Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-110-201 Definitions - rules
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As used in this article 110, unless the context otherwise requires: (1) Acting in concert means persons knowingly acting together with a common goal of jointly acquiring control of a licensee, whether or not pursuant to an express agreement. (2) Authorized delegate means a person…
Colo. Rev. Stat. § 11-110-301 Exemptions
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(1) This article 110 does not apply to: (a) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, de…
Colo. Rev. Stat. § 11-110-302 Authority to require demonstration of exemption
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The banking board may require that a person claiming to be exempt from licensing pursuant to section 11-110-301 provide information and documentation to the board demonstrating that the person qualifies for the claimed exemption. Source: L. 2025: Entire article R&RE, (HB 25-1201)…
Colo. Rev. Stat. § 11-110-401 Implementation - rules
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(1) Powers. In order to carry out the purposes of this article 110, the banking board may, subject to the provisions of section 11-110-402 (1) and (2): (a) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulato…
Colo. Rev. Stat. § 11-110-402 Confidentiality
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(1) Except as otherwise provided in subsection (2) of this section, all information or reports obtained by the banking board from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or con…
Colo. Rev. Stat. § 11-110-403 Supervision
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(1) The banking board may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this article 110 or by a rule adopted or order issued under this article 110 as reasonably necessary or appropriate to adminis…
Colo. Rev. Stat. § 11-110-404 Networked supervision
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(1) To efficiently and effectively administer and enforce this article 110 and to minimize regulatory burden, the banking board may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Mon…
Colo. Rev. Stat. § 11-110-405 Relationship to federal law - interpretative guidance
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(1) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this article 110 and federal law governing money transmission is governed by the applicable federal law to the extent of the inconsistency. (2) In th…
Colo. Rev. Stat. § 11-110-501 License required
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(1) A person shall not engage in the business of money transmission or advertise, solicit, or make representations that the person may provide money transmission unless the person is licensed under this article 110. (2) Subsection (1) of this section does not apply to: (a) A pers…
Colo. Rev. Stat. § 11-110-502 Consistent state licensing - rules
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(1) To establish consistent licensing between Colorado and other states, the banking board may: (a) Implement all licensing provisions of this article 110 in a manner that is consistent with other states that have adopted laws regulating money transmission that are similar to the…
Colo. Rev. Stat. § 11-110-503 Application for license - license fee - rules
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(1) An applicant for a license shall apply with the banking board in a form and in a medium prescribed by the board. The board by rule or procedure shall determine the content of the application and may change or update the application in accordance with applicable law or to carr…
Colo. Rev. Stat. § 11-110-504 Information requirements for certain individuals - background check - name-based judicial record check
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(1) An individual in control of a licensee or applicant, an individual that seeks to acquire control of a licensee, and each key individual shall furnish to the banking board through NMLS the following items: (a) The individual’s fingerprints for submission to the federal bureau …
Colo. Rev. Stat. § 11-110-505 Issuance of license - investigation of financial condition - initial license term - denial - appeal
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(1) When an application for an original license appears to include all the items and addresses all of the matters that are required pursuant to this article 110, the application is complete, and the banking board shall promptly notify the applicant in a record of the date on whic…
Colo. Rev. Stat. § 11-110-506 Renewal of license - annual fee - renewal report
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(1) (a) A license issued under this article 110 shall be renewed annually. (b) Not more than sixty days before the license expiration, a licensee shall pay an annual license fee to the banking board, as established by the banking board. (c) The renewal term is for a period of one…
Colo. Rev. Stat. § 11-110-507 Maintenance of license - suspension and revocation
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(1) If a licensee does not continue to meet the qualifications or satisfy the requirements for an applicant for a new money transmission license described in this article 110, the banking board may suspend or revoke the licensee's license in accordance with the procedures establi…
Colo. Rev. Stat. § 11-110-601 Acquisition of control - application - fee - investigation of financial condition - denial - appeal - exemptions
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(1) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the banking board prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to this section if that…
Colo. Rev. Stat. § 11-110-602 Notice and information requirements for a change of key individuals
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A licensee adding or replacing a key individual shall provide notice to the banking board in a manner prescribed by the board by rule within fifteen days after the effective date of the key individual’s appointment.
