reglab/housing_qa huggingface dataset:
CO Code § 11-30-124 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 30 - Credit Unions - General Provisions|§ 11-30-124. Transfer of Functions - Conforming of Statutes

  As of April 11, 1988, the powers, duties, and functions of the state bank commissioner under this article are transferred to the state commissioner of financial services.    On April 11, 1988, all employees of the division of banking whose principal duties are concerned with the powers, duties, and functions transferred to the state commissioner of financial services and whose employment in the division of financial services is deemed necessary by the executive director of the department of regulatory agencies to carry out the purposes of this article are transferred to the division of financial services and shall become employees thereof. Such employees shall retain all rights to state personnel system and retirement benefits under the laws of this state, and their services shall be deemed to have been continuous.    On April 11, 1988, all items of property, real and personal, including office furniture and fixtures, books, documents, and records of the division of banking pertaining to the powers, duties, and functions transferred to the state commissioner of financial services pursuant to this section shall be transferred to the division of financial services and shall become the property thereof.    Whenever the state bank commissioner or the division of banking is referred to or designated by any contract or other document in connection with the powers, duties, and functions transferred to the state commissioner of financial services, such reference or designation shall be deemed to apply to the state commissioner of financial services or the division of financial services, as the case may be. All contracts entered into by the state bank commissioner or the division of banking prior to April 11, 1988, in connection with the powers, duties, and functions transferred to the state commissioner of financial services are hereby validated, with the state commissioner of financial services succeeding to all the rights and obligations of such contracts.    On April 11, 1988, any unexpended appropriations of funds for the current fiscal year made to the division of banking and allocated for the administration and enforcement of this article shall be transferred to the division of financial services. The executive director of the department of regulatory agencies shall have the final authority to determine the allocation of funds for purposes of the transfer under this subsection (5).    The revisor of statutes is authorized to change all references to the state bank commissioner in this article to refer to the state commissioner of financial services and to change all references to the division of banking in this article to refer to the division of financial services.     History. Source: L. 88: Entire section added, p. 416, § 6, effective April 11. L. 89: Entire section amended, p. 618, § 9, effective July 1.
CO Code § 11-30-125 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 30 - Credit Unions - General Provisions|§ 11-30-125. Notice of Branch Opening and Closing

  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.    No later than ninety days prior to the proposed date of any branch closing, a notice of branch closing shall be filed with the commissioner. The notice of branch closing shall include a detailed statement of the reasons for the decision to close the branch and statistical or other information in support of such reasons.    The commissioner may enter into agreements with other state credit union regulators for the purposes of examination and supervision of out-of-state offices.    Nothing in this section may be construed to supersede any requirement set forth in section 11-30-101.7.     History. Source: L. 2004: Entire section added, p. 135, § 11, effective July 1. L. 2020: (1) amended and (3) and (4) added, (SB 20-068), ch. 152, p. 654, § 1, effective September 14.
CO Code § 11-33-101 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 33 - Marijuana Financial Services Cooperatives|§ 11-33-101. To 11-33-128.(repealed)

 History. Source: L. 2020: Entire article repealed,(HB 20-1217), ch. 93, p. 369, § 1, effective September 1.    Editor's note:   This article 33 was added in 2014. For amendments to this article 33 prior to its repeal in 2020, consult the 2019 Colorado Revised Statutes and the Colorado statutory research explanatory note beginning on page vii in the front of this volume.
CO Code § 11-35-101.5 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 35 - Surety Bond Alternatives|§ 11-35-101.5. Irrevocable Letter of Credit Permitted - Requirements

