CO Code § 11-102-104 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 102 - Division of Banking|Part 1 - Commissioner and Banking Board|§ 11-102-104. Powers and Duties of Banking Board

  The banking board is the policy-making and rule-making authority for the division of banking and has the power to:   Make, modify, reverse, and vacate rules for the proper enforcement and administration of this code and the “Public Deposit Protection Act”, article 10.5 of this title;    Make, promulgate, alter, amend, or revise reasonable rules as may be necessary for the enforcement and execution of the “Money Transmitters Act”, article 110 of this title 11; and    Regulate procedure and practice of the banking board.       In addition to any other powers conferred on it by this code, the banking board has the power to:   Make all final decisions with respect to ownership including, but not limited to:   Chartering and conversions;    Mergers;    Acquisitions; and    Change of control;       Make all final decisions with respect to certification pursuant to section 11-104-202;    Make all final decisions with respect to the taking of possession, liquidation, or reorganization of banks and the emergency grant of new charters and branch facilities;    Make all final decisions with respect to requests to exercise trust, fiduciary, and agency powers.       The banking board has the power to prohibit the taking of deposits or to restrict the withdrawal of deposits, or both, from any one or more state banks when the banking board finds that extraordinary circumstances make such a restriction necessary for the proper protection of depositors in the affected state bank.    The banking board has the power to authorize state banks under circumstances in which state banks are not given authority under this code to act without the approval of the banking board; to participate in any public agency created after July 1, 1957, under the laws of this state or the United States, the purpose of which is to afford advantages or safeguards to banks or depositors; and to authorize compliance with all requirements and conditions imposed upon such participants.    The banking board has the power to authorize such banks to engage in any banking activity in which state banks could engage were they operating as national banks at the time such authority is granted, so long as such activity is not prohibited elsewhere in this code and to the extent permissible under rules of the banking board promulgated pursuant to subsection (1) of this section consistent with the policies set forth in section 11-101-102, or under any other provision of this code. State banks may engage in interstate branching to the same extent as if they were operating as national banks so long as such activity is in accordance with the rules of the banking board. (5.5)   The banking board has the power to issue a state bank charter to a limited liability company, as that term is defined in section 7-80-102, C.R.S., so long as the limited liability company meets the requirements of this code. In the event of a conflict between the requirements of the provisions of this code and the “Colorado Limited Liability Company Act”, article 80 of title 7, C.R.S., a state bank organized as a limited liability company shall be subject to the requirements of this code.    Repealed.    The banking board has the power to issue a trust company charter to a limited liability company, as that term is defined in section 7-80-102, C.R.S., so long as the limited liability company meets the requirements of article 109 of this title. In the event of a conflict between the requirements of article 109 of this title and the “Colorado Limited Liability Company Act”, article 80 of title 7, C.R.S., a trust company organized as a limited liability company is subject to the requirements of article 109 of this title.    The banking board shall promulgate rules to effectuate the provisions of this subsection (5.5).       The banking board has the power to affirm, modify, reverse, vacate, or stay the enforcement of any order or ruling made by a hearing officer acting pursuant to section 11-102-201 or the commissioner acting pursuant to authority delegated by the banking board.    The banking board has the power to order any person to cease violating a provision of this code or a rule issued pursuant to this code or to cease engaging in any unsound banking practice, to impose civil money penalties pursuant to section 11-102-503, to suspend or remove a director or officer pursuant to section 11-102-505, and to take such other enforcement action as is authorized by sections 11-102-506 to 11-102-508 and any other provision of this code.    With respect to any action pursuant to subsection (3) or (7) of this section, ten days' notice by certified mail, return receipt requested, and the opportunity for a hearing shall be provided to the bank, the directors of the bank, and any person ordered to cease violating provisions of this code pursuant to subsection (7) of this section in advance of any action taken by the banking board. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action without notice or hearing but shall promptly afford a subsequent opportunity for hearing upon application by the bank or directors of the bank to rescind the action taken. With respect to any authorization requested pursuant to subsection (4) or (5) of this section, the banking board may, on its own motion, or shall if requested by the applicant, hold a hearing on such request.    The banking board has the power to issue a declaratory order with respect to the applicability of this code or a rule issued by the banking board to any person, property, or state of facts under this code.    The banking board has the power to review and comment on the preliminary budget draft for the division prior to its submission to the department of regulatory agencies.    The banking board shall annually establish such fees and assessments and the percentages thereof as are necessary to generate the moneys appropriated by the general assembly for the division.    The banking board has the power to comment on who shall be the bank commissioner and to recommend the termination of the commissioner for cause. The banking board's comments and recommendations shall be given to the appropriate office or officer of the state having appointment or termination powers with regard to the commissioner.    The banking board has the power to perform any acts and make any decisions incidental to or necessary for carrying out its functions as set forth in this code.    The banking board shall not delegate to the commissioner any of its powers under subsections (1) to (12) of this section except informal enforcement powers arising under section 11-102-507, which powers shall be delegable pursuant to subsection (15) of this section.    Except as provided in subsection (14) of this section, the banking board may, in its discretion, delegate to the commissioner any of its powers, duties, and functions; except that all powers under this code vest in the banking board unless delegated to the commissioner by statute.    The banking board may, in its discretion, require the commissioner to report to the banking board periodically with respect to any powers delegated pursuant to subsection (15) of this section.    The banking board shall have a seal of office containing the words “Banking Board of Colorado” in the form of a circle and the word “seal” within the circle.    Repealed.      History. Source: L. 2003: Entire article added with relocations, p. 1064, § 3, effective July 1; (5.5) added, p. 1745, § 1, effective July 1. L. 2007: (6) amended, p. 596, § 3, effective July 1. L. 2008: (18) added, p. 1500, § 2, effective May 28. L. 2009: (6) amended,(HB 09-1053), ch. 159, p. 688, § 5, effective August 5. L. 2013: (1)(b) and (5.5)(c) amended and (5.5)(b) and (18) repealed,(SB 13-154), ch. 282, p. 1473, § 34, effective July 1. L. 2017: (1)(b) amended,(SB 17-226), ch. 159, p. 589, § 6, effective August 9.    Editor's note:    This section is similar to former § 11-2-103 as it existed prior to 2003.    Section 11-2-103 (5.5) as enacted by House Bill 03-1106 was harmonized with House Bill 03-1257 and relocated to this section as subsection (5.5).     ANNOTATION   In extraordinary circumstances requiring immediate action, the banking board is permitted to seize and liquidate a bank's assets without notice or hearing, provided that, upon application for rescission within ten days of such action, it conducts a prompt hearing on the request for rescission. First Bank v. Dept. of Regulatory Agencies, 852 P.2d 1345 (Colo. App. 1993) (decided prior to 1989 repeal and reenactment of former § 11-2-103 ).