reglab/housing_qa huggingface dataset:
CO Code § 11-109-203 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 2 - Powers|§ 11-109-203. Activities Not Requiring a Charter

  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:   Acting in the scope of authority as an agent of a trust institution;    Rendering a service customarily performed by an attorney or law firm in a manner approved and authorized by the Colorado supreme court;    Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;    Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the real estate commission pursuant to article 10 of title 12;    Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor, or registered representative of an investment advisor, if the activity is regulated by the securities commissioner or the federal securities and exchange commission;    Engaging in the sale and administration of an insurance product as an insurance company or agent licensed by the division of insurance to the extent that the activity is regulated by the division of insurance;    Acting as trustee for a public, private, or independent institution of higher education or a university system, including an institution of higher education's or university system's affiliated foundations or corporations, with respect to endowment funds or other funds owned, controlled, provided to, or otherwise made available to such institution or system with respect to its educational or research purposes;    Rendering services customarily performed by a certified public accountant in a manner authorized by article 100 of title 12;    If the company is a trust institution and is not otherwise prohibited from engaging in a trust business in this state:   Marketing or soliciting in this state through the mails, telephone, any electronic means, or in person with respect to acting or proposing to act as a fiduciary outside of this state;    Delivering money or other intangible assets and receiving the money or other intangible assets from a client or other person in this state; or    Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client.           History. Source: L. 2003: Entire article added with relocations, p. 1182, § 3, effective July 1. L. 2019: IP(1), (1)(d), and (1)(h) amended,(HB 19-1172), ch. 136, p. 1661, § 65, effective October 1.    Editor's note:   This section is similar to former § 11-23-103.3 as it existed prior to 2003.
CO Code § 11-109-204 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 2 - Powers|§ 11-109-204. Federal Deposit Insurance Required

  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.    Each trust company shall immediately give notice to the banking board when it has applied to the federal deposit insurance corporation or its successor for deposit insurance and, thereafter, shall give bi-monthly reports on the status of its application for deposit insurance to the banking board until final disposition of the application is made.     History. Source: L. 2003: Entire article added with relocations, p. 1183, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-103.5 as it existed prior to 2003.
CO Code § 11-109-301 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 3 - Charters|§ 11-109-301. Incorporators

 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 duly signed by each of the incorporators and sworn to before an officer authorized by the laws of this state to administer oaths.   History. Source: L. 2003: Entire article added with relocations, p. 1185, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-104 as it existed prior to 2003.
CO Code § 11-109-302 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 3 - Charters|§ 11-109-302. Application Fee

 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.   History. Source: L. 2003: Entire article added with relocations, p. 1185, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-105 as it existed prior to 2003.
CO Code § 11-109-303 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 3 - Charters|§ 11-109-303. Assessments

  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.    For the fiscal year beginning July 1, 1992, and for each fiscal year thereafter, the banking board shall establish its annual assessment to be collected at least semiannually in such amounts as are sufficient to generate the moneys appropriated by the general assembly to the division of banking for each such fiscal year.     History. Source: L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-105.5 as it existed prior to 2003.
CO Code § 11-109-304 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 3 - Charters|§ 11-109-304. Capital

  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 specific purposes. In promulgating such rules, the banking board shall consider all relevant factors, including without limitation the policies set forth in section 11-101-102 and relevant federal laws and regulations.    Each trust company subject to this article shall at all times comply with the capital rules promulgated by the banking board.     History. Source: L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-106 as it existed prior to 2003.
CO Code § 11-109-305 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 3 - Charters|§ 11-109-305. Application for Charter

  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:   The proposed articles of incorporation in such form as the banking board, pursuant to rules, shall prescribe and as shall be acceptable to the secretary of state for purposes of filing;    An application for a charter in such form and containing such information as the banking board may require.       If the proposed articles of incorporation or application do not comply with the requirements of this article, and with the requirements of the banking board issued pursuant thereto, the banking board shall, within thirty days after the receipt thereof, return both of the said documents to the incorporators, calling attention to the defects therein.     History. Source: L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-108 as it existed prior to 2003.
CO Code § 11-109-501 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 5 - Directors|§ 11-109-501. Directors' Meetings - Duties