Colo. Rev. Stat. § 11-110-701 Report of condition
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(1) Each licensee shall submit a report of condition to the banking board within forty-five days after the end of a calendar quarter or within any extended time as the board by rule may prescribe. (2) The report of condition must include: (a) Financial information at the licensee…
Colo. Rev. Stat. § 11-110-702 Audited financials
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(1) Each licensee shall, within ninety days after the end of each fiscal year, or within any extended time as the banking board by rule may prescribe, file with the board: (a) An audited financial statement of the licensee for the fiscal year prepared in accordance with United St…
Colo. Rev. Stat. § 11-110-703 Authorized delegate reporting
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(1) Each licensee shall submit a report of authorized delegates to the banking board within forty-five days after the end of a calendar quarter. The board is authorized and encouraged to utilize NMLS for the submission of the report required by this section if the functionality i…
Colo. Rev. Stat. § 11-110-704 Reports of certain events
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(1) A licensee shall file a report with the banking board within one business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee under the United States bankruptcy code, 11 U.S.C. sec…
Colo. Rev. Stat. § 11-110-705 Bank secrecy act reports
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A licensee and an authorized delegate shall file all reports required by federal currency reporting, record-keeping, and suspicious activity reporting requirements as set forth in the bank secrecy act and other federal and state laws pertaining to money laundering. The timely fil…
Colo. Rev. Stat. § 11-110-706 Records - rules
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(1) A licensee shall maintain the following records for determining the licensee's compliance with this article 110 for at least three years after the creation of the record: (a) A record of each outstanding money transmission obligation sold; (b) A general ledger posted at least…
Colo. Rev. Stat. § 11-110-801 Relationship between licensee and authorized delegate - written policies and procedures required - background investigation - definition
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(1) As used in this section, “remit” means to make direct payments of money to a licensee or the licensee’s representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (2) Before a licensee is authorized to conduct business th…
Colo. Rev. Stat. § 11-110-802 Unauthorized activities - joint and several liability
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A person shall not engage in the business of money transmission on behalf of a person not licensed under this article 110 or not exempt pursuant to part 3 of this article 110. A person that engages in such activity provides money transmission to the same extent as if the person w…
Colo. Rev. Stat. § 11-110-901 Timely transmission
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(1) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a c…
Colo. Rev. Stat. § 11-110-902 Refunds
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(1) This section does not apply to: (a) Money received for transmission subject to the federal remittance rule, 12 CFR 1005, subpart B; or (b) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services …
Colo. Rev. Stat. § 11-110-903 Receipts - definition
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(1) This section does not apply to: (a) Money received for transmission subject to the federal remittance rule, 12 CFR 1005, subpart B; (b) Money received for transmission that is not primarily for personal, family, or household purposes; (c) Money received for transmission pursu…
Colo. Rev. Stat. § 11-110-904 Notice
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Every licensee or authorized delegate shall include on a receipt described in section 11-110-903 or disclose on the licensee's website or mobile application the name and phone number of the division and a statement that the licensee's customers can contact the division with quest…
Colo. Rev. Stat. § 11-110-905 Disclosures for payroll processing services
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(1) A licensee that provides payroll processing services shall: (a) Issue reports to clients detailing client payroll obligations in advance of the payroll money being deducted from an account; and (b) Make available worker pay stubs or an equivalent statement to workers. (2) Sub…
Colo. Rev. Stat. § 11-111-101 Short title
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This article 111 may be cited as the Uniform Special Deposits Act. Source: L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1221, � 1, effective August 7.
