reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-114 - Bonus plan

(1)
Any association may adopt a plan for the payment of a cash bonus to members agreeing to make share investments in order to provide funds for the financing of homes. Such plan, before being adopted, shall be approved by a majority of the members of the board of directors at any regular or special meeting thereof and shall become effective upon the filing with and approval of the commissioner. The board of directors at any regular or special meeting may abolish the bonus plan as to shares purchased after the date of such action.
(2)
After adoption and approval of such bonus plan, the board of directors shall transfer out of net earnings to an account designated "bonus reserve" an amount which, together with existing credits to the bonus reserve, is sufficient to pay the bonus on all accounts then entitled to participation in the bonus reserve in accordance with the provisions of this section. The board of directors may transfer any excess in the bonus reserve to the undivided profits account.
L. 33: p. 357, § 13. CSA: C. 25, § 81. L. 39: p. 254, § 29. CRS 53: § 122-3-14. L. 59: p. 664, § 5. C.R.S. 1963: § 122-3-14.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-115 - [Effective Until 8/7/2024] Power to issue shares to minors or in trust

(1)
Every association has the power to issue stock or shares to a minor of any age and either sex and receive payments thereon from, by, or for the minor. He shall be entitled to withdraw, transfer, or pledge any such shares owned by him and to receive from such association any dividends or other moneys at any time becoming due thereon in the same manner and subject to the same conditions as an adult, and his receipt or acquittance therefor shall constitute a valid release and discharge to the association for the payment of such moneys. The dealing of an association with a minor shall have the same effect upon the association's liability as if the minor were of full legal capacity, until his guardian or conservator files with the association a certified copy of the order of a Colorado court having jurisdiction appointing the guardian or conservator and directing otherwise.
(2)
Subject to such regulations as the board of directors of the association may prescribe, an association may contract with the proper authorities of any public or nonpublic elementary or secondary school or any public or charitable institution caring for minors for the participation by the association in any school or institutional thrift or savings plan.
(3)
Every association has power to issue stock or shares to any person on a revocable trust for another person, who is either named in writing as beneficiary thereof or who is unnamed. At any time during the lifetime of the trustee, the stock or shares, together with dividends, if any, shall be withdrawn only by the trustee. On the death of the trustee, the stock or shares, together with dividends, if any, shall be paid to the person for whom the stock or shares were issued as designated beneficiary, even though the beneficiary is not of full legal capacity, and, if there is no designated beneficiary living at that time, then to the personal representative of the trustee.
(4)
The foregoing authorization shall not be construed as providing an exclusive method for a trustee to invest in stock or shares of an association. Nothing contained in this section shall be construed as limiting or repealing either section
28-5-214
or
28-5-301
, C.R.S., with respect to investment of funds by guardians and conservators of minor and incompetent beneficiaries of the veterans administration, heretofore or hereafter appointed, or part 3 of article
1
of title
15
, C.R.S., with respect to investments by fiduciaries.
L. 33: p. 351, § 1. CSA: C. 25, § 69. CRS 53: § 122-3-15. L. 57: p. 652, § 1. C.R.S. 1963: § 122-3-15. L. 79: (1) amended, p. 647, § 3, effective July 1. L. 2002: (3) amended, p. 1359, § 7, effective July 1.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
For competence of persons 18 years of age or older generally, see §13-22-101 .
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-116 - Joint accounts

Except as to accounts, which are defined in and which are paid as provided in article
15
of title
15
, C.R.S., where shares or stock of an association is issued in the name of two or more persons or the survivors of them, such shares or stock and all dues paid on account thereof by either or any of such persons shall become the property of such persons as joint tenants, and the same, together with dividends, shall be held for the exclusive use of such persons and may be paid to either or any of them during their lifetimes or to the survivors of them after the death of one or more of them, and such payment and the receipt and acquittance of the persons to whom such payment is made shall be a valid and sufficient release and discharge to such association for all payments made on account of such shares or stock.
L. 33: p. 351, § 2. CSA: C. 25, § 70. CRS 53: § 122-3-16. C.R.S. 1963: § 122-3-16. L. 73: p. 1649, § 14. L. 75: Entire section amended, p. 587, § 3, effective July 1. L. 90: Entire section amended, p. 920, § 4, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-117 - Notice of intention to withdraw

