reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-204 - Records

The information sent to the banking board under section
11-110-201
and the records required by section
11-110-203
shall be open to any law enforcement officer acting within the scope and course of the officer's official duties.
Renumbered from C.R.S. §12-52-204 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 588, § 2, effective August 9.
This section is similar to former § 12-52-204 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-205 - Agent requirements

(1)
No money transmitter licensed pursuant to part 1 of this article 110 shall knowingly contract with an agent or owner of an agent holding more than a ten percent interest in the business who has been convicted of or pleaded guilty or nolo contendere to the offenses in article
5
of title
18
; a felony in the selling or issuing of exchange or in money transmission; a felony involving a financial institution; or an equivalent crime outside Colorado.
(2)
No agent of a money transmitter licensed pursuant to this article 110 shall knowingly employ a person to perform money transmission services who has been convicted of or pleaded guilty or nolo contendere to the offenses in article
5
of title
18
; a felony in the selling or issuing of exchange or in money transmission; a felony involving a financial institution; or an equivalent crime outside Colorado.
Renumbered from C.R.S. §12-52-205 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 588, § 2, effective August 9.
This section is similar to former § 12-52-205 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-206 - Violations

(1)
A person who violates this part 2 commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
.
(2)
A person who acts as an agent of an unlicensed person required to be licensed by part 1 of this article 110 knowing the unlicensed person does not hold the license commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
.
Amended by 2021 Ch. 462, §133, eff. 3/1/2022.
Renumbered from C.R.S. §12-52-206 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 588, p. 588, § 2, effective August 9.
(1) This section is similar to former § 12-52-206 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-101 - [Effective 8/7/2024] Short title

This article 111 may be cited as the "Uniform Special Deposits Act".
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-103 - [Effective 8/7/2024] Scope - choice of law - forum

(1)
This article 111 applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this article 111, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state.
(2)
The parties to an account agreement may choose a forum in this state for settling a dispute arising out of the special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state.
(3)
This article 111 does not affect:
(a)
A right or obligation relating to a deposit other than a special deposit under this article 111; or
(b)
The voidability of a deposit or transfer that is fraudulent or voidable under other law.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-104 - [Effective 8/7/2024] Variation by agreement or amendment

(1)
The effect of sections 11-111-102 and 11-111-103, this section 11-111-104, and sections 11-111-105, 11-111-106, 11-111-108 to 11-111-111, and 11-111-114 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect of sections 11-111-107, 11-111-112, and 11-111-113 may be revised by agreement.
(2)
A provision in an account agreement or other record that substantially excuses liability or substantially limits remedies for failure to perform an obligation under this article 111 is not sufficient to vary the effect of a provision of this article 111.
(3)
If a beneficiary is a party to an account agreement, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the agreement expressly permits the amendment.
(4)
If a beneficiary is not a party to an account agreement and the bank and the depositor know the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment does not adversely and materially affect a payment right of the beneficiary.
(5)
If a beneficiary is not a party to an account agreement and the bank and the depositor do not know whether the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment is made in good faith.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-105 - [Effective 8/7/2024] Requirements for special deposit

(1)
A deposit is a special deposit if it is:
(a)
A deposit of funds in a bank under an account agreement;
(b)
For the benefit of at least two beneficiaries, one or more of which may be a depositor;
(c)
Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;
(d)
For a permissible purpose stated in the account agreement; and
(e)
Subject to a contingency.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-106 - [Effective 8/7/2024] Permissible purpose

(1)
A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.
(2)
If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (1) of this section, sections 11-111-108 to 11-111-111 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (1) of this section.
(3)
If, before termination of a special deposit, the bank determines the special deposit no longer satisfies subsection (1) of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special deposit.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-107 - [Effective 8/7/2024] Payment to beneficiary by bank

(1)
Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit.
(2)
Except as provided in subsection (3) of this section, the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment.
(3)
Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. Payment to the beneficiary making the election under this subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary.
(4)
Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable.
(5)
The bank may discharge its obligation under this section by:
(a)
Crediting another transaction account of the beneficiary; or
(b)
Taking other action that:
(I)
Is permitted under the account agreement for the bank to obtain a discharge; or
(II)
Otherwise would constitute a discharge under law.
(6)
If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under subsection (5) of this section would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-108 - [Effective 8/7/2024] Property interest of depositor or beneficiary

