Title 11, Financial Institutions

This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: L. 47: p. 893, § 3. CSA: C. 18, § 175. CRS 53: § 14-10-4. C.R.S. 1963: § 14-18-4.

This article became effective January 1, 1948, and applies to fiduciary relationships then in existence or thereafter established. Source: L. 47: p. 894, § 8. CSA: C. 18, § 178. CRS 53: § 14-10-6. C.R.S. 1963: § 14-18-6.

The word "fiduciary", whenever used in this article, means a bank or trust company undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes personal representatives [including executo…

(1) (a) A credit union is a cooperative association, incorporated pursuant to this article for the twofold purpose of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest. (b) As used in this article: (I) "Board" mea…

(1) An application for a community field of membership shall be subject to approval by the board after the required notice and hearing requirements in this section are met. (2) Upon submission by the commissioner, pursuant to section 11-30-101 (3), of a community field of members…

The commissioner shall cause to be prepared a standard form of bylaws, consistent with this article, to be issued to all credit unions. All credit unions shall operate under the standard bylaws; except that each such credit union, subject to the approval of the commissioner, shal…

(1) Credit union membership shall consist of the incorporators and any other persons and organizations which are elected to membership and which pay any entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit unio…

(1) A credit union has the following powers to: (a) Receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation clubs, and other such thrift organizations or plans within the membership; (b) Make loans to…

A credit union organized in accordance with the provisions of this article 30, or in accordance with the laws of the United States or the laws of another state or territory of the United States, has the exclusive right to use the words "credit union" in its name or title; but an …

(1) (a) Credit unions shall be under the supervision of the commissioner. Every credit union shall be examined by the commissioner at least once during any eighteen-month period. The commissioner shall assess each credit union an amount to cover the expenses of the division attri…

(1) (a) After notice and a hearing as provided in article 4 of title 24, C.R.S., 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 commissioner may assess and collect a civ…

(1) A board of directors of a credit union may determine the date upon which the credit union's fiscal year ends, so long as the date coincides with the end of a standard fiscal quarter. (2) A board of directors of a credit union may determine the date of the credit union's annua…

(1) At the annual meeting, or by other proper balloting within thirty days before and twenty days after the annual meeting, the credit union members shall elect from the membership a board of directors of not less than five members. A supervisory committee of not less than three …

(1) At its first meeting after the annual election, the board of directors shall elect from its own number an executive officer, who may be designated as chair of the board or president; a vice-chair of the board or one or more vice-presidents; a treasurer; and a secretary. The o…

The credit committee or credit officer has general supervision of all loans to members. Applications for loans must be on a form approved by the credit committee or the credit officer. At least a majority of the members of the credit committee or the credit officer shall pass and…

(1) The supervisory committee shall: (a) Make, or cause to be made, a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the annual audit to the board of directors and a summary of that report to the members at the next annual mee…

The capital of a credit union consists of the payments that have been made to it in shares by the several members of the credit union. The credit union has a lien on the shares and deposits of a member for any sum due to the credit union from the member or for any loan endorsed b…

Shares may be issued and deposits received in the name of a minor. A member who is a minor may withdraw or pledge any shares owned by the minor and receive from the credit union any dividends or other money at any time the dividends or other money becomes due, in the same manner …

A credit union may borrow from any source a total sum which shall not exceed fifty percent of its shares, deposits, and undivided earnings. No credit union shall loan more than ten percent of its assets to any member or to another credit union. Source: L. 31: p. 303, § 15. CSA: C…

A credit union may make loans to members subject to the provisions of this article and the bylaws of the credit union. A borrower may repay a loan in whole or in part any day the office of the credit union is open for business. A credit union may make loans to its own directors, …

(1) (Deleted by amendment, L. 2004, p. 131, § 7, effective July 1, 2004.) (2) The board may require reserves to protect the interest of members by general rules, including reserve requirements for any privately insured credit union. In addition, the commissioner may require speci…

(1) Each credit union shall apply for insurance on its shares and deposits as provided by the national credit union administration board under section 201 of the "Federal Credit Union Act", 12 U.S.C. sec. 1781, or comparable insurance approved by the commissioner. Credit unions w…

At such intervals and for such periods of time as the board of directors may authorize and after provision for the required reserves, the board of directors may declare a dividend. Dividends may be paid at various rates on different classes of shares, and dividend credit may be a…