Each association may, at its option, prescribe a period or periods of notice of intention to withdraw. The period of any such notice of intention to withdraw shall not exceed sixty days. All notices of intention to withdraw shall be set forth and be a part of the bylaws of the association. All periods of notice of intention to withdraw shall be disclosed to members at the time of opening an account and shall appear on the shares as described in section
11-42-101
. Each association may prescribe by its bylaws the terms and conditions of withdrawal which are not contrary to the provisions of articles
40
to
46
of this title. The shares shall state that the right of withdrawal is subject to the provisions of articles
40
to
46
of this title. This section shall not apply to tax and loan accounts, note accounts, or similar accounts when, subject to the regulations of the United States treasury, the association is serving as a depository for federal taxes or as a treasury tax and loan depository.
L. 33: p. 319, § 1. CSA: C. 25, § 27. CRS 53: § 122-3-17. C.R.S. 1963: § 122-3-17. L. 79: Entire section amended, p. 432, § 8, effective June 19. L. 83: Entire section R&RE, p. 501, § 1, effective May 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-118 - Form of notice

Any notice of intention to withdraw shall be invalid unless it is given in writing and is signed by a member entitled to make a withdrawal.
L. 33: p. 320, § 2. CSA: C. 25, § 28. CRS 53: § 122-3-18. C.R.S. 1963: § 122-3-18. L. 83: Entire section amended, p. 501, § 2, effective May 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-119 - Filing of notice

All notices of intention to withdraw shall be filed when received by each association in the order in which they are received, and each shall be kept on file with the exact time of the receipt thereof noted thereon, or recorded, until it is paid or canceled at the written request of the member.
L. 33: p. 320, § 3. CSA: C. 25, § 29. CRS 53: § 122-3-19. C.R.S. 1963: § 122-3-19. L. 83: Entire section amended, p. 501, § 3, effective May 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-120 - Shares or account not withdrawable

No member whose shares are pledged or whose account is pledged as security for a real estate loan from the association issuing such shares or accepting such account shall be permitted to make a withdrawal or be entitled to give any valid notice of intention to withdraw in respect of such shares or account until the indebtedness for which such shares are pledged or for which such account is pledged as security has been fully paid; except that withdrawals may be made without notice if the full amount of such withdrawals is used to pay such indebtedness or any part thereof.
L. 33: p. 320, § 4. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: Entire section amended, p. 502, § 4, effective May 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-121 - Payment of withdrawals

(1)
In case the funds of an association applicable to withdrawals are not sufficient to pay off all members desiring to withdraw, such members may be paid off in either one of two methods, dependent upon which method the board of directors of the association may desire to follow, in full in the order in which withdrawal notices are filed or on a pro rata basis, as follows:
(a)
In the event an association elects to pay withdrawals in full in the order in which withdrawal notices are filed, all notices of withdrawal shall be filed in writing in order of time in which filed, and shall be kept in numerical order and so numbered, and shall be paid in the order filed as funds are available for that purpose.
(b)
As to associations which elect to pay withdrawals on a pro rata basis, all shares or accounts on which notices of withdrawal have been filed during any period of notice shall receive their pro rata share of the funds available for withdrawal at the end of such notice period, based upon the withdrawal value of the shares or account at the time distribution is made.
(c)
Repealed.
(2)
Notice of withdrawal shall not make such withdrawing member a creditor of the association.
(3)
As to all shares on which a withdrawal notice is on file, the holder thereof shall be entitled to the same rate of dividends paid like shares not on withdrawal.
(4)
In all cases, withdrawals shall be governed by the bylaws of the association insofar as such bylaws are not in conflict with the provisions of articles
40
to
46
of this title.
L. 33: p. 321, § 5. CSA: C. 25, § 30. CRS 53: § 122-3-20. C.R.S. 1963: § 122-3-20. L. 83: IP(1), (1)(a), (1)(b), and (2) amended and (1)(c) repealed, pp. 502, 503, §§ 5, 7, effective May 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-122 - Limitation on withdrawals

(1)
If an association has on file more withdrawal requests than can be met in full from current funds, the association shall apply to such withdrawals one-half of the monthly receipts, after first deducting the amount necessary to pay the actual and reasonable expenses incurred in the operation of the association and the protection of its assets and reserves set up by it for cash dividends on its shares; except that, should such one-half fail to retire at least five percent of the aggregate withdrawal requests, such portion of the other one-half shall be applied as shall be necessary to retire five percent of the total amount on withdrawal.
(2)
"Receipts", as used in this section, means all funds coming into the hands of the association except borrowed money.
L. 33: p. 322, § 6. CSA: C. 25, § 32. CRS 53: § 122-3-22. C.R.S. 1963: § 122-3-22.
The provisions within this section were renumbered on revision in 1998 to conform to statutory numbering format.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-123 - [Effective Until 8/7/2024] Matured shares