(1)
Neither a depositor nor a beneficiary has a property interest in a special deposit.
(2)
Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. Any property interest under this subsection (2) is determined under other law.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-109 - [Effective 8/7/2024] When creditor process enforceable against bank

(1)
Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit.
(2)
Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obligated to pay a beneficiary or a depositor if the process:
(a)
Is served on the bank;
(b)
Provides sufficient information to permit the bank to identify the depositor or the beneficiary from the bank's books and records; and
(c)
Gives the bank a reasonable opportunity to act on the process.
(3)
Creditor process served on a bank before it is enforceable against the bank under subsection (2) of this section does not create a right of the creditor against the bank or a duty of the bank to the creditor. Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the bank.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-110 - [Effective 8/7/2024] Injunction or similar relief

A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-111 - [Effective 8/7/2024] Recoupment or set off

(1)
Except as provided in subsection (2) or (3) of this section, a bank may not exercise a right of recoupment or set off against a special deposit.
(2)
An account agreement may authorize the bank to debit the special deposit:
(a)
When the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;
(b)
For a fee assessed by the bank that relates to an overdraft in the special deposit account;
(c)
For costs incurred by the bank that relate directly to the special deposit; or
(d)
To reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.
(3)
The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-112 - [Effective 8/7/2024] Duties and liability of bank

(1)
A bank does not have a fiduciary duty to any person with respect to a special deposit.
(2)
When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and Beneficiary.
(3)
The bank holding a special deposit has a duty to a beneficiary to comply with the account agreement and this article 111.
(4)
If the bank holding a special deposit does not comply with the account agreement or this article 111, the bank is liable to a depositor or beneficiary only for damages proximately caused by the noncompliance. Except as provided by other law of this state, the bank is not liable for consequential, special, or punitive damages.
(5)
The bank holding a special deposit may rely on records presented in compliance with the account agreement to determine whether the bank is obligated to pay a beneficiary.
(6)
If the account agreement requires payment on presentation of a record, the bank shall determine within a reasonable time whether the record is sufficient to require payment. If the agreement requires action by the bank on presentation of a record, the bank is not liable for relying in good faith on the genuineness of the record if the record appears on its face to be genuine.
(7)
Unless the account agreement provides otherwise, the bank is not required to determine whether a permissible purpose stated in the agreement continues to exist.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-113 - [Effective 8/7/2024] Term and termination

(1)
Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
(2)
Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(3)
A bank that pays the remaining balance as provided under subsection (2) of this section has no further obligation with respect to the special deposit.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-114 - [Effective 8/7/2024] Principles of law and equity

the "Uniform Commercial Code", title 4; consumer protection law; law governing deposits generally; law related to escheat and abandoned or unclaimed property; and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, and bankruptcy, supplement this article 111 except to the extent inconsistent with this article 111.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-115 - [Effective 8/7/2024] Uniformity of application and construction

In applying and construing this article 111, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, 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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 111 - UNIFORM SPECIAL DEPOSITS ACT (§§ 11-111-101 — 11-111-116) › Section 11-111-116 - [Effective 8/7/2024] Transitional provision

(1)
This article 111 applies to:
(a)
A special deposit made under an account agreement executed on or after the effective date of this article 111; and
(b)
A deposit made under an agreement executed before the effective date of this article 111, if:
(I)
All parties entitled to amend the agreement agree to make the deposit a special deposit governed by this article 111; and
(II)
The special deposit referenced in the amended agreement satisfies section 11-111-105.
Added by 2024 Ch. 200,§ 1, eff. 8/7/2024.
2024 Ch. 200, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › GENERAL (§§ 12-1-101 — 12-1-103) › Article 1 - GENERAL PROVISIONS (§§ 12-1-101 — 12-1-103) › Section 12-1-101 - Short title

The short title of this title 12 is the "Professions and Occupations Act".
Added by 2019 Ch. 136,§ 1, eff. 10/1/2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › GENERAL (§§ 12-1-101 — 12-1-103) › Article 1 - GENERAL PROVISIONS (§§ 12-1-101 — 12-1-103) › Section 12-1-102 - Scope of article