Colo. Rev. Stat. § 11-111-102 Definitions
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In this article 111: (1) Account agreement means an agreement that: (a) Is in a record between a bank and one or more depositors; (b) May have one or more beneficiaries as additional parties; and (c) States the intention of the parties to establish a special deposit governed by t…
Colo. Rev. Stat. § 11-111-103 Scope - choice of law - forum
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(1) This article 111 applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this article 111, regardless of whether a party to the account agreement or a transaction related to the special deposi…
Colo. Rev. Stat. § 11-111-104 Variation by agreement or amendment
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(1) The effect of sections 11-111-102 and 11-111-103, this section 11-111-104, and sections 11-111-105, 11-111-106, 11-111-108 to 11-111-111, and 11-111-114 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect…
Colo. Rev. Stat. § 11-111-105 Requirements for special deposit
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(1) A deposit is a special deposit if it is: (a) A deposit of funds in a bank under an account agreement; (b) For the benefit of at least two beneficiaries, one or more of which may be a depositor; (c) Denominated in a medium of exchange that is currently authorized or adopted by…
Colo. Rev. Stat. § 11-111-106 Permissible purpose
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(1) A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. (2) If, before termination of the special deposit, the bank or a court…
Colo. Rev. Stat. § 11-111-107 Payment to beneficiary by bank
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(1) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (2) Except as provided in subsection (3) of this section, the obligation to pay the …
Colo. Rev. Stat. § 11-111-108 Property interest of depositor or beneficiary
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(1) Neither a depositor nor a beneficiary has a property interest in a special deposit. (2) Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. Any pro…
Colo. Rev. Stat. § 11-111-109 When creditor process enforceable against bank
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(1) Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (2) Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is …
Colo. Rev. Stat. § 11-111-110 Injunction or similar relief
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A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit. Source: L. 2024: Entire article a…
Colo. Rev. Stat. § 11-111-111 Recoupment or set off
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(1) Except as provided in subsection (2) or (3) of this section, a bank may not exercise a right of recoupment or set off against a special deposit. (2) An account agreement may authorize the bank to debit the special deposit: (a) When the bank becomes obligated to pay a benefici…
Colo. Rev. Stat. § 11-111-112 Duties and liability of bank
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(1) A bank does not have a fiduciary duty to any person with respect to a special deposit. (2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary. (3) The bank holding a special de…
Colo. Rev. Stat. § 11-111-113 Term and termination
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(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. (2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment whe…
Colo. Rev. Stat. § 11-111-114 Principles of law and equity
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The Uniform Commercial Code, title 4; consumer protection law; law governing deposits generally; law related to escheat and abandoned or unclaimed property; and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, …
Colo. Rev. Stat. § 11-111-115 Uniformity of application and construction
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In applying and construing this article 111, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it. Source: L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1228, � 1, effective August 7.
Colo. Rev. Stat. § 11-111-116 Transitional provision
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(1) This article 111 applies to: (a) A special deposit made under an account agreement executed on or after August 7, 2024; and (b) A deposit made under an agreement executed before August 7, 2024, if: (I) All parties entitled to amend the agreement agree to make the deposit a sp…
Colo. Rev. Stat. § 11-112-101 Short title
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The short title of this article 112 is the “Colorado Vending of Digital Assets Act”.
Colo. Rev. Stat. § 11-112-102 Definitions
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(1) As used in this article 112, unless the context otherwise requires: (1) “Blockchain technology” has the meaning set forth in section 24-36-121.5 (2)(a). (2) (a) “New customer” means a customer transacting at a virtual currency kiosk in Colorado who has been a customer of an o…
Colo. Rev. Stat. § 11-112-103 Virtual currency kiosks - disclosures - receipts - daily limit - cancellation and refund
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(1) Before entering into a virtual currency transaction for, on behalf of, or with a customer, the owner or operator of a virtual currency kiosk shall disclose to the customer in clear and conspicuous writing in the English language all material risks associated with virtual curr…