Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-105-211 Merchant code for firearms
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A payment card network, as defined in section 6-27-201 (7), or a merchant acquirer, as defined in section 6-27-201 (5), shall comply with part 2 of article 27 of title 6. Source: L. 2024: Entire section added, (SB 24-066), ch. 141, p. 520, � 3, effective August 7.
Colo. Rev. Stat. § 11-105-301 Reserves against deposits
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State banks that are subject to reserve provisions of the Federal Reserve Act shall maintain such reserves against deposits as may be required by the Federal Reserve Act, but, in addition thereto, the banking board may by rule impose reserve requirements that it deems prudent and…
Colo. Rev. Stat. § 11-105-302 Loans, acceptances, investments, and letters of credit
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A state bank may make such loans, secured or unsecured, accept such drafts, make such investments, and issue such letters of credit as shall be permissible pursuant to rules promulgated by the banking board or otherwise permitted by this code. In promulgating such rules the banki…
Colo. Rev. Stat. § 11-105-303 Corporate powers - interest and charges
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In addition to the general corporate powers granted by this code, a state bank has the power, subject to the limitations and restrictions imposed by this code and the rules of the banking board, to lend money either upon the security of real property or personal property, or othe…
Colo. Rev. Stat. § 11-105-304 Bank investments - customers' orders
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(1) In addition to other investments, expressly authorized by this code or the rules promulgated by the banking board, a state bank may purchase: (a) Obligations that satisfy the requirements of this code or the rules promulgated by the banking board for loans; (b) Obligations of…
Colo. Rev. Stat. § 11-105-305 Acceptances - letters of credit
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(1) A state bank may accept: (a) A draft that has not more than six months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or…
Colo. Rev. Stat. § 11-105-401 Acquisition of property to satisfy indebtedness
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(1) A state bank may take property of any kind to satisfy, in whole or in part, or to protect indebtedness previously created in good faith by it. Property acquired by a state bank to apply on an indebtedness to a state bank shall be held subject to the following limitations: (a)…
Colo. Rev. Stat. § 11-105-402 Banking property - acquisition
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(1) A state bank may invest in fixed assets of the bank or the stock or obligations of any corporation holding such fixed assets or may make loans to or upon the security of the stock of any such corporation, but the aggregate of all such investments and loans shall not exceed on…
Colo. Rev. Stat. § 11-105-403 Sale of assets
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A bank chartered in this or another state may sell any asset in the ordinary course of business or, with the approval of the banking board, in any other circumstance. The sale of all, or substantially all, of the assets of a bank or of a department thereof is governed by section …
Colo. Rev. Stat. § 11-105-404 Pledge of assets
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(1) A state bank may pledge its assets to: (a) Enable it to act as agent for the sale of obligations of the United States; (b) Secure borrowed funds; (c) Secure deposits if: (I) The depositor is required to obtain such security by the laws of the United States, by the terms of an…
Colo. Rev. Stat. § 11-105-405 Signature guaranty
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(1) A bank may become guarantor of the genuineness of a signature. (2) A bank guaranteeing the signature of a person on any document warrants to any person relying on such guaranty only that: (a) The signature is that of a person signing; (b) The signer is the holder or the signe…
Colo. Rev. Stat. § 11-105-501 Safe deposit boxes - leasing and subsidiary company
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(1) Subject to such rules as the banking board may prescribe, a bank may maintain and lease safe deposit boxes and may accept property for safekeeping if, except in the case of night depositories, it issues a receipt therefor. (2) A bank may own stock in a safe deposit company lo…
Colo. Rev. Stat. § 11-105-502 Access by fiduciaries
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(1) Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows: (a) By any …
Colo. Rev. Stat. § 11-105-503 Lease to minor
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A lessor may lease a safe deposit box to, or accept property for safekeeping from, a minor and, in connection therewith, deal with such minor to the same effect as if dealing with a person of full legal capacity, unless and until the minor's guardian or conservator files with the…
Colo. Rev. Stat. § 11-105-504 Death of lessee - procedure
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The provisions of section 15-10-111, C.R.S., shall apply on the death of a lessee of a safe deposit box as defined in section 11-101-401. Source: L. 2003: Entire article added with relocations, p. 1127, � 3, effective July 1. Editor's note: This section is similar to former � 11-…
Colo. Rev. Stat. § 11-105-505 Adverse claims to safe deposit box
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(1) An adverse claim to the contents of a safe deposit box is not sufficient reason to require the lessor to deny access to its lessee unless: (a) The lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party …
Colo. Rev. Stat. § 11-105-506 Annual fees
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Every lessor, except a bank as defined in section 11-101-401 (5) or subsidiary thereof, shall pay annually to the division of banking such fees as are determined by the banking board to be sufficient to defray the cost to the state of regulating such lessor. Source: L. 2003: Enti…
Colo. Rev. Stat. § 11-105-601 Legislative declaration