If, at the time shares in a savings and loan association have matured, the association has withdrawal notices on file to such an extent that the funds of the association, applicable to withdrawals, are not sufficient to pay off all shareholders desiring to withdraw, as well as shares which have matured and are unpaid, and the holder of the matured shares desires to withdraw, he shall file a notice of intention to withdraw and thereafter be subject to all the rights and liabilities of articles
40
to
46
of this title governing withdrawing shareholders; except that he shall be entitled to the full amount of any dividends declared on like shares during the time he has a withdrawal notice on file on same.
L. 33: p. 323, § 7. CSA: C. 25, § 33. CRS 53: § 122-3-23. C.R.S. 1963: § 122-3-23.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-123 - [Effective 8/7/2024] Matured shares

If, at the time shares in a savings and loan association have matured, the association has withdrawal notices on file to such an extent that the funds of the association, applicable to withdrawals, are not sufficient to pay all shareholders desiring to withdraw, as well as shares that have matured and are unpaid, and the holder of the matured shares desires to withdraw, the holder of the matured shares shall file a notice of intention to withdraw. Thereafter, the holder of the matured shares is subject to all the rights and liabilities of articles 40 to 46 of this title 11 governing withdrawing shareholders; except that the holder of the matured shares is entitled to the full amount of any dividends declared on like shares during the time the holder of the matured shares has a withdrawal notice on file on the same.
Amended by 2024 Ch. 350,§ 40, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 323, § 7. CSA: C. 25, § 33. CRS 53: § 122-3-23. C.R.S. 1963: § 122-3-23.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-124 - Applicable to previously issued certificates

All stock or shares or certificates or instruments of whatsoever kind issued by savings and loan associations prior to June 8, 1933, evidencing savings in said associations by the holders thereof, except permanent or nonwithdrawable stock, shall be subject to all the rights and all the liabilities of articles
40
to
46
of this title, and such holders shall be treated as shareholders.
L. 33: p. 323, § 8. CSA: C. 25, § 34. CRS 53: § 122-3-24. C.R.S. 1963: § 122-3-24.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 43 - FOREIGN SAVINGS AND LOAN ASSOCIATIONS (§ 11-43-101) › Section 11-43-101 - Restrictions on foreign associations

No foreign savings and loan association which conducts a savings and loan business as defined in section
11-40-103
shall operate an office in this state in order to sell its shares or accounts or make new loans in this state. Violation of this section is a class 2 misdemeanor which shall subject the offender and its officers, agents, and representatives, upon conviction thereof, to the penalties which are authorized in section
18-1.3-501(1)
, C.R.S., and each separate business transaction in violation of this section shall constitute a separate offense; but nothing in this section shall be construed to prohibit a foreign association from transacting business in respect to executory contracts in force on May 17, 1939.
L. 33: p. 324, § 1. CSA: C. 25, § 35. L. 39: p. 242, § 15. CRS 53: § 122-4-1. C.R.S. 1963: § 122-4-1. L. 88: Entire section amended, p. 455, § 2, effective March 18. L. 2002: Entire section amended, p. 1471, § 40, effective October 1.
For the legislative declaration contained in the 2002 act amending this section, see section 1 of chapter 318, Session Laws of Colorado 2002.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-101 - Division of financial services created

There is created a division of financial services in the department of regulatory agencies, which shall be administered by the state commissioner of financial services. When any law of this state refers to the savings and loan department of the state of Colorado, said law shall be construed as referring to the division of financial services. The division of financial services and the office of the state commissioner of financial services are
type 2
entities, as defined in section
24-1-105
.
Amended by 2022 Ch. 469,§104, eff. 8/10/2022.
L. 33: p. 331, § 1. CSA: C. 25, § 47. CRS 53: § 122-6-1. C.R.S. 1963: § 122-5-1. L. 68: p. 125, § 126. L. 89: Entire section amended, p. 616, § 1, effective July 1.
2022 Ch. 469, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-101.4 - Definitions