  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, or certificate of deposit meeting the requirements of section 11-35-101, as a condition to licensure or authority to conduct business or perform duties in this state, provided in sections 33-4-101 (1), 33-12-104 (1), 35-36-216 (1)(a), 35-36-303 (5), (1)(a), 37-91-107 (2), and 39-27-104 (2.1)(c), the requirement shall be satisfied by an irrevocable letter of credit issued by a state or national bank or a state or federal savings and loan association doing business in this state. The requirement shall also be satisfied by an irrevocable letter of credit issued by the bank or banks for cooperatives that are organized pursuant to federal statutes and that serve the region in which the state of Colorado is located. Such letter of credit shall be in an amount specified by statute, if any, and shall name the appropriate state agency as beneficiary, in favor of the people of the state of Colorado.    Each appropriate state agency required to accept such irrevocable letters of credit shall define the method of transferability, the required period of liability, and such other procedures as may be necessary.    Repealed.     History. Source: L. 87: Entire section added, p. 473, § 6, effective May 8. L. 88: (1) amended, p. 446, § 1, effective March 31. L. 89: (1) amended, p. 1394, § 3, effective April 12. L. 92: (1) amended, p. 2168, § 9, effective June 2. L. 93: (1) amended, p. 1391, § 11, effective January 1, 1995. L. 94: (1) amended, p. 1630, § 33, effective May 31; (1) amended, p. 2545, § 34, effective January 1, 1995. L. 2000: (1) amended, p. 1937, § 17, effective October 1. L. 2002: (1) amended, p. 1013, § 9, effective June 1. L. 2009: (1) amended, (SB 09-151), ch. 89, p. 347, § 4, effective July 1. L. 2013: (3) repealed, (HB 13-1034), ch. 5, p. 15, § 9, effective September 1. L. 2017: (1) amended, (SB 17-225), ch. 262, p. 1245, § 3, effective August 9. L. 2020: (1) amended, (HB 20-1213), ch. 160, p. 753, § 4, effective June 29.
CO Code § 11-38-101 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-101. Legislative Declaration

  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.    The general assembly further finds that many restrictions and requirements that exist to govern traditional mortgage loan transactions in Colorado are inapplicable in the context of reverse mortgages and that state law should be clarified to ensure that inapplicability.    The general assembly therefore declares that, in order to foster reverse mortgage transactions and better serve the elderly citizens of this state, it is necessary to enact this article authorizing the making of reverse mortgages and expressly relieving reverse mortgage lenders and borrowers from compliance with inappropriate statutory requirements.     History. Source: L. 92: Entire article added, p. 939, § 1, effective April 23.
CO Code § 11-38-102 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-102. Definitions

 As used in this article, unless the context otherwise requires:    “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.    “Independent counseling” means counseling by a person unaffiliated with the lender, including but not limited to a housing counseling agency approved by the United States department of housing and urban development.    “Lender” means a bank, savings and loan association, or credit union organized under the laws of the United States or the state of Colorado or a person who regularly makes loans or advances secured by interests in residential real property.    “Reverse mortgage” means a written instrument evidencing or creating a nonrecourse loan secured by real property which:   Provides cash advances, whether in the form of a lump sum, periodic payments, a line of credit, or other similar methods, or a combination thereof, to a borrower based on the equity in the borrower's owner-occupied principal residence, which periodic payments may be derived from an annuity purchased with such cash advances;    Requires no partial or other payment of principal or interest until the entire loan becomes due and payable; and    Is made by any lender as defined in subsection (3) of this section.        History. Source: L. 92: Entire article added, p. 939, § 1, effective April 23.
CO Code § 11-38-103 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-103. Prepayment

 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.   History. Source: L. 92: Entire article added, p. 940, § 1, effective April 23.
CO Code § 11-38-104 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-104. Intervening Liens

 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 such reverse mortgage is located.   History. Source: L. 92: Entire article added, p. 940, § 1, effective April 23.
CO Code § 11-38-105 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-105. Interest - Periodic Advances

  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.    If a reverse mortgage provides for periodic advances to a borrower, such advances shall not be reduced in amount or number based on any adjustment in the interest rate on such reverse mortgage.    The interest rate contracted for in any reverse mortgage shall not exceed the loan finance charge rates provided by section 5-2-201, C.R.S., although the effective rate may exceed those rates. Such interest rate shall be calculated on the assumption that the reverse mortgage will be repaid according to the agreed terms and will not be repaid before the end of the agreed term.     History. Source: L. 92: Entire article added, p. 940, § 1, effective April 23. L. 2000: (3) amended, p. 1872, § 106, effective August 2.
CO Code § 11-38-106 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-106. Lender Default

 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 such default. This section shall not apply if the default is by an insurance company which is not owned or controlled directly or indirectly by the lender and the default by the insurance company is pursuant to an annuity purchased by a borrower with reverse mortgage loan advances.   History. Source: L. 92: Entire article added, p. 941, § 1, effective April 23.
CO Code § 11-38-107 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-107. Repayment

