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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-113 - Procedure when event of default occurs

(1)
When the commissioner has determined that an event of default has occurred with respect to any eligible public depository and has determined and fixed the date of such occurrence, he or she shall proceed in the following manner:
(a)
He shall forthwith seize and take possession of all eligible collateral, maintained or pledged, belonging to the defaulting depository, wherever held in custody.
(b)
Within twenty days after seizing and taking possession of all eligible collateral pursuant to paragraph (a) of this subsection (1), the commissioner shall ascertain the aggregate amount of public deposits held by the defaulting depository, as disclosed by the records of such depository, and the portion thereof that is insured by the federal deposit insurance corporation or its successor, and shall notify each affected governmental unit of the amount of its deposit, as so disclosed, and the portion thereof that is so insured, and shall require each affected governmental unit to provide him or her with a verified statement showing the amount of its deposit, as disclosed by its own records, within thirty days after receipt of such notification.
(c)
Upon receipt of all verified statements from an affected governmental unit, he shall determine and fix the net deposit liability of the defaulting depository to such affected governmental unit. Upon receipt of all such verified statements from all affected governmental units, he shall determine and fix the aggregate net deposit liability of the defaulting depository to all affected governmental units.
(d)
The commissioner shall proceed to liquidate the eligible collateral maintained or pledged by the defaulting depository which he had theretofore seized and may, from time to time, apply the amount realized from such liquidation against the net deposit liability to any governmental unit. The commissioner shall maintain a reserve from such amount realized for the payment of the aggregate net deposit liability to all affected governmental units until payment is made to all affected governmental units.
(e)
In the event the federal deposit insurance corporation or its successor is appointed and acts as liquidator or receiver of any eligible public depository under state or federal law, those duties specified in this section to be performed by the commissioner may, where the commissioner deems appropriate, be delegated by the commissioner to and performed by the federal deposit insurance corporation or its successor.
L. 75: Entire article added, p. 404, § 1, effective July 1. L. 87: (1)(e) amended, p. 469, § 4, effective May 1. L. 89: (1)(b) to (1)(d) amended, p. 614, § 11, effective April 19. L. 2004: IP(1), (1)(b), and (1)(e) amended, p. 144, § 37, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-114 - [Repealed]

L. 75: Entire article added, p. 404, § 1, effective July 1. L. 2004: Entire section repealed, p. 145, § 38, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-115 - [Repealed]

L. 75: Entire article added, p. 405, § 1, effective July 1. L. 2004: Entire section repealed, p. 145, § 39, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-116 - [Repealed]

L. 75: Entire article added, p. 405, § 1, effective July 1. L. 2004: Entire section repealed, p. 145, § 40, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-117 - [Repealed]

L. 75: Entire article added, p. 405, § 1, effective July 1. L. 2004: Entire section repealed, p. 146, § 41, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-118 - Public moneys to be deposited only in eligible public depositories - penalty for violation

(1)
It shall be unlawful for any public moneys to be deposited in any state-chartered savings and loan association, or in any federally chartered savings and loan association having its principal office in this state, other than one that has been designated by the commissioner as an eligible public depository, unless the entire amount of such deposit is insured by the federal deposit insurance corporation or its successor.
(2)
Any official of a governmental unit having custody of or control over public moneys who violates the provisions of subsection (1) of this section is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not less than two hundred dollars nor more than five hundred dollars, which fine shall be mandatory, and, upon any such conviction, the court may adjudge that he be removed from office.
(3)
Notwithstanding any other provision of this section to the contrary, nothing shall be construed to prevent a savings and loan association which is an eligible public depository operating pursuant to the provisions of this article from being or acting as an agent in behalf of any public entity for the purposes of making investments as authorized by part 6 of article
75
of title
24
, C.R.S. Any such savings and loan association shall maintain such accounting records as are necessary to readily distinguish between the activities authorized by said part 6 of article
75
of title
24
, C.R.S., and the purposes of the public deposit protection requirements imposed upon it as a condition of being an eligible public depository. The financial services board may promulgate such rules and regulations as it deems desirable to ensure that the activities authorized under part 6 of article
75
of title
24
, C.R.S., and the protection of public funds pursuant to this article are not commingled.
L. 75: Entire article added, p. 406, § 1, effective July 1. L. 89: (3) added, p. 615, § 12, effective April 19. L. 93: (3) amended, p. 1454, § 18, effective June 6. L. 2004: (1) amended, p. 146, § 42, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-119 - Liability of officials of governmental units