As used in articles
30
and
40
to
46
of this title, unless the context otherwise requires, "board" means the financial services board, created in section
11-44-101.6
.
L. 93: Entire section added, p. 1447, § 9, effective June 6.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-101.5 - [Repealed Effective 8/7/2024] Division subject to termination - repeal of article

(1)
The provisions of section
24-34-104
, C.R.S., concerning the termination schedule for regulatory bodies of the state unless extended as provided in that section, are applicable to the division of financial services created by section
11-44-101
.
(2)
This article is repealed, effective September 1, 2024.
Repealed by 2024 Ch. 350,§ 3, eff. 8/7/2024.
Amended by 2013 Ch. 193, §1, eff. 5/11/2013.
L. 76: Entire section added, p. 621, § 4, effective July 1. L. 89: Entire section amended, p. 616, § 2, effective July 1. L. 91: Entire section amended, p. 678, § 6, effective April 20. L. 94: (2) amended, p. 66, § 9, effective July 1. L. 2004: (2) amended, p. 138, § 20, effective July 1. L. 2013: (2) amended, (SB 13-159), ch. 193, p. 790, § 1, effective May 11.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-101.8 - Review of commissioner actions by financial services board - judicial review

(1)
(a)
Any credit union, savings and loan association, or life care institution or provider, or any officer, director, employee, agent, advisor, or volunteer thereof, may appeal to the board any actions taken pursuant to authority delegated by the board pursuant to section
11-44-101.7(5)
or as otherwise specifically provided by statute. Notice of such appeal shall be filed with the commissioner within thirty days after such findings, ruling, order, decision, or other action. Such notice shall contain a brief statement of the pertinent facts upon which such appeal is based. Within sixty days after the appeal is filed, the board shall fix a date, time, and place for hearing the appeal and shall notify the credit union, savings and loan association, or life care institution or provider at least thirty days prior to the date of said hearing. Any such action of the commissioner may be stayed by the board pending the appeal to the board. The findings, order, decision, ruling, or other action of the board shall be deemed final agency action.
(b)
In extraordinary circumstances, upon order of the board, any hearing conducted pursuant to paragraph (a) of this subsection (1) shall be exempt from any provision of law requiring that proceedings of the board be conducted publicly. Such extraordinary circumstances occur when specific concern arises about prompt withdrawal of moneys from an institution.
(2)
Any credit union, savings and loan association, or life care institution or provider, or any officer, director, employee, agent, advisor, or volunteer thereof, or any other party, aggrieved or directly affected by a final order of the board, may obtain judicial review thereof by filing an action for review pursuant to the provisions of section
24-4-106
, C.R.S., with the Colorado court of appeals pursuant to section
24-4-106(11)
, C.R.S. The commencement of such proceeding does not, unless specifically ordered by the court, operate as a stay of the board's ruling, order, decision, or other action.
L. 93: Entire section added, p. 1451, § 9, effective June 6. L. 94: (2) amended, p. 67, § 12, effective July 1. L. 95: (2) amended, p. 1092, § 4, effective May 31. L. 97: (2) amended, p. 8, § 1, effective March 13. L. 99: (1) amended, p. 1011, § 5, effective August 4. L. 2004: (1)(a) amended, p. 138, § 21, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-103 - [Effective Until 8/7/2024] Powers of commissioner

The commissioner has general supervision and control over all domestic and foreign savings and loan associations doing business in this state and has full power to grant, refuse, or revoke a permit or license to any association to do business in this state when such association is not conducting its business in conformity with the laws of the state or is conducting its business in such an unsafe manner as to render its further operations hazardous to the public or any of its shareholders. All articles of incorporation and amendments thereto, all bylaws and amendments thereto, and all certificates of stock and shares of associations subject to articles
40
to
46
of this title shall be submitted to said commissioner for his approval or disapproval, and said commissioner has the authority to approve, modify, or reject any such articles of incorporation or amendments thereto, bylaws or amendments thereto, and certificates of stock or shares. The commissioner has full power and authority to prescribe all necessary and proper rules and regulations for the conduct and operation of savings and loan associations in this state and shall prescribe the manner in which the books and records of associations doing business in this state shall be kept.
L. 33: p. 334, § 3. CSA: C. 25, § 49. CRS 53: § 122-6-3. C.R.S. 1963: § 122-5-3.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-103 - [Effective 8/7/2024] Powers of commissioner