  A reverse mortgage may become due and payable upon the occurrence of any one of the following events:   The home securing the reverse mortgage is sold.    The borrower ceases to occupy the home as a principal residence.    Any fixed maturity date agreed to by the lender and the borrower is reached.    An event occurs which is specified in the terms of the reverse mortgage and which jeopardizes the lender's security.    Upon death of the borrower.       The repayment requirement described in subsection (1) of this section is also expressly subject to the following additional conditions:   Temporary absences from the home not exceeding sixty consecutive days shall not cause the reverse mortgage to become due and payable.    Temporary absences from the home exceeding sixty consecutive days but not exceeding one year shall not cause the reverse mortgage to become due and payable so long as the borrower has taken prior action which secures the home in a manner satisfactory to the lender.    The lender's right to collect reverse mortgage proceeds shall be subject to the applicable statute of limitations for loan contracts pursuant to section 13-80-103.5, C.R.S.; except that the statute of limitations shall commence on the date that the reverse mortgage becomes due and payable.    Prior to the closing of a reverse mortgage, the lender must prominently disclose any interest or other fees to be charged during the period that commences on the date that the reverse mortgage becomes due and payable and ends when repayment in full is made.        History. Source: L. 92: Entire article added, p. 941, § 1, effective April 23.
CO Code § 11-38-108 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-108. Inapplicability of Related Statutes

  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):   Any law of this state limiting loan-to-value ratios;    Prohibitions on balloon payments pursuant to section 5-3-208, C.R.S.;    Any law of this state limiting interest on interest, the adding of deferred interest to principal, or the compounding of interest;    Subject to section 11-38-105 (3), interest rate limits under the usury statutes pursuant to sections 5-12-103 and 18-15-104, C.R.S.;    Any law of this state applicable to insurance or insurance companies under title 10, C.R.S.        History. Source: L. 92: Entire article added, p. 942, § 1, effective April 23. L. 2000: (1)(b) amended, p. 1872, § 107, effective August 2.
CO Code § 11-38-109 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-109. Disclosure - Total Loan Cost

  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 amended, total annual loan cost disclosure requirements. As used in this section, “total loan cost rate” means the total of all loan costs including, but not limited to, any origination fee, closing costs, servicing fee, insurance premium contingent interest based on appreciation, and the annual interest rate charged on the reverse mortgage balance which is expressed as a single annual average rate of interest. Such statement shall include:   An explanation of why the total loan cost rate on reverse mortgages is greatest in the early years of the loan and decreases over the term of the loan; and    A chart or table containing projections of the total loan cost rate at certain anniversary dates during the term of the loan, beginning at the end of year two and thereafter not more than every four years from the date of the loan to year thirty and utilizing not less than three annual average home appreciation percentages from between zero and ten percent.        History. Source: L. 92: Entire article added, p. 942, § 1, effective April 23. L. 96: IP(1) amended, p. 1561, § 14, effective July 1.    Cross references:   For the “Truth in Lending Act”, see 15 U.S.C. § 1601 et seq.
CO Code § 11-38-110 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-110. Treatment of Reverse Mortgage Loan Proceeds by Public Benefit Programs

  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.    Undisbursed funds under a reverse mortgage shall be treated as equity in a borrower's home and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.    This section shall apply to any law relating to means-tested programs of aid provided by this state, including but not limited to supplemental security income, low-income energy assistance, and the “Colorado Medical Assistance Act”, articles 4, 5, and 6 of title 25.5, C.R.S.     History. Source: L. 92: Entire article added, p. 943, § 1, effective April 23. L. 2006: (3) amended, p. 2000, § 40, effective July 1.
CO Code § 11-38-111 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-111. Consumer Information and Counseling

 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 such applicant has either obtained such counseling or waived such counseling in writing.   History. Source: L. 92: Entire article added, p. 943, § 1, effective April 23.
CO Code § 11-38-112 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 38 - Reverse Mortgages|§ 11-38-112. Application of Article

 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.   History. Source: L. 92: Entire article added, p. 943, § 1, effective April 23.
CO Code § 11-40-101 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 40 - Savings and Loan Association Law|§ 11-40-101. Short Title