This article 1 applies to every article in this title 12 except to the extent otherwise specified in another article of this title 12.
Added by 2019 Ch. 136,§ 1, eff. 10/1/2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › GENERAL (§§ 12-1-101 — 12-1-103) › Article 1 - GENERAL PROVISIONS (§§ 12-1-101 — 12-1-103) › Section 12-1-103 - Definitions

As used in this title 12, unless the context otherwise requires:
(1)
"Department" means the department of regulatory agencies created in section
24-1-122
.
(2)
"Executive director" means the executive director of the department or the executive director's designee.
(3)
"Profession or occupation", "profession", or "occupation" means an activity subject to regulation by a part or article of this title 12.
Added by 2019 Ch. 136,§ 1, eff. 10/1/2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 1 - COMMON DEFINITIONS (§ 12-10-101) › Section 12-10-101 - Definitions

As used in this article 10, unless the context otherwise requires:
(1)
"Director" means the director of the division of real estate.
(2)
"Division" means the division of real estate.
(3)
"HOA" or "homeowners' association" means an association or unit owners' association formed before, on, or after July 1, 1992, as part of a common interest community as defined in section
38-33.3-103
.
Added by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Subsection (1) is similar to former §§ 12-61-702(7) and 12-61-902(3); subsection (2) is similar to former §§ 12-61-702(8) and 12-61-902(4); and subsection (3) is similar to former §§ 12-61-101 (1.2) and 12-61-401 (2.5), as those sections existed prior to 2019, and the former § 12-10-101 was relocated to §
12-110-101
.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-202 - License required

It is unlawful for any person, firm, partnership, limited liability company, association, or corporation to engage in the business or capacity of real estate broker in this state without first having obtained a license from the commission. No person shall be granted a license until the person establishes compliance with the provisions of this part 2 concerning education, experience, and testing; truthfulness and honesty and otherwise good moral character; and, in addition to any other requirements of this section, competency to transact the business of a real estate broker in such manner as to safeguard the interest of the public and only after satisfactory proof of the qualifications, together with the application for the license, is filed in the office of the commission. In determining the person's character, the commission shall be governed by section
24-5-101
.
Renumbered from C.R.S. §
12-61-102
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 29: p. 528, § 1. CSA: C. 15, § 28. CRS 53: § 117-1-1. C.R.S. 1963: § 117-1-1. L. 69: p. 973, § 1. L. 75: Entire section amended, p. 517, § 2, effective July 16. L. 81: Entire section amended, p. 861, § 1, effective May 28. L. 85: Entire section amended, p. 562, § 3, effective July 1. L. 91: Entire section amended, p. 1621, § 2, effective July 1. L. 2008: Entire section amended, p. 503, § 8, effective April 17.
This section is similar to former § 12-61-102 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-204 - Errors and omissions insurance required - rules

(1)
Every licensee under this part 2, except an inactive broker or an attorney licensee who maintains a policy of professional malpractice insurance that provides coverage for errors and omissions for their activities as a licensee under this part 2, shall maintain errors and omissions insurance to cover all activities contemplated under parts 2 to 6 of this article 10. The division shall make the errors and omissions insurance available to all licensees by contracting with an insurer for a group policy after a competitive bid process in accordance with article
103
of title
24
. A group policy obtained by the division must be available to all licensees with no right on the part of the insurer to cancel a licensee. A licensee may obtain errors and omissions insurance independently if the coverage complies with the minimum requirements established by the division.
(2)
(a)
If the division is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the group program at a reasonable annual premium, as determined by the division, a licensee shall independently obtain the errors and omissions insurance required by this section.
(b)
The division shall solicit and consider information and comments from interested persons when determining the reasonableness of annual premiums.
(3)
The division shall determine the terms and conditions of coverage required under this section based on rules promulgated by the commission. The commission shall notify each licensee of the required terms and conditions at least thirty days before the annual premium renewal date as determined by the commission. Each licensee shall file a certificate of coverage showing compliance with the required terms and conditions with the commission by the annual premium renewal date, as determined by the division.
(4)
In addition to all other powers and duties conferred upon the commission by this article 10, the commission shall adopt such rules as it deems necessary or proper to carry out the provisions of this section.
Renumbered from C.R.S. §
12-61-103.6
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 96: Entire section added, p. 1563, § 1, effective July 1. L. 99: (5) added, p. 716, § 4, effective July 1. L. 2003: (2) amended, p. 1971, § 1, effective August 6. L. 2006: (1) amended, p. 1588, § 4, effective July 1; (2)(a) amended, p. 1069, § 1, effective 1/1/2007. L. 2008: (1) and (5) amended, p. 497, § 4, effective April 17. L. 2012: (1) to (3) amended, (HB 12-1110), ch. 277, p. 1472, § 14, effective 7/1/2013.
This section is similar to former § 12-61-103.6 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-205 - Licenses - issuance - contents - display