(1) Any member may withdraw from the credit union at any time, but notice of withdrawal may be required in the bylaws. The board of directors may expel any member from membership in the credit union if such member fails to comply with the written rules and policies of the credit …

(1) (a) If it appears that any credit union is insolvent, that it has willfully violated any provision of this article 30, or that it is operating in an unsafe or unsound manner, the commissioner may order the credit union to show cause why its operations should not be suspended …

(1) A credit union organized under the provisions of this article may be converted into a federal credit union by complying with the requirements of this section. (2) (a) The proposition for such conversion shall first be approved by a majority of the directors of the credit unio…

A credit union may change its place of business to a location outside of the county or city and county in which previously located upon receiving written permission therefor from the commissioner. A credit union may change its place of business within the county or city and count…

(1) The method of merger of two or more credit unions shall be as follows: (a) (I) The board of directors of the continuing and each merging credit union shall: (A) Approve a plan for the proposed merger; and (B) Authorize representatives of each credit union to act on each credi…

A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or whe…

(1) A credit union that has its principal place of business in this state may establish one or more new branches anywhere in this state or in any other state thirty days after providing written notice to the commissioner. (2) No later than ninety days prior to the proposed date o…

(1) For any transaction with any credit union 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 credit union…

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, § 2, effective August 7. MARIJUANA FINAN…

(1) The requirement of a surety bond as a condition to licensure or authority to conduct business or perform duties in this state provided in sections 5-16-124 (1), 6-16-104.6, 12-10-717, 23-64-121 (1), 33-4-101 (1), 33-12-104 (1), 35-55-104 (1), 37-91-107 (2) and (3), 38-29-119 …

(1) Where there is the requirement of either an irrevocable letter of credit or a bond as a condition to licensure in sections 35-36-216 and 35-36-304 or where an irrevocable letter of credit is permitted as an alternative to a surety bond, evidence of a savings account, deposit,…

(1) The general assembly hereby finds that Colorado's elderly homeowners should have the opportunity and be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage loan transaction. (2) The general assembly further finds that many…

As used in this article 38, unless the context otherwise requires: (1) "Borrower" means the person receiving cash advances pursuant to the terms of and obligated for repayment of a reverse mortgage. "Person" includes plural as well as singular. (1.3) "Force majeure" means fire, e…

Payment of a reverse mortgage, in whole or in part, shall be permitted without penalty at any time during the period of such reverse mortgage. Source: L. 92: Entire article added, p. 940, § 1, effective April 23.

All advances made under a reverse mortgage and all interest on such advances shall have priority over any lien arising after recording an instrument evidencing the lien arising from such reverse mortgage with the clerk and recorder of the county where the real property securing s…

(1) A reverse mortgage may provide for an interest rate which is fixed or adjustable and may also provide for interest that is contingent on the appreciation in the value of the home securing such reverse mortgage. (2) If a reverse mortgage provides for periodic advances to a bor…

Any lender failing to make loan advances as required by the terms of the reverse mortgage, and failing to cure such a default as required by such terms, shall forfeit the right to collect any interest on such reverse mortgage and shall be liable for any civil damages arising from…

(1) A reverse mortgage may become due and payable upon the occurrence of any one of the following events: (a) The home securing the reverse mortgage is sold. (b) The borrower ceases to occupy the home as a principal residence. (c) Any fixed maturity date agreed to by the lender a…

(1) A reverse mortgage may be made or acquired without regard to the following provisions for other types of mortgage transactions set out in the statutes specified in this subsection (1): (a) Any law of this state limiting loan-to-value ratios; (b) Prohibitions on balloon paymen…

(1) Any lender making reverse mortgage loans shall provide to a borrower prior to closing on such a loan a written statement of the projected total loan cost rate for all reverse mortgage loans except for reverse mortgage loans subject to federal "Truth in Lending Act", as amende…

(1) Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. (2) Undisbursed funds under a reverse mortgage shall be trea…

No reverse mortgage shall be made by a lender unless the loan applicant attests, in writing, that the applicant has been advised by the lender to obtain independent counseling regarding the advisability of such applicant's entering into a reverse mortgage transaction and that suc…

This article shall apply to all reverse mortgages entered into on and after July 1, 1992, and shall not invalidate any reverse mortgage entered into prior to July 1, 1992. Source: L. 92: Entire article added, p. 943, § 1, effective April 23. SAVINGS AND LOAN ASSOCIATIONS