No official of a governmental unit who acted in good faith in selecting, designating, or approving any eligible public depository for the deposit of public moneys in his custody or under his control shall be liable for any loss of public moneys deposited therein by reason of the occurrence of an event of default with respect to such depository.
L. 75: Entire article added, p. 406, § 1, 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 47 - PROTECTION OF DEPOSITS OF PUBLIC MONEYS (§§ 11-47-101 — 11-47-120) › Section 11-47-120 - Authority to accept deposits - acceptance of insured deposits

Any state-chartered savings and loan association, or any federally chartered savings and loan association having its principal office in this state that is authorized by the laws of this state or of the United States to accept deposit accounts or savings deposits, is authorized to accept and hold, and any governmental unit is authorized to make and maintain in such association, deposits of public moneys as provided in this article. Any such association is authorized to accept and hold, and any governmental unit is authorized to make and maintain therein, deposits of public moneys to the extent that the full amount thereof is insured by the federal deposit insurance corporation or its successor, even though such association has not elected to be designated as an eligible public depository under the provisions of this article.
L. 75: Entire article added, p. 406, § 1, effective July 1. L. 2004: Entire section amended, p. 146, § 43, 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 47.5 - [Repealed] (§ 11-47.5-101) › Section 11-47.5-101 - to 11-47.5-109 - [Repealed]

L. 91: Entire article repealed, p. 666, § 7, effective May 31.
This article was added in 1987.
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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-101 - Applicability - definition

This article applies to any savings and loan association organized under article
41
of this title or under federal law and having its principal office in this state and any credit union organized under article
30
of this title or federal law and having its principal office in this state. As used in this article, "financial institution" means any such savings and loan association or credit union.
Amended by 2013 Ch. 282,§ 30, eff. 7/1/2013.
L. 77: Entire article added, p. 553, § 3, effective May 20. L. 2003: Entire section amended, p. 1208, § 13, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1472, § 30, 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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-102 - Limitations

This article shall be construed to authorize any financial institution to engage in electronic funds transfers only to the extent of transactions authorized in applicable law governing such institutions. The provisions of this article shall govern as to communications facilities owned or controlled by such institutions.
L. 77: Entire article added, p. 553, § 3, effective May 20.
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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-103 - Communications facility

As used in this article, "communications facility" means an attended or unattended electronic information processing device, other than an ordinary telephone instrument, located in this state separate and apart from a financial institution and through which account holders and financial institutions may engage in transactions by means of either the instant transmission (online) of electronic impulses to and from the financial institution or its data processing agent or the recording of electronic impulses or other indicia of a transaction for delayed transmission (off-line) to a financial institution or its data processing agent. Such a device located on the premises of a financial institution shall be a communications facility if such device is utilized by the account holders of other financial institutions.
L. 77: Entire article added, p. 553, § 3, effective May 20.
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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-104 - No operation by financial institution employees

No communications facility located separate and apart from a financial institution shall be operated by an employee or agent of any financial institution, and no agent or employee of the retailer where a facility is located who operates it shall be deemed to be the agent or employee of any financial institution using the facility or with which transactions are accomplished by means of the facility. No employee or agent of any financial institution shall be stationed at any communications facility located separate and apart from the financial institution except on a temporary basis for the purpose of instructing customers in the use of facilities or for servicing or observing the operation of such facilities.
L. 77: Entire article added, p. 554, § 3, effective May 20.
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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-105 - Sharing