The commissioner has general supervision and control over all domestic and foreign savings and loan associations doing business in this state and may grant, refuse, or revoke a permit or license to any association to do business in this state when the association is not conducting its business in conformity with the laws of the state or is conducting its business in an unsafe manner that renders its further operations hazardous to the public or any of the association's shareholders. All articles of incorporation and amendments to the articles, all bylaws and amendments to the bylaws, and all certificates of stock and shares of associations subject to articles 40 to 46 of this title 11 shall be submitted to the commissioner for the commissioner's approval or disapproval, and the commissioner may approve, modify, or reject any articles of incorporation or amendments, bylaws or amendments, or certificates of stock or shares. The commissioner may prescribe all necessary and proper rules for the conduct and operation of savings and loan associations in this state and shall prescribe the manner in which the books and records of associations doing business in this state are kept.
Amended by 2024 Ch. 350,§ 42, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 334, § 3. CSA: C. 25, § 49. CRS 53: § 122-6-3. C.R.S. 1963: § 122-5-3.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-103.5 - [Effective Until 8/7/2024] Record retention by the commissioner

The commissioner shall retain records pursuant to part 1 of article
80
of title
24
, C.R.S., and may, in his or her discretion, destroy records pursuant to said part 1.
L. 2004: Entire section added, p. 139, § 23, effective July 1.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-103.5 - [Effective 8/7/2024] Record retention by the commissioner

The commissioner shall retain records pursuant to part 1 of article
80
of title
24
and may, in the commissioner's discretion, destroy records pursuant to said part 1.
Amended by 2024 Ch. 350,§ 43, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 2004: Entire section added, p. 139, § 23, effective July 1.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-104 - [Effective Until 8/7/2024] Commissioner may delegate powers

The commissioner may delegate such of his powers and authority to his deputies as he may deem necessary for proper administration of the division and may designate appropriate titles for his deputies and any of his employees. Any such delegation or designation made may be rescinded by the commissioner at any time. All such actions shall be in writing and of record in the files of the division. The acts of deputies performing such delegated powers and authority shall be of the same legal effect as if performed personally by the commissioner.
L. 39: p. 250, § 21. CSA: C. 25, § 49(1). CRS 53: § 122-6-4. C.R.S. 1963: § 122-5-4.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-104 - [Effective 8/7/2024] Commissioner may delegate powers

The commissioner may delegate such of the commissioner's powers and authority to the commissioner's deputies as the commissioner deems necessary for proper administration of the division and may designate appropriate titles for the commissioner's deputies and any of the commissioner's employees. Any delegation or designation may be rescinded by the commissioner at any time. Written records of such actions shall be retained in the files of the division. The acts of deputies who have delegated powers and authority have the same legal effect as if the acts were performed personally by the commissioner.
Amended by 2024 Ch. 350,§ 44, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 39: p. 250, § 21. CSA: C. 25, § 49(1). CRS 53: § 122-6-4. C.R.S. 1963: § 122-5-4.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-105 - [Effective Until 8/7/2024] Commissioner may institute suits

The commissioner shall report to the attorney general, and he shall institute and prosecute suits and actions to enjoin violations of articles
40
to
46
of this title or violations of orders or decisions of the commissioner rendered pursuant to said articles and to enforce any civil penalties provided by said articles. The commissioner shall notify the proper district attorney of any violation of the provisions of articles
40
to
46
of this title which constitutes a felony or misdemeanor, and such district attorney shall forthwith prosecute the person charged with such offense. Upon failure or refusal of the district attorney to so prosecute, it shall be the duty of the attorney general to conduct such prosecution.
L. 33: p. 335, § 4. CSA: C. 25, § 50. CRS 53: § 122-6-5. C.R.S. 1963: § 122-5-5.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-105 - [Effective 8/7/2024] Commissioner may institute suits

The commissioner shall report to the attorney general, and the attorney general shall institute and prosecute suits and actions to enjoin violations of articles 40 to 46 of this title 11 or violations of orders or decisions of the commissioner rendered pursuant to said articles and to enforce any civil penalties provided by said articles. The commissioner shall notify the proper district attorney of any violation of articles 40 to 46 of this title 11 that constitutes a felony or misdemeanor, and the district attorney shall promptly prosecute the person charged with the offense. Upon the failure or refusal of the district attorney to prosecute, the attorney general shall prosecute the matter.
Amended by 2024 Ch. 350,§ 45, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 335, § 4. CSA: C. 25, § 50. CRS 53: § 122-6-5. C.R.S. 1963: § 122-5-5.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-106 - [Effective Until 8/7/2024] Issuance of subpoenas