  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 attend three consecutive meetings of the board of directors shall cease to be a director unless such absence is satisfactorily explained to the banking board.    The board of directors shall establish the policies and procedures necessary for the proper exercise of fiduciary powers by the trust company. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of the trust company's powers as the board of directors may consider proper to assign to any director, officer, employee, or committee as it may designate.    The board of directors of a trust company may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board.     History. Source: L. 2003: Entire article added with relocations, p. 1192, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-116 as it existed prior to 2003.
CO Code § 11-109-502 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 5 - Directors|§ 11-109-502. Director and Officer Insurance and Fidelity Bonds - Legislative Declaration

  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:   Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, that provides insurance coverage to directors or officers, or both, of a trust company but that does not grant coverage or that excludes coverage for claims made by any depository insurance organization or other state or federal corporation, organization, entity, or agency acting as receiver, conservator, or liquidator of such trust company, whether in its own name or in behalf of any other person or entity; or    Any fidelity bond, financial institution bond, or depository institution bond in effect or issued on or after April 30, 1993, that provides for termination of such bond upon the taking over of any trust company by a receiver or other liquidator or by state or federal officials.       No provision of this article shall be construed to contravene or modify the expressed public policy set forth in this section.    The directors of a trust company shall:   Require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds must provide for indemnity to the trust company on account of any losses sustained by it as the result of any dishonest, fraudulent, or criminal conduct by them acting independently or in collusion or combination with any person. The bonds may be in individual, schedule, or blanket form, and the trust company shall pay the premiums for the bonds.    Require suitable insurance protection to the trust company against burglary, robbery, theft, and other insurable hazards to which the trust company may be exposed in the operations of its business on the premises or elsewhere; and    Prescribe, at least once in each calendar year, the amount or penal sum of the bonds and policies specified in this section and the sureties or underwriters thereon after giving due and careful consideration to all known elements and factors constituting such risk or hazard. The directors shall record the action in the board's minutes.        History. Source: L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1. L. 2013: (3) added,(SB 13-154), ch. 282, p. 1483, § 51, effective July 1.    Editor's note:   This section is similar to former § 11-23-117.5 as it existed prior to 2003.
CO Code § 11-109-601 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-601. Penalty for Noncompliance With the Law

 [ ] It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold himself or herself 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 has complied with the provisions of this article or other laws of this state specifically authorizing a fiduciary or trust business. Any person violating this section shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than one thousand dollars, or by imprisonment in the county jail for not more than one year, or by both such fine and imprisonment.  Editor's note: This version of this section is effective until March 1, 2022.  History. Source: L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3153, § 132, effective March 1, 2022.    Editor's note:    This section is similar to former § 11-23-119 as it existed prior to 2003.    Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
CO Code § 11-109-601 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-601. Penalty for Noncompliance With the Law

 [ ] It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold himself or herself 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 has complied with the provisions of this article 109 or other laws of this state specifically authorizing a fiduciary or trust business. Any person who violates this section commits a class 2 misdemeanor.  Editor's note: This version of this section is effective March 1, 2022.  History. Source: L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1. L. 2021: Entire section amended,(SB 21-271), ch. 462, p. 3153, § 132, effective March 1, 2022.
CO Code § 11-109-603 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-603. No Indemnification or Insurance Against Civil Money Penalties

 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.   History. Source: L. 2003: Entire article added with relocations, p. 1194, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-119.2 as it existed prior to 2003.
CO Code § 11-109-605 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-605. Suspension of Director, Officer, or Other Person