(1)
A financial institution shall make any communications facility available to any similar financial institution for the use of its account holders on the basis of fair, equitable, and nondiscriminatory standards and charges. For purposes of this section, a savings and loan association is similar to any other savings and loan association and a credit union is similar to any other credit union. A communications facility on the premises of a financial institution is not subject to the mandatory access provisions of this subsection (1). Such a facility may but is not required to be made available for use by the account holders of any similar financial institution.
(2)
A financial institution may but is not required to make the use of any communications facility available to a dissimilar financial institution and to any state or national bank in this state for the use of its account holders. Any such use shall be on a fair and reasonable contractual basis.
Amended by 2013 Ch. 282,§ 31, eff. 7/1/2013.
L. 77: Entire article added, p. 554, § 3, effective May 20. L. 2013: (1) amended, (SB 13-154), ch. 282, p. 1472, § 31, 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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-106 - Consumer protection

(1)
Every financial institution using a communications facility shall provide its account holders, at the time the facility is used, with a receipt or record of each transaction initiated at a facility. Such receipt or record shall be admissible as evidence in any legal action or proceeding and shall constitute prima facie proof of the transaction evidenced by such receipt or record. When a financial institution furnishes a statement of account to an account holder, such statement shall reflect each transaction affecting such account made by the account holder at a communications facility during the period covered by the statement.
(2)
With respect to any card or other device issued to an account holder for use at a communications facility, any account holder whose card or device is lost or stolen and subsequently used by an unauthorized person shall only be liable for the lesser of fifty dollars or the amount of money, goods, or services obtained by the unauthorized use prior to notice to the financial institution which issued the card or device of the theft or loss. If the unauthorized use occurs through no fault of the account holder, no liability shall be imposed on the account holder.
(3)
No account holder shall be held liable for any loss occurring as the result of any tampering or manipulation of a communications facility unless he performs or authorizes such acts.
L. 77: Entire article added, p. 554, § 3, effective May 20.
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 48 - ELECTRONIC FUNDS TRANSFERS FOR FINANCIAL INSTITUTIONS OTHER THAN BANKS (§§ 11-48-101 — 11-48-107) › Section 11-48-107 - Access to automated clearinghouse

Effective January 1, 1978, an automated clearinghouse in this state shall permit direct access to or membership in such clearinghouse by any financial institution if such access is not prohibited by any rule or regulation of the federal reserve board and if the financial institution agrees to abide by the rules of the clearinghouse. For purposes of this section, "automated clearinghouse" means a group of financial institutions or banks which have agreed to abide by certain rules and procedures for the purpose of exchanging payments and settling balances of participating financial institutions on computer tape to accomplish settlement of transactions by posting credits and debits to reserve balances maintained by member banks of the federal reserve systems through the federal reserve system.
L. 77: Entire article added, p. 554, § 3, effective May 20.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-101 - [Effective Until 8/7/2024] Definitions

As used in this article 49, unless the context otherwise requires:
(1)
"Aged person" means any person sixty-two years of age or older.
(2)
"Board" means the financial services board created in section
11-44-101.6
.
(3)
"Commissioner" means the state commissioner of financial services, serving in accordance with section
11-44-102
.
(4)
"Entrance fee" means the total of any initial or deferred transfer to or for the benefit of a provider of a sum of money or other property made or promised to be made as full or partial consideration for the acceptance or maintenance of a specified individual as a resident in a facility.
(5)
"Facility" means the place in which a provider undertakes to provide life care to a resident.
(6)
"Life care" means care provided, pursuant to a life care contract, for the life of an aged person, including but not limited to services such as health care, medical services, board, lodging, or other necessities.
(7)
"Life care contract" means a written contract to provide life care to a person for the duration of the person's life conditioned upon the transfer of an entrance fee to the provider of the services in addition to or in lieu of the payment of regular periodic charges for the care and services involved. Any life care contract payable to or for the provider in four or more installments shall be subject to the provisions of the "Uniform Consumer Credit Code", articles
1
to
9
of title
5
.
(8)
"Living unit" means a room, apartment, or other area within a facility set aside for the exclusive use or control of one or more identified residents.
(9)
"Person" means all corporations, associations, partnerships, or individuals, including fraternal or benevolent orders or societies.
(10)
"Provider" means a person who undertakes to provide services in a facility pursuant to a life care contract.
(11)
"Resident" means any person entitled pursuant to a life care contract to receive life care in a facility.
(12)
"Third-party service providers" means any person, other than a provider, who is the holder of a management contract with a provider or who contracts with a provider to provide life care services to residents.
Renumbered from C.R.S. § 12-13-101 and amended by 2017 Ch. 159, §1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 567, § 1, effective August 9.
This section is similar to former § 12-13-101 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-103 - [Effective Until 8/7/2024] Withdrawal or dismissal of person - refund