The commissioner has the power to issue subpoenas and require attendance of any and all officers, directors, agents, salesmen, collectors, and employees of any association and such other witnesses as he may deem necessary in relation to its affairs, transactions, and conditions, and may require such witnesses to appear and answer such questions as may be put to them by the commissioner, and may require such witnesses to produce such books, papers, or documents in their possession as may be required by the commissioner. Upon application of the commissioner, any person served with a subpoena issued by him may be required, by order of the district court of the county where the association has its principal office, to appear and answer such questions as may be put to him by the commissioner and be required to produce such books, papers, or documents in his possession as may be required by the commissioner.
L. 33: p. 336, § 5. CSA: C. 25, § 51. CRS 53: § 122-6-6. C.R.S. 1963: § 122-5-6.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-106 - [Effective 8/7/2024] Issuance of subpoenas

(1)
The commissioner may:
(a)
Issue subpoenas and require attendance of any officer, director, agent, salesperson, collector, or employee of any association and any other witnesses that the commissioner may deem necessary in relation to the association's affairs, transactions, and conditions;
(b)
Require witnesses to answer questions that the commissioner may put to them; and
(c)
Require witnesses to produce books, papers, or documents in their possession.
(2)
Upon application of the commissioner, any person served with a subpoena issued by the commissioner may be required, by order of the district court of the county where the association has its principal office, to:
(a)
Appear and answer questions that the commissioner may put to the person; and
(b)
Produce books, papers, or documents in the person's possession that the commissioner may requires.
Amended by 2024 Ch. 350,§ 46, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 336, § 5. CSA: C. 25, § 51. CRS 53: § 122-6-6. C.R.S. 1963: § 122-5-6.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-108 - [Repealed]

L. 33: p. 337, § 7. CSA: C. 25, § 53. CRS 53: § 122-6-8. C.R.S. 1963: § 122-5-8. L. 89: Entire section amended, p. 618, § 5, effective July 1. L. 94: Entire section repealed, p. 68, § 14, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-110.5 - Supervisory mergers

As a condition to allowing an association to resume business, the commissioner may require the association to merge with a domestic, foreign, or federal savings and loan association. In the case of such a supervisory merger initiated by the commissioner or the federal deposit insurance corporation or its successor, the provisions of section
11-43-101
shall not apply.
L. 82: Entire section added, p. 246, § 1, effective March 25. L. 2004: Entire section amended, p. 152, § 61, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-111 - Appeal from commissioner's action

When any association, of whose property, business, and assets the commissioner has taken possession, deems itself aggrieved thereby, it may appeal to the financial services board pursuant to section
11-44-101.8
and receive expedited consideration as soon as practicable, and if it has, within ten days after the commissioner took possession, served written notice on the commissioner of its intention to seek to enjoin in court the commissioner's further proceedings, it may apply at any time within thirty days after such taking possession to the district court of the county in which the principal office of the association is located to enjoin further proceedings. After citing the commissioner to show cause why further proceedings should not be enjoined and hearing the evidence of the parties and determining the facts, the court may, upon the merits, dismiss such application or enjoin the commissioner from further proceedings and direct the commissioner to surrender such business, property, and assets to such association. An appeal from such judgment shall operate as a stay from the commissioner's taking possession, and no bond need be given if such appeal is taken by the commissioner; but, if such appeal is taken by such association, a bond shall be given as required by the court.
L. 33: p. 341, § 10. CSA: C. 25, § 56. CRS 53: § 122-6-11. C.R.S. 1963: § 122-5-11. L. 93: Entire section amended, p. 1452, § 11, effective June 6.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-112 - Appointment of commissioner as receiver - assignment for benefit of creditors prohibited

Upon application to the district court, the commissioner may be appointed the receiver to operate a savings and loan association when such appointment is necessary to avoid the association's assets becoming impaired or when the association is operating in an unsafe manner. In lieu of the commissioner being appointed a receiver or liquidator, the federal deposit insurance corporation or its successor, or an insurer authorized to insure obligations or accounts pursuant to articles
40
to
47.5
of this title, may be tendered an appointment as receiver or liquidator. For the purposes of rule 98 of the Colorado rules of civil procedure, venue of the commissioner is in the city and county of Denver. No savings and loan association shall make an assignment for the benefit of creditors.
L. 33: p. 342, § 11. CSA: C. 25, § 57. CRS 53: § 122-6-12. C.R.S. 1963: § 122-5-12. L. 82: Entire section amended, p. 246, § 2, effective March 25. L. 84: Entire section amended, p. 382, § 12, effective May 11. L. 2004: Entire section amended, p. 152, § 62, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-113 - [Effective Until 8/7/2024] Procedure under court order