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(1) The general assembly finds, determines, and declares that distinctions in function and services of various types of financial institutions have become so narrow that organizational and operational equality should be encouraged and facilitated in this state. It is the intent o…
Colo. Rev. Stat. § 11-105-602 Financial branches allowed - conversion of financial institutions to branches - acquisitions
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(1) Any financial institution may convert any affiliate financial institution to a branch. (2) Any financial institution, no matter the location of its principal place of business, may acquire any other financial institution for conversion to a branch or branches in this or anoth…
Colo. Rev. Stat. § 11-105-603 Financial institutions - common powers and limitations
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(1) Any acquisition of a branch from another financial institution is subject to the percentage limitation set forth in subsection (5) of this section. Such an acquisition by a financial institution is expressly authorized, and the location of such branch may be changed pursuant …
Colo. Rev. Stat. § 11-105-604 Subsidiary depository institutions as agent
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(1) Any bank subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for an affiliate financial institution, as such authority is set forth in section 101(d) of the…
Colo. Rev. Stat. § 11-105-605 Rule-making by banking board and financial services board
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(1) The banking board shall promulgate and adopt such rules as are necessary to accomplish the purposes of this part 6. (2) The financial services board shall promulgate and adopt such rules as are necessary to accomplish the purposes of this part 6. (3) The banking board and the…
Colo. Rev. Stat. § 11-105-606 Notice of branch closing
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No later than ninety days prior to the proposed date of any branch closing, the notice of branch closing required to be filed with the appropriate federal regulatory agency shall be filed with the banking board or the financial services board. The notice of branch closing shall i…
Colo. Rev. Stat. § 11-106-101 Bank as fiduciary
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It shall be unlawful for a state bank to act as fiduciary, other than as escrow agent, unless it is authorized by its charter or amendments thereto to exercise trust powers. Source: L. 2003: Entire article added with relocations, p. 1133, � 3, effective July 1. Editor's note: Thi…
Colo. Rev. Stat. § 11-106-102 Investment power
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A bank acting as fiduciary shall have the same investment powers as an individual fiduciary under like circumstances. Source: L. 2003: Entire article added with relocations, p. 1133, � 3, effective July 1. Editor's note: This section is similar to former � 11-10-102 as it existed…
Colo. Rev. Stat. § 11-106-103 General fiduciary powers
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Unless otherwise expressly provided by statute, a bank acting as a fiduciary shall have all of the rights, powers, privileges, and immunities and be subject to the same obligations and duties as an individual fiduciary under like circumstances. Source: L. 2003: Entire article add…
Colo. Rev. Stat. § 11-106-104 Agency powers
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In addition to its other powers, any bank that is authorized to exercise fiduciary powers shall, upon proper qualification under this code, have the power to act as a fiduciary in any capacity. It may also act as registrar, transfer agent, or attorney-in-fact and have the power t…
Colo. Rev. Stat. § 11-106-105 Substitution of Colorado bank or Colorado trust company
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(1) In addition to the procedures initiated by an interested party concerning internal affairs of the party's trust pursuant to part 2 of article 5 of title 15, or procedures otherwise permitted by Colorado law, and unless a will, agreement, or trust instrument otherwise provides…
Colo. Rev. Stat. § 11-106-106 Investment in securities
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Notwithstanding any other law to the contrary and subject to the standard contained in sections 11-50-113 (2) and 15-1-304, C.R.S., a Colorado bank or trust company may invest and reinvest the assets that it maintains in its trust in the securities of any open-end or closed-end m…
Colo. Rev. Stat. § 11-106-107 Funds awaiting investment or distribution
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A bank's duties regarding the holding of uninvested or undistributed funds that are awaiting investment or distribution are governed by the Colorado Uniform Prudent Investor Act, article 1.1 of title 15, C.R.S., the Uniform Prudent Management of Institutional Funds Act, part 11 o…
Colo. Rev. Stat. § 11-107-101 Unauthorized conduct of banking business
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It is a criminal offense for any person not authorized to carry on a banking business under this code, falsely and with intent to defraud, to act as a bank or to represent that the person is or is acting for a bank or to use an artificial or corporate name that is the name of a b…
Colo. Rev. Stat. § 11-107-102 Receipt of deposits while insolvent
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It is a criminal offense if a state bank receives any deposit while insolvent or an officer, director, or employee knows or, in the proper performance of the officer's, director's, or employee's duty, should know of such insolvency and receives or authorizes the receipt of such d…
Colo. Rev. Stat. § 11-107-103 Unlawful service as officer or director
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(1) It is a criminal offense for any person to serve as an officer or director of a state bank, or serve as commissioner, deputy commissioner, or employee of the division: (a) Who has been convicted of an unpardoned offense constituting, in the jurisdiction in which the convictio…
Colo. Rev. Stat. § 11-107-104 Unlawful gratuity, compensation, or transactions
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(1) It is a criminal offense for an affiliate of a state bank or for an officer, director, or employee of a state bank or affiliate of a state bank: (a) To solicit, accept, or agree to accept, directly or indirectly, from any person other than the institution, any gratuity, compe…