(1)
If the agreement permits withdrawal or dismissal of the resident from the life care institution prior to the expiration of the agreement, with or without cause, an amount equal to the difference between the amount paid in and the amount used for the care of the resident during the time he or she remained in the institution, based upon the per capita cost to the institution as determined in a manner acceptable to the commissioner, shall be refunded to the resident; but in cases where a consideration greater than the minimum charge has been paid for accommodations above standard, a sum equal to the difference between the amount paid in and the ratio of the amount paid to the minimum consideration for standard accommodations times the current per capita cost to the institution applied to the period the resident remained in the institution shall be refunded to the resident. If the per capita cost to the institution during the period cannot be established otherwise, the cost during the period shall be deemed to be the cost at the time of the withdrawal or dismissal. For refund purposes, "cost" shall include a reasonable profit to the provider.
(2)
If the provider is an organization described in section 501 (c)(3) of the federal "Internal Revenue Code of 1986", as amended, and exempt from income taxation under section 501 (a) of the federal "Internal Revenue Code of 1986", as amended, it shall be entitled to make a refund according to a schedule provided in its agreement with the resident so long as the schedule provides for amortization of the amount paid by the resident over a period of not less than sixty months or over the life expectancy of the resident if the expectancy is less than sixty months. In such case, the refund may be delayed for a reasonable period thereafter until the securing by the provider of a substitute fee from another resident or prospective resident. The provider may also deduct from any such refund amounts due it from the resident for damage done or for any other legitimate offsetting item.
Renumbered from C.R.S. § 12-13-105 and amended by 2017 Ch. 159, §1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 569, § 1, effective August 9.
This section is similar to former § 12-13-105 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-106 - Annual report by providers - fee

(1)
Each provider shall file an annual report with the commissioner within ninety days after the end of its fiscal year that contains the certified financial statements for each facility and such other information as may be required by the commissioner. The annual report shall be made in a form prescribed by the commissioner.
(2)
A provider shall amend its annual report on file with the commissioner if an amendment is necessary to prevent the report from containing a material misstatement of fact or omission of a material fact.
(3)
A provider shall make its annual report available to residents upon request.
(4)
The failure to file an annual report within the time prescribed in subsection (1) of this section shall constitute a violation of this article 49.
Renumbered from C.R.S. § 12-13-108 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, § 1, effective August 9.
This section is similar to former § 12-13-108 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-107 - Examination - fees

The commissioner may conduct an examination of the affairs of any provider as often as the commissioner deems it necessary for the protection of the interests of the people of this state. Providers shall maintain copies of their books and records in Colorado to provide access for the purposes of this article 49. The commissioner shall assess each provider at least semiannually, to cover the annual direct and indirect costs of examinations, supervision, and administration conducted pursuant to the provisions of this section. The assessments shall be calculated in terms of cents per thousand dollars of total escrowed entrance fees and reserves maintained. The assessment calculation, or ratio of the assessment charged to total escrowed entrance fees and reserves maintained, shall be alike in all cases. On or before the dates specified by the commissioner, each association shall pay its assessment. If deemed necessary, the commissioner may estimate a per diem rate to be charged for examinations and charge a provider for the actual cost of any examination documented by the commissioner.
Renumbered from C.R.S. § 12-13-110 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, § 1, effective August 9.
This section is similar to former § 12-13-110 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-108 - Rules

The board may promulgate reasonable rules in accordance with article
4
of title
24
for effectuating any provision of this article 49.
Renumbered from C.R.S. § 12-13-111 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, § 1, effective August 9.
This section is similar to former § 12-13-111 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-109 - Violation