 Articles 40 to 46 of this title shall be known and may be cited as the “Savings and Loan Association Law”.   History. Source: L. 33: P. 284, § 1. CSA: C. 25, § 1. L. 51: P. 212, § 1. CRS 53: § 122-1-1. C.R.S. 1963: § 122-1-1. History. Source: L. 33: P. 284, § 1. CSA: C. 25, § 1. L. 51: P. 212, § 1. CRS 53: § 122-1-1. C.R.S. 1963: § 122-1-1.    Cross references:   For additional provisions relating to savings and loan associations, see articles 47 and 48 of this title 11.
CO Code § 11-40-103 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 40 - Savings and Loan Association Law|§ 11-40-103. Savings and Loan Association Defined

 A “savings and loan association”, within the meaning of articles 40 to 46 of this title, is any domestic or foreign association or corporation formed, created, or organized to carry on the business of a savings and loan association, which is formed to encourage industry, thrift, home building, and saving among its members, by the accumulation of funds through the issuance and sale of its own shares, capital notes, or debentures, the acceptance of savings deposits, or any other manner permitted by the provisions of articles 40 to 46 of this title, the loaning or investment of the funds so accumulated to assist its members in acquiring real estate, in making improvements thereon, and in paying off existing encumbrances thereon, or for any other purposes or in any other manner permitted by the provisions of articles 40 to 46 of this title, and which accumulates funds to be returned to its members.   History. Source: L. 33: P. 284, § 2. CSA: C. 25, § 2. CRS 53: § 122-1-2. C.R.S. 1963: § 122-1-2. L. 69: P. 1013, § 1. History. Source: L. 33: P. 284, § 2. CSA: C. 25, § 2. CRS 53: § 122-1-2. C.R.S. 1963: § 122-1-2. L. 69: P. 1013, § 1.    ANNOTATION   For a business with characteristics of a savings and loan association, see People ex rel. Griffith v. Standard Home Co., 59 Colo. 355 , 148 P. 869 (1915).
CO Code § 11-40-104 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 40 - Savings and Loan Association Law|§ 11-40-104. Fiscal Year - Closing Dates - Net Earnings

  Each domestic savings and loan association shall have such fiscal year as may be fixed from time to time by resolution of its board of directors, but the fiscal years of all such associations shall be fixed so as to end as of the last day of a calendar month. Every domestic savings and loan association shall close its books at least once annually as of the close of business on the last day of its fiscal year and may close its books at such other time as may be fixed by resolution of its board of directors. Any reference in this section or elsewhere in articles 40 to 46 of this title to the closing date of an association means the date fixed for the closing of its books as provided in this section. The books and records of every association shall reflect all the accrued liabilities on the above dates.    The net earnings of each period ending on a closing date fixed as provided in this section shall be determined by deducting from gross income of such periods operating and nonoperating expenses and dividends and interest paid to shareholders or depositors. Expenses shall include:   Charges for estimated depreciation and obsolescence of home office building and furniture and fixtures, with contra credits to a depreciation reserve account;    Charges for all losses actually sustained during such periods from the sale of securities, real estate, or other assets or such portion of such losses as have not been charged to reserves pursuant to the provisions of section 11-42-111.       The remaining balance of gross income thus arrived at is the association's net income and shall be available for dividends on permanent stock or be credited to general reserve accounts or the undivided profits account in a manner as provided in section 11-42-111. Provision may be made for an undivided profits account not to exceed five percent of invested capital, unless an excess amount is approved by the commissioner.    No income shall be considered as earned until collected; except that interest due and unpaid may be accrued for a period of not more than six months and considered as earnings.     History. Source: L. 33: P. 356, § 12. CSA: C. 25, § 80. CRS 53: § 122-1-4. L. 55: P. 756, § 2. C.R.S. 1963: § 122-1-4. L. 69: P. 1014, § 3. L. 73: P. 1236, §§ 1, 2. History. Source: L. 33: P. 356, § 12. CSA: C. 25, § 80. CRS 53: § 122-1-4. L. 55: P. 756, § 2. C.R.S. 1963: § 122-1-4. L. 69: P. 1014, § 3. L. 73: P. 1236, §§ 1, 2.