(1)
The commissioner may retain possession of any savings and loan association for the purpose of liquidating its affairs, but before doing so he shall furnish a bond, executed by some surety company authorized to do business in this state and running to the people of the state of Colorado, in a penal sum equal to the value of the negotiable assets of the association, as nearly as may be determined, for the faithful discharge of his duties in connection with liquidating the affairs of the association and accounting for all moneys coming into his hands. Such bond shall be approved by the governor and be filed in the office of the secretary of state. The cost of such bond shall be paid from the assets of the association. Suits may be maintained on such bond by any person injured by a breach of the conditions thereof.
(2)
Upon taking such possession, the commissioner shall have authority to collect all moneys due to such association, and to give full receipt therefor, and to do such other acts as are necessary or expedient to collect, conserve, or protect its business, property, and assets.
(3)
If the commissioner is in possession of the business, property, and assets of any association, regardless of whether or not he is liquidating the affairs of such association, the commissioner, in his discretion, may apply to the district court of the county in which the principal office in this state of such association is located for an order confirming any action taken by the commissioner or authorizing the commissioner to do any act or to execute any instrument not expressly authorized by articles
40
to
46
of this title, which order shall be made after a hearing, on such notice as the court shall prescribe. He may pay and discharge any secured claims against such association, and, within six months after taking such possession, he may disaffirm any executory contracts, including leases, to which such association is a party and disaffirm any partially executed contracts, including leases, to the extent that they remain executory.
L. 33: p. 342, § 12. CSA: C. 25, § 58. CRS 53: § 122-6-13. C.R.S. 1963: § 122-5-13.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-113 - [Effective 8/7/2024] Procedure under court order

(1)
The commissioner may retain possession of a savings and loan association for the purpose of liquidating its affairs, but before doing so, the commissioner shall furnish a bond, executed by a surety company authorized to do business in this state and running to the people of the state of Colorado, in a penal sum equal to the value of the negotiable assets of the association, as nearly as may be determined, for the faithful discharge of the commissioner's duties in connection with liquidating the affairs of the association and accounting for all money coming into the commissioner's possession. the bond must be approved by the governor and filed in the office of the secretary of state. The cost of the bond shall be paid from the assets of the association. Suits may be maintained on the bond by any person injured by a breach of the conditions of the bond.
(2)
Upon taking such possession, the commissioner shall have authority to collect all moneys due to such association, and to give full receipt therefor, and to do such other acts as are necessary or expedient to collect, conserve, or protect its business, property, and assets.
(3)
If the commissioner is in possession of the business, property, and assets of an association, regardless of whether the commissioner is liquidating the affairs of the association, the commissioner may apply to the district court of the county in which the principal office of the association is located for an order confirming any action taken by the commissioner or authorizing the commissioner to do any act or to execute any instrument not expressly authorized by articles 40 to 46 of this title 11, which order shall be made after a hearing, on such notice as the court shall prescribe. the commissioner may pay and discharge any secured claims against the association, and, within six months after taking possession of the association, the commissioner may disaffirm any executory contracts, including leases, to which the association is a party and disaffirm any partially executed contracts, including leases, to the extent that they remain executory.
Amended by 2024 Ch. 350,§ 50, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 342, § 12. CSA: C. 25, § 58. CRS 53: § 122-6-13. C.R.S. 1963: § 122-5-13.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-114 - Noncompliance with orders - penalty

If the commissioner demands possession of the property, business, and assets of any association, pursuant to section
11-44-110
, the refusal of any officer, agent, employee, or director of such association to comply with such demand constitutes a class 2 misdemeanor; and, if such demand is not complied with within twenty-four hours after service, the commissioner may call to the commissioner's assistance the sheriff of the county in which the principal place of business of such association is located, by written demand under the commissioner's hand and official seal; whereupon it shall become the duty of such official to enforce the demands of the commissioner.
Amended by 2021 Ch. 462,§ 128, eff. 3/1/2022.
L. 33: p. 343, § 13. CSA: C. 25, § 59. CRS 53: § 122-6-14. C.R.S. 1963: § 122-5-14.
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.