Any person acting in the capacity of a provider who enters into a life care contract, or extends the term of an existing life care contract, without acting in compliance with the provisions of this article 49 commits a class 2 misdemeanor.
Amended by 2021 Ch. 462,§ 129, eff. 3/1/2022.
Renumbered from C.R.S. § 12-13-112 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 573, p. 573, § 1, effective August 9.
(1) This section is similar to former § 12-13-112 as it existed prior to 2017.
(2) 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.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-110 - Article does not apply to facilities licensed by department of public health and environment

The provisions of this article 49 shall not apply to any hospital or other facility that the department of public health and environment is authorized to license pursuant to part 1 of article 1.5 and part 1 of article
3
of title
25
; except that nursing care facilities and assisted living residences that are part of the facility of a provider as defined in section
11-49-101
shall be subject to the provisions of this article 49.
Renumbered from C.R.S. § 12-13-113 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, § 1, effective August 9.
This section is similar to former § 12-13-113 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-111 - Life care contract - content

(1)
Each life care contract shall be written in a clear and coherent manner using words with common and everyday meanings and shall:
(a)
Show the value of all property transferred, including but not limited to donations, subscriptions, fees, and any other amounts initially paid or payable by or on behalf of the prospective resident;
(b)
Show all the services that are to be provided by the provider to the prospective resident, including, in detail, all items that the prospective resident will receive, such as board, room, clothing, incidentals, medical care, transportation, and burial, and whether the items will be provided for a designated time period or for life and the monthly charge for the services;
(c)
Be accompanied by a financial statement showing in reasonable detail the financial condition of the provider, including a statement of earnings for the previous twenty-four-month period, or such shorter period if the facility has been in operation for a lesser period, that shall be furnished to the prospective resident;
(d)
Specify the monthly service fee and whether the fee is subject to adjustment;
(e)
Explicitly state what rights, if any, a resident will have to participate either individually or as part of a group of residents in management and financial decisions affecting the facility.
Renumbered from C.R.S. § 12-13-114 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 574, § 1, effective August 9.
This section is similar to former § 12-13-114 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-112 - Register

(1)
Every provider shall maintain a register setting forth the following facts concerning each person residing in the life care institution:
(a)
Name;
(b)
Last previous address;
(c)
Age;
(d)
Nearest of kin, if any;
(e)
Mother's maiden name;
(f)
The person responsible for each resident's care and maintenance;
(g)
Such other data as the commissioner may reasonably require.
Renumbered from C.R.S. § 12-13-115 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 574, § 1, effective August 9.
This section is similar to former § 12-13-115 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-113 - Advertisements and solicitations of life care contracts - requirements

Any report, circular, public announcement, certificate, or financial statement, or any other printed matter or advertising material that is designed for or used to solicit or induce persons to enter into any life care contract, and that lists or refers to the name of any individual or organization as being interested in or connected with the person, association, or corporation to perform the contract, shall clearly state the extent of financial responsibility assumed by that individual or organization for the person, association, or corporation and the fulfillment of its contracts.
Renumbered from C.R.S. § 12-13-116 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 1, effective August 9.
This section is similar to former § 12-13-116 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-114 - Injunction against violations - prosecution

(1)
The commissioner may bring an action, through the attorney general, to enjoin the threatened violation or continued violation of the provisions of this article 49 or of any of the rules promulgated pursuant to this article 49, in the district court for the county in which the violation occurred or is about to occur. Any proceeding under the provisions of this section shall be subject to the Colorado rules of civil procedure; except that the commissioner shall not be required to allege facts necessary to show or tending to show the lack of an adequate remedy at law or to show or tending to show irreparable damage or loss. The court may award the attorney general all costs incurred in bringing any action under this section.
(2)
Upon application by the commissioner, the attorney general or the district attorney of any judicial district in this state shall institute and prosecute an action for the criminal violation of any provision of this article 49.
Renumbered from C.R.S. § 12-13-117 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 1, effective August 9.
This section is similar to former § 12-13-117 as it existed prior to 2017.
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 49 - LIFE CARE INSTITUTIONS (§§ 11-49-101 — 11-49-115) › Section 11-49-115 - Local regulations

