo. Rev. Stat. § 11-105-101 Branch banks and practices prohibited
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(1) Any state bank or state bank chartered in another jurisdiction, upon application to and approval by the banking board, may operate one or more loan production offices as defined by the banking board. (2) For purposes of this subsection (2), elementary school means any public …
Colo. Rev. Stat. § 11-105-102 Accounts and interest
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(1) A state bank may maintain demand, savings, and time deposit accounts and any type of account that a national bank may maintain. (2) Savings deposits shall be repaid to the depositors under such rules as the board of directors of the state bank shall, from time to time, prescr…
Colo. Rev. Stat. § 11-105-103 Saturday closing - notice - effect
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Any state bank or trust company, national banking association, or federal reserve bank may, by brief notation on its front door, fully dispense with, or restrict to such extent as it may determine, the hours within which it will be open for business on all, or less than all, Satu…
Colo. Rev. Stat. § 11-105-104 Minor or institutional deposits
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(1) A bank may operate a deposit account for a minor with the same effect upon its liability as if the minor were of full age unless the minor's guardian or conservator files with the bank a certified copy of the order of a Colorado court having jurisdiction appointing the guardi…
Colo. Rev. Stat. § 11-105-105 Joint deposits - right of survivor
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Except as to accounts, which are defined in and which shall be paid as provided in article 15 of title 15, C.R.S., when a bank deposit in any bank transacting business in this state is made in the names of two or more persons payable to them or to any of them, such deposit, or an…
Colo. Rev. Stat. § 11-105-106 Final adjustment - statement of account
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(1) When a statement of account has been rendered by a bank to a depositor and accompanied by vouchers, if any, that are the basis for debit entries in such account, or when the depositor's passbook or savings account book has been written up by the bank, showing the condition of…
Colo. Rev. Stat. § 11-105-107 Adverse claim deposits
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(1) Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person, or to securities or other property deposited by any person with the bank, shall not be effectual to cause said bank to recognize said adverse claimant, unless said adverse c…
Colo. Rev. Stat. § 11-105-108 Transmitting money - foreign exchange
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(1) A bank may accept money for transmission and may transmit money. (2) A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers. Source: L. 2003: Entire article added with relocations, p. 1116, � 3, effective July 1. Editor's note: This se…
Colo. Rev. Stat. § 11-105-109 Temporary closing of banks - when
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(1) Any bank doing business in this state may remain closed on any day on which, by reason of an occasion of national mourning or rejoicing or national or local emergency affecting the community in which such bank is located, the governor shall by proclamation request the people …
Colo. Rev. Stat. § 11-105-110 Disclosure of information pursuant to legal process
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Any bank, savings and loan association, credit union, or any agent or employee of such financial institutions that makes a disclosure of records or information on the direction contained in a lawful notice, subpoena, written request, search warrant, grand jury subpoena, or other …
Colo. Rev. Stat. § 11-105-111 Trust account - limited documentation required - certificate of trust
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(1) For any transaction with any bank transacting business in this state by one or more persons expressly acting as a trustee or trustees for one or more other named person or persons pursuant to or purporting to be pursuant to a written trust agreement, a trustee may provide the…
Colo. Rev. Stat. § 11-105-112 Entity account - certificate of existence and authority - definitions
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(1) For any deposit or loan account that is opened by one or more persons acting or purporting to act for or on behalf of an entity with any financial institution transacting business in this state, such person may provide the financial institution with a certificate to evidence …
Colo. Rev. Stat. § 11-105-201 Short title. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1117, � 3, effective July 1. L. 2006: Entire section repealed, p. 29, � 1, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-101 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-202 Legislative declaration. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1117, � 3, effective July 1. L. 2006: Entire section repealed, p. 29, � 2, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-102 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-203 Conditions of authority. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1117, � 3, effective July 1. L. 2006: Entire section repealed, p. 29, � 3, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-104 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-204 Conditions for retailers. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1118, � 3, effective July 1. L. 2006: Entire section repealed, p. 30, � 4, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-105 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-205 Powers of the banking board. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1119, � 3, effective July 1. L. 2006: Entire section repealed, p. 31, � 5, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-106 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-206 Jurisdiction of the district court. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1119, � 3, effective July 1. L. 2006: Entire section repealed, p. 31, � 6, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-107 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-207 Fees. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1119, � 3, effective July 1. L. 2006: Entire section repealed, p. 32, � 7, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-108 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-208 Consumer protection
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(1) Every Colorado bank using a communications facility shall provide its account holders, at the time the facility is used, with a receipt or record of each banking transaction initiated at a facility. Such receipt or record shall be admissible as evidence in any legal action or…
Colo. Rev. Stat. § 11-105-209 Permissive sharing among dissimilar institutions. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1120, � 3, effective July 1. L. 2006: Entire section repealed, p. 32, � 8, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-110 as it existed prior to 2003.
Colo. Rev. Stat. § 11-105-210 No operation by bank employees. (Repealed)
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Source: L. 2003: Entire article added with relocations, p. 1120, � 3, effective July 1. L. 2006: Entire section repealed, p. 32, � 9, effective August 7. Editor's note: Prior to its repeal, this section was similar to former � 11-6.5-111 as it existed prior to 2003.