The commission shall make available for each licensee a license in such form and size as the commission shall prescribe and adopt. The real estate license shall show the name of the licensee and shall have imprinted thereon the seal, or a facsimile, of the department and, in addition to the foregoing, shall contain such other matter as the commission shall prescribe.
Renumbered from C.R.S. §
12-61-104
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 25: p. 427, § 7. CSA: C. 15, § 33. CRS 53: § 117-1-6. L. 55: p. 712, § 2. L. 61: p. 633, § 1. L. 63: p. 766, § 4. C.R.S. 1963: § 117-1-6. L. 69: p. 974, § 5. L. 79: (2) amended, p. 563, § 4, effective May 31. L. 91: Entire section amended, p. 1626, § 4, effective July 1. L. 2001: Entire section amended, p. 24, § 2, effective March 9.
This section is similar to former § 12-61-104 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-206 - Real estate commission - created - compensation - immunity

(1)
There is created a commission of five members, appointed by the governor, which shall administer parts 2 and 5 of this article 10. This commission is known as the real estate commission. The commission is a
type 1
entity, as defined in section
24-1-105
, and consists of three real estate brokers who have had not less than five years' experience in the real estate business in Colorado, one of whom has substantial experience in property management, and two representatives of the public at large. Members of the commission serve three-year terms. Upon the death, resignation, removal, or otherwise of any member of the commission, the governor shall appoint a member to fill out the unexpired term. The governor may remove any member for misconduct, neglect of duty, or incompetence.
(2)
Each member of the commission shall receive the same compensation and reimbursement of expenses as those provided for members of boards and commissions in the division of professions and occupations pursuant to section
12-20-103(6)
. Payment for all such per diem compensation and expenses shall be made out of annual appropriations from the division of real estate cash fund provided for in section
12-10-215
.
(3)
Members of the commission, consultants, expert witnesses, and complainants shall be immune from suit in any civil action based upon any disciplinary proceedings or other official acts they performed in good faith.
(4)
No real estate broker's license shall be denied, suspended, or revoked except as determined by a majority vote of the members of the commission.
Amended by 2022 Ch. 469,§109, eff. 8/10/2022.
Renumbered from C.R.S. §
12-61-105
and amended by 2019 Ch. 136,§1, eff. 10/1/2019.
Amended by 2017 Ch. 282,§6, eff. 6/30/2017.
Amended by 2017 Ch. 264,§17, eff. 5/25/2017.
L. 29: p. 530, § 3. CSA: C. 15, § 30. CRS 53: § 117-1-3. L. 63: p. 762, § 1. C.R.S. 1963: § 117-1-3. L. 69: p. 973, § 2. L. 76: (4) added, p. 625, § 31, effective July 1. L. 79: (1) amended, p. 567, § 3, and (2) repealed, p. 912, § 16, effective July 1. L. 80: (2) RC&RE, p. 793, § 44, effective June 5. L. 83: (3) amended, p. 588, § 1, effective April 26. L. 89: (2.5) added, p. 734, § 2, effective July 1. L. 91: (3) amended, p. 1627, § 5, effective July 1. L. 2008: (1) and (3) amended, pp. 512, 504, §§ 33, 11, effective April 17. L. 2017: (1) amended, (SB 17-294), ch. 264, p. 1387, § 17, effective May 25; (1) amended, (SB 17-215), ch. 282, p. 1535, § 6, effective June 30.
This section is similar to former § 12-61-105 as it existed prior to 2019.
2022 Ch. 469, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-207 - Division of real estate - creation - director, clerks, and assistants