The provisions of this article 49 shall not prevent local authorities of any county, city, town, or city and county, within the reasonable exercise of the police power, from adopting rules, by ordinance or resolution, prescribing standards of sanitation, health, and hygiene for facilities that are not in conflict with the provisions of this article 49 or the rules adopted by the commissioner pursuant thereto, and requiring a local health permit for the maintenance or conduct of any such facility within the county, city, town, or city and county.
Renumbered from C.R.S. § 12-13-118 and amended by 2017 Ch. 159,§ 1, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 1, effective August 9.
This section is similar to former § 12-13-118 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-101 - Short title

This article shall be known and may be cited as the "Colorado Uniform Transfers to Minors Act".
L. 84: Entire article R&RE, p. 383, § 1, effective July 1.
This section is similar to former § 11-50-101 as it existed prior to 1984.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-103 - Scope and jurisdiction

(1)
This article applies to a transfer that refers to this article in the designation under section
11-50-110(1)
by which the transfer is made if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this article despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from this state.
(2)
A person designated as custodian under this article is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
(3)
A transfer that purports to be made and which is valid under the uniform transfers to minors act, the uniform gifts to minors act, or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state.
L. 84: Entire article R&RE, p. 384, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-104 - Nomination of custodian

(1)
A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for ___________________ (name of minor) under the "Colorado Uniform Transfers to Minors Act". The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights which is registered with or delivered to the payer, issuer, or other obligor of the contractual rights.
(2)
A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section
11-50-110(1)
.
(3)
The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section
11-50-110
. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section
11-50-110
.
L. 84: Entire article R&RE, p. 385, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-105 - Transfer by gift or exercise of power of appointment

A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section
11-50-110
.
L. 84: Entire article R&RE, p. 385, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-106 - Transfer authorized by will or trust

(1)
A personal representative or trustee may make an irrevocable transfer pursuant to section
11-50-110
to a custodian for the benefit of a minor as authorized in the governing will or trust.
(2)
If the testator or settlor has nominated a custodian under section
11-50-104
to receive the custodial property, the transfer must be made to that person.
(3)
If the testator or settlor has not nominated a custodian under section
11-50-104
, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under section
11-50-110(1)
.
L. 84: Entire article R&RE, p. 385, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-107 - Other transfer by fiduciary

(1)
Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section
11-50-110
, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2)
Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section
11-50-110
.
(3)
A transfer under subsection (1) or (2) of this section may be made only if:
(a)
The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b)
The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c)
The transfer is authorized by the court if it exceeds ten thousand dollars in value.
L. 84: Entire article R&RE, p. 385, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-108 - Transfer by obligor

(1)
Subject to subsections (2) and (3) of this section, a person not subject to section
11-50-106
or
11-50-107
who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section
11-50-110
.
(2)
If a person having the right to do so under section
11-50-104
has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3)
If no custodian has been nominated under section
11-50-104
, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds ten thousand dollars in value.
L. 84: Entire article R&RE, p. 386, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-109 - Receipt for custodial property

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this article.
L. 84: Entire article R&RE, p. 386, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-111 - Single custodianship

A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this article by the same custodian for the benefit of the same minor constitutes a single custodianship.
L. 84: Entire article R&RE, p. 388, § 1, effective July 1.
This section is similar to former § 11-50-103 as it existed prior to 1984.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SECURITIES (§§ 11-50-101 — 11-54-119) › FIDUCIARIES AND TRUSTS (§§ 11-50-101 — 11-50-126) › Article 50 - COLORADO UNIFORM TRANSFERS TO MINORS ACT (§§ 11-50-101 — 11-50-126) › Section 11-50-112 - Validity and effect of transfer

(1)
The validity of a transfer made in a manner prescribed in this article is not affected by:
(a)
Failure of the transferor to comply with section
11-50-110(3)
concerning possession and control;
(b)
Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under section
11-50-110(1)
; or
(c)
Death or incapacity of a person nominated under section
11-50-104
or designated under section
11-50-110
as custodian or the disclaimer of the office by that person.
(2)
A transfer made pursuant to section
11-50-110
is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this article, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this article.
(3)
By making a transfer, the transferor incorporates in the disposition all the provisions of this article and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this article.
L. 84: Entire article R&RE, p. 388, § 1, effective July 1.