  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 his or her position, or who after receipt of an order of the banking board to cease and desist violates this article or a lawful rule or order issued thereunder, or who is dishonest, or who is reckless or grossly incompetent in the conduct of trust business, or who may be subject to removal under section 11-109-604. It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any trust company until the banking board vacates such suspension order. A suspension order shall specify the grounds thereof. A copy of the order shall be sent to the trust company concerned and to each member of its board of directors.    Ten days' notice, by certified mail, return receipt requested, and hearing shall be provided to any trust company affected by an action of the banking board in advance of any action taken by the banking board pursuant to this section. 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 hearing, upon application to rescind the action taken.     History. Source: L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-119.4 as it existed prior to 2003.
CO Code § 11-109-606 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-606. Informal Enforcement Authority

 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 written agreements such as a memorandum of understanding with, or an informal commitment letter from, or a strongly worded letter of reprimand to any trust company or any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of the trust company.   History. Source: L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-119.5 as it existed prior to 2003.
CO Code § 11-109-607 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 6 - Offenses, Penalties, Removal, Suspension, and Enforcement|§ 11-109-607. Receipt of Deposits While Insolvent

 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 his or her duty should know, of such insolvency and receives or authorizes the receipt of such deposit, and if such trust company or person has knowingly concealed or misstated material facts regarding the insolvency of the trust company from or to the banking board, commissioner, or division of banking.   History. Source: L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-119.6 as it existed prior to 2003.
CO Code § 11-109-703 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 7 - Liquidation, Dissolution, and Emergency Charters|§ 11-109-703. Emergency Grant of New Charter

 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 the closed trust company, contingent upon the new trust company assuming full liability for such deposits of the closed trust company as may be transferred to it. Under such conditions, a new charter may be issued summarily without the publication of notice, without the holding of a public hearing, and without complying with any of the other provisions and procedures specified in this article.   History. Source: L. 2003: Entire article added with relocations, p. 1199, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-122.1 as it existed prior to 2003.
CO Code § 11-109-801 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 8 - Appeals|§ 11-109-801. Appeals Procedure

 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 notice of the issuance of such order or rule. The filing of such a petition for review shall not, of itself, stay enforcement of an order or rule, but the court, upon a finding that irreparable injury would otherwise result, may order a stay upon such terms as it deems proper. The court may affirm the order of the banking board or may direct said banking board to take any action deemed proper. No person shall be subjected to any civil or criminal liability for any act or omission made in good faith reliance upon a then existing order or rule of the banking board, notwithstanding a subsequent decision by a court invalidating the order or rule.   History. Source: L. 2003: Entire article added with relocations, p. 1202, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-120 as it existed prior to 2003.
CO Code § 11-109-802 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 8 - Appeals|§ 11-109-802. Injunctions - Appeals

  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. After citing the banking board to show cause why further proceedings should not be enjoined and after a hearing, the court may dismiss the application of the trust company or may enjoin the banking board from further liquidation proceedings and direct the banking board to surrender possession of the trust company.    An appeal may be taken by the banking board or by the trust company from the judgment of the court in the manner provided by law for appeals from judgments of the district court. An appeal from the judgment does not operate as a stay of judgment. If the appeal is taken by the banking board, no bond need be given, but if the appeal is taken by the trust company, a bond shall be given as required by the Colorado rules of civil procedure.     History. Source: L. 2003: Entire article added with relocations, p. 1202, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-123 as it existed prior to 2003.
CO Code § 11-109-901 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 109 - Trust Companies|Part 9 - Trust Practices|§ 11-109-901. Reserves Against Deposits

 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 and sound on trust companies, including trust companies not subject to reserve provisions of the “Federal Reserve Act”. In promulgating these rules, the banking board shall consider all relevant factors, including without limitation, the factors set forth in section 11-101-102 .   History. Source: L. 2003: Entire article added with relocations, p. 1203, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-23-109.5 as it existed prior to 2003.   Cross references:   For the “Federal Reserve Act”, see 12 U.S.C. § 221 et seq.