Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-109-205 Transactions with affiliates
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(1) Unless otherwise prohibited by law, a trust company and its affiliates may engage in any of the transactions described in subsection (2) of this section if such transactions are either: (a) On terms and under circumstances, including credit standards, that are substantially t…
Colo. Rev. Stat. § 11-109-206 Trust company organized as a limited liability company
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(1) Pursuant to section 11-102-104 (5.5)(c), a trust company charter may be issued to a limited liability company that otherwise meets the requirements of this article. (2) A trust company organized as a limited liability company shall not be required to exist in perpetuity; exce…
Colo. Rev. Stat. § 11-109-301 Incorporators
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Five or more individual incorporators desiring to organize a trust company shall file with the banking board an application for charter on the form prescribed by the banking board, together with all other documents required by section 11-109-305, all of which instruments shall be…
Colo. Rev. Stat. § 11-109-302 Application fee
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Each application for charter shall be accompanied by an application fee established by the banking board pursuant to section 11-102-104 (11). The fee may be refunded to the incorporators if the application is withdrawn prior to the date set for public hearing. Source: L. 2003: En…
Colo. Rev. Stat. § 11-109-303 Assessments
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(1) The banking board shall annually establish fees and assessments pursuant to section 11-102-104 (11). Assessments may be made more frequently than annually at the discretion of the banking board. (2) For the fiscal year beginning July 1, 1992, and for each fiscal year thereaft…
Colo. Rev. Stat. § 11-109-304 Capital
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(1) The banking board shall establish by rules the capital standards and guidelines, the methods for measuring capital, and the definitions of capital, capital adequacy, capital inadequacy, and other related terms for trust companies subject to this article, which may differ for …
Colo. Rev. Stat. § 11-109-305 Application for charter
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(1) After the capital stock has been fully subscribed, the incorporators shall make application to the banking board for a charter. The incorporators shall submit to the banking board the following: (a) The proposed articles of incorporation in such form as the banking board, pur…
Colo. Rev. Stat. § 11-109-306 Procedure for granting or denying charter
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(1) Within sixty days following the filing of the completed application for charter, the commissioner shall make or cause to be made a careful investigation to determine that the following requirements have been met: (a) That the applicant has proceeded in a lawful manner; (b) Th…
Colo. Rev. Stat. § 11-109-401 Acquisition of majority control over an existing trust company - definitions
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(1) As used in this section, unless the context other requires: (a) “Controlling person” means a person who is in control of a trust company or would be in control of a trust company after the proposed acquisition. (b) A person shall be deemed to have acquired control of a trust …
Colo. Rev. Stat. § 11-109-402 Reports to the banking board and to the commissioner - penalty - rules
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(1) The board of directors shall cause the financial statements of the trust company to be prepared in accordance with generally accepted accounting principles consistently applied, except as the banking board may otherwise provide in order to establish regulatory and competitive…
Colo. Rev. Stat. § 11-109-501 Directors' meetings - duties
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(1) The board of directors of a trust company shall meet at least quarterly. A special meeting of the board of directors may be called by the banking board. The board of directors shall maintain minutes of each meeting including the record of attendance. A director who fails to a…
Colo. Rev. Stat. § 11-109-502 Director and officer insurance and fidelity bonds - legislative declaration
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(1) The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in this article, including the provisions of section 11-101-102: (a) Any insurance policy, form, contract, endors…
Colo. Rev. Stat. § 11-109-601 Penalty for noncompliance with the law
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It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold oneself out as being engaged in or doing a trust company business or to use the word trust or words trust company in connection with a business unless such person …
Colo. Rev. Stat. § 11-109-602 Assessment of civil money penalties by banking board
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(1) (a) (I) After notice and a hearing as provided in article 4 of title 24 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 banking board may assess against and collect a…
Colo. Rev. Stat. § 11-109-603 No indemnification or insurance against civil money penalties
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Notwithstanding any other provision of law, no trust company shall indemnify or insure any executive officer, director, employee, agent, or person participating in the conduct of affairs of such trust company against civil money penalties. Source: L. 2003: Entire article added wi…
Colo. Rev. Stat. § 11-109-604 Removal of director, officer, or other person