Colo. Rev. Stat. § 11-107-105 Unlawful concealment of transactions
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(1) It is a criminal offense for an officer, director, employee, attorney, or agent of a state bank: (a) To conceal, or endeavor to conceal, any transaction of the bank from any officer, director, or employee of the bank or any official or employee of the division to whom it shou…
Colo. Rev. Stat. § 11-107-106 Unlawful payment of penalties and judgment against others
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It is a criminal offense for a state bank to pay a fine, or penalty imposed by law upon any other person, or any judgment against such person, or to reimburse directly or indirectly any person by whom such fine, penalty, or judgment has been paid, except in settlement of its own …
Colo. Rev. Stat. § 11-107-107 Embezzlement or misapplication of funds
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It is a criminal offense for any officer, director, shareholder, or employee of any bank to directly or indirectly embezzle, abstract, or misapply, or cause to be embezzled, abstracted, or misapplied, any of the funds or securities or other property of or under the control of the…
Colo. Rev. Stat. § 11-107-108 Unlawful acts or omissions - penalties
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(1) Any person responsible for an act or omission expressly declared to be a criminal offense by this code: (a) Commits a class 2 misdemeanor; (b) If the act or omission was intended to defraud, commits a class 6 felony and shall be punished as provided in section 18-1.3-401, C.R…
Colo. Rev. Stat. § 11-107-109 Unlawful acts or failure to perform - penalty
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Any person who willfully or knowingly fails to perform any act required, and as required by section 11-102-102 (10) or 11-102-501, or who commits any act in violation of said sections commits a class 5 felony and shall be punished as provided in section 18-1.3-401, C.R.S. Source:…
Colo. Rev. Stat. § 11-107-110 Injunction
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(1) If a violation of this code by a state bank or an officer, director, or employee thereof is threatened or impending and may cause substantial injury to the institution or to the depositors, creditors, or stockholders thereof, the district court in and for the county in which …
Colo. Rev. Stat. § 11-107-111 General corporation laws applicable
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The provisions of articles 30 to 52, 101 to 117, and 121 to 137 of title 7, C.R.S., relating to corporations and nonprofit corporations shall, insofar as the same are not inconsistent with this code, govern corporations and nonprofit corporations operating under the provisions of…
Colo. Rev. Stat. § 11-109-101 Definitions
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As used in this article, unless the context otherwise requires: (1) Act as a fiduciary or acting as a fiduciary means to: (a) Accept or execute trusts, including to: (I) Act as trustee under a written agreement; (II) Receive money or other property in the capacity as trustee for …
Colo. Rev. Stat. § 11-109-102 Use of words trust or trust company
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(1) It is unlawful for any person, firm, association, or corporation to use or advertise the words trust or trust company in the conduct of its business in such a manner as is likely to cause the public to be confused, deceived, or mistaken that the person, firm, association, or …
Colo. Rev. Stat. § 11-109-103 Applicability of powers of banking board and bank commissioner to trust companies
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The powers, duties, and functions of the banking board and the commissioner contained in article 102 of this title and the declaration of policy contained in section 11-101-102 shall apply to the provisions of this article.
Colo. Rev. Stat. § 11-109-104 Powers - banking board - commissioner
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(1) In addition to the other powers conferred on the banking board by this article, the banking board shall have the power to: (a) Implement by order and rule any provision of this article and to obtain restraining orders and injunctions to prevent violation of and to enforce com…
Colo. Rev. Stat. § 11-109-105 No private right of action
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Except as expressly provided in this article, no person, other than the banking board, shall have the right to bring or maintain any private action, at law or in equity, for a violation of or to enforce this article. Source: L. 2003: Entire article added with relocations, p. 1180…
Colo. Rev. Stat. § 11-109-201 Powers of trust companies
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(1) A trust company shall be incorporated under and subject to the general corporation laws of this state not inconsistent with this article. The business activities of a trust company in this state shall be limited to the exercise of the power to: (a) Act or be appointed by a co…
Colo. Rev. Stat. § 11-109-202 Offices of trust companies
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(1) (a) Each trust company shall have and continuously maintain a principal office in this state. (b) Each executive officer at the principal office is an agent of the trust company for service of process. (c) A trust company may change its principal office to any location within…
Colo. Rev. Stat. § 11-109-203 Activities not requiring a charter
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(1) Notwithstanding any other provision of this article 109 to the contrary, a company does not engage in the trust business, or in any other business in a manner requiring a charter, under this article 109 or in an unauthorized trust activity by: (a) Acting in the scope of autho…
Colo. Rev. Stat. § 11-109-204 Federal deposit insurance required
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(1) No trust company may accept or hold savings deposits, time deposits, or certificates of deposit pursuant to section 11-109-201 (1)(d) unless such deposits are insured by the federal deposit insurance corporation or its successor. (2) Each trust company shall immediately give …