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(1) The banking board may serve any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company with a written notice of its intention to remove the person from office whenever the banking board determines: (a) That…
Colo. Rev. Stat. § 11-109-605 Suspension of director, officer, or other person
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(1) The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold the person's position; or who, after receipt of an order of the banking board to cease …
Colo. Rev. Stat. § 11-109-606 Informal enforcement authority
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The banking board, or the commissioner if so authorized by the banking board, shall have authority to initiate informal actions to enforce the provisions of this article. In this regard the banking board or the commissioner may, in its or the commissioner's discretion, enter into…
Colo. Rev. Stat. § 11-109-607 Receipt of deposits while insolvent
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It is a criminal offense if a trust company 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 suc…
Colo. Rev. Stat. § 11-109-701 Discontinuance of trust business - voluntary liquidation and dissolution
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(1) A trust company may discontinue its trust business upon furnishing to the banking board satisfactory evidence of its release and discharge from all trust-related obligations and trusts that it has undertaken or that have been imposed by law. Thereupon, the banking board shall…
Colo. Rev. Stat. § 11-109-702 Involuntary liquidation
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(1) Except as otherwise provided in this article, only the banking board may take possession of a trust company if, after a hearing before the banking board, it finds: The trust company's capital is inadequate; the trust company's business is being conducted in an unlawful or uns…
Colo. Rev. Stat. § 11-109-703 Emergency grant of new charter
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In addition to powers regarding liquidation, the banking board may, in the interest of protecting the public and the depositors of a closed trust company with its principal office in this state, issue a new trust company charter to qualified individuals for the same location as t…
Colo. Rev. Stat. § 11-109-704 Liquidation by commissioner - procedure
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(1) In liquidating a trust company, the commissioner may exercise any power of the trust company and shall collect all assets, debts, and claims belonging to the trust company. Unless the commissioner obtains the approval of the court in which notice of possession has been filed …
Colo. Rev. Stat. § 11-109-801 Appeals procedure
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Any trust company aggrieved and directly affected by an order or rule of the banking board, issued under this article, may seek a review in the district court of this state in and for the county in which the trust company is located, within thirty days after receipt of written no…
Colo. Rev. Stat. § 11-109-802 Injunctions - appeals
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(1) Whenever the banking board has taken possession of a trust company and the trust company deems itself aggrieved thereby, such trust company, within ten days after such taking, may apply to the court in which notice of possession has been filed to enjoin further proceedings. A…
Colo. Rev. Stat. § 11-109-901 Reserves against deposits
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Trust companies 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…
Colo. Rev. Stat. § 11-109-902 Investments
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(1) In addition to other investments expressly authorized by this article or the rules promulgated by the banking board, a trust company may purchase: (a) Obligations that satisfy the requirements of this article or the rules promulgated by the banking board for loans for state b…
Colo. Rev. Stat. § 11-109-903 Substitution of trust companies
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Trust companies created under this article may participate in the transfer of trust assets in the case of a substitution of one fiduciary for another under the provisions of sections 11-101-401, 11-106-105, and 11-106-106. Source: L. 2003: Entire article added with relocations, p…
Colo. Rev. Stat. § 11-109-904 Laws governing individuals apply
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A trust company in the exercise of its fiduciary powers shall be subject to the same duties, liabilities, and penalties as an individual fiduciary acting in like capacity. Source: L. 2003: Entire article added with relocations, p. 1205, � 3, effective July 1. Editor's note: This …
Colo. Rev. Stat. § 11-109-905 Separation of fiduciary funds
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A trust company shall keep fiduciary funds and investments separate and apart from its own assets. All investments made as a fiduciary shall be so designated so that fiduciary funds may be clearly identified. Source: L. 2003: Entire article added with relocations, p. 1205, � 3, e…
Colo. Rev. Stat. § 11-109-906 Funds awaiting investment or distribution
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Funds held by a trust company in a fiduciary capacity that are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. Funds held in trust by a trust company awaiting investment or d…
Colo. Rev. Stat. § 11-109-907 Extensions of credit
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(1) A trust company shall not make any loans or extensions of credit except as provided in subsection (2) of this section. (2) A trust company may: (a) Make a loan or extend credit to its officers, directors, and employees if such loan or credit is adequately secured and does not…
Colo. Rev. Stat. § 11-109-908 Fiduciary accounts - duties of trust companies - rules
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(1) Before accepting a fiduciary account, a trust company shall review the prospective account to determine whether the trust company can properly administer the account. (2) Upon the acceptance of a fiduciary account for which a trust company has investment discretion, the trust…
Colo. Rev. Stat. § 11-110-1001 Net worth
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(1) A licensee licensed pursuant to this article 110 shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred millio…
Colo. Rev. Stat. § 11-110-1002 Surety bond
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(1) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the banking board or, with the board's approval, a deposit instead of a bond in accordance with this section…
Colo. Rev. Stat. § 11-110-1003 Maintenance of permissible investments - statutory trust - rules
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(1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of the licensee’s outstanding money transmission obligations…
Colo. Rev. Stat. § 11-110-1004 Types of permissible investments - rules
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(1) The following investments are permissible under section 11-110-1003: (a) Cash, including demand deposits, savings deposits, and money in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalent…
Colo. Rev. Stat. § 11-110-101 Short title
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The short title of this article 110 is the Money Transmission Modernization Act. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 375, � 1, effective August 6. Editor's note: Prior to its repeal and reenactment, this section was similar to former � 12-52-101 as it e…
Colo. Rev. Stat. § 11-110-102 Legislative declaration
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(1) The general assembly finds and declares that the purpose of this article 110 is to: (a) Ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively utilize regulator resources; (b) Protect…
Colo. Rev. Stat. § 11-110-1101 Suspension and revocation of license
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(1) The banking board may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (a) The licensee violates this article 110 or a rule adopted or an order issued under this article 110; (b) The licensee does not cooperate with an ex…
Colo. Rev. Stat. § 11-110-1102 Suspension and revocation of authorized delegates
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(1) The banking board may issue an order suspending or revoking the designation of an authorized delegate if the board finds that: (a) The authorized delegate violated this article 110 or a rule adopted or an order issued under this article 110; (b) The authorized delegate did no…
Colo. Rev. Stat. § 11-110-1103 Orders to cease and desist
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(1) If the banking board determines that a violation of this article 110 or a rule adopted or an order issued under this article 110 by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, the licensee's customers, or the public as …
Colo. Rev. Stat. § 11-110-1104 Consent orders
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The banking board may enter into a consent order at any time with a person to resolve a matter arising under this article 110 or a rule adopted or order issued under this article 110. A consent order must be signed by the person to whom it is issued or by the person's authorized …
Colo. Rev. Stat. § 11-110-1105 Criminal penalties
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(1) An individual that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this article 110 or that intentionally makes a false entry or omits a material entry in such a record commits a class 2 mis…
Colo. Rev. Stat. § 11-110-1106 Civil penalties
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The banking board may assess a civil penalty against a person that violates this article 110 or a rule adopted or an order issued under this article 110 in an amount as determined by the board for each day the violation is outstanding, plus this state's costs and expenses for the…
Colo. Rev. Stat. § 11-110-1107 Unlicensed persons
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(1) If the banking board has reason to believe that a person has violated or is violating section 11-110-501, the board may issue an order to show cause why an order to cease and desist should not be issued requiring that the person cease and desist from the violation of section …
Colo. Rev. Stat. § 11-110-1108 Judicial review
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A person aggrieved and directly affected by an order of the banking board issued under this article 110 may seek a review in the district court of this state in and for the county in which the principal place of business of the applicant, licensee, or authorized delegate is locat…
Colo. Rev. Stat. § 11-110-1201 Uniformity of application and construction
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In applying and construing this article 110, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 413, � 1, effective August 6.
Colo. Rev. Stat. § 11-110-1202 Severability
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If any provision of this article 110 or the application thereof to any person or circumstance is held invalid, such invalidity does not affect other provisions or applications of this article 110 that can be given effect without the invalid provision or application, and to this e…
Colo. Rev. Stat. § 11-110-1203 Repeal of article - review of functions
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This article 110 is repealed, effective September 1, 2030. Before the repeal, this article 110 is scheduled for review in accordance with section 24-34-104. Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 413, � 1, effective August 6.