(1)
There is created in the department the division of real estate. The executive director is authorized by this section to employ, subject to the provisions of the state personnel system laws of the state, a director of the division, who in turn shall employ such attorneys, deputies, investigators, clerks, and assistants as are necessary to discharge the duties imposed by parts 2 and 5 of this article 10. The division and the director are
type 2
entities, as defined in section
24-1-105
, and exercise their powers and perform their duties and functions under the department.
(2)
It is the duty of the director, personally, or the director's designee to aid in the administration and enforcement of parts 2 and 5 of this article 10 and in the prosecution of all persons charged with violating any of their provisions, to conduct audits of business accounts of licensees, to perform such duties of the commission as the commission prescribes, and to act in behalf of the commission on such occasions and in such circumstances as the commission directs.
Amended by 2022 Ch. 469,§110, eff. 8/10/2022.
Renumbered from C.R.S. §
12-61-106
and amended by 2019 Ch. 136,§1, eff. 10/1/2019.
Amended by 2017 Ch. 264,§18, eff. 5/25/2017.
L. 25: p. 432, § 11. CSA: C. 15, § 37. CRS 53: § 117-1-10. L. 63: p. 769, § 8. C.R.S. 1963: § 117-1-10. L. 69: p. 976, § 9. L. 75: Entire section amended, p. 518, § 4, effective July 16. L. 79: (1) and (2) amended, p. 559, § 2, effective May 18; (2) amended, p. 563, § 5, effective May 31. L. 2008: (1) amended, p. 516, § 43, effective April 17. L. 2010: (1) amended, (HB 10-1141), ch. 280, p. 1283, §1, effective August 11. L. 2017: Entire section amended, (SB 17-294), ch. 264, p. 1388, § 18, effective May 25.
This section is similar to former § 12-61-106 as it existed prior to 2019.
2022 Ch. 469, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-208 - Resident licensee - nonresident licensee - consent to service

(1)
A nonresident of the state may become a real estate broker in this state by conforming to all the conditions of this part 2; except that the nonresident broker shall not be required to maintain a place of business within this state if that broker maintains a definite place of business in another state.
(2)
If a broker has no registered agent registered in this state, the registered agent is not located under its registered agent name at its registered agent address, or the registered agent cannot with reasonable diligence be served, the broker may be served by registered mail or by certified mail, return receipt requested, addressed to the entity at its principal address. Service is perfected under this subsection (2) at the earliest of:
(a)
The date the broker receives the process, notice, or demand;
(b)
The date shown on the return receipt, if signed by or on behalf of the broker; or
(c)
Five days after mailing.
(3)
All such applications shall contain a certification that the broker is authorized to act for the corporation.
Renumbered from C.R.S. §
12-61-107
and amended by 2019 Ch. 136, § 1, eff. 10/1/2019.
L. 25: p. 436, § 18. CSA: C. 15, § 44. CRS 53: § 117-1-17. L. 55: p. 716, § 6. C.R.S. 1963: § 117-1-17. L. 75: (2) and (3) amended, p. 518, § 5, effective July 16. L. 79: (3) amended, p. 439, § 23, effective July 1. L. 89: (1) amended, p. 735, § 3, effective July 1. L. 91: (1) amended, p. 1627, § 6, effective July 1. L. 96: (1) amended, p. 419, § 4, effective 1/1/1997. L. 2001: (2) and (3) amended, p. 24, § 3, effective March 9. L. 2008: (2) and (3) amended, p. 497, § 5, effective April 17.
This section is similar to former § 12-61-107 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-209 - Record of licensees - publications

The commission shall maintain a record of the names and addresses of all licensees licensed under the provisions of parts 2 and 5 of this article 10, together with such other information relative to the enforcement of the provisions as deemed by the commission to be necessary. Publication of the record and of any other information circulated in quantity outside the executive branch shall be in accordance with the provisions of section
24-1-136
.
Renumbered from C.R.S. §
12-61-108
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 25: p. 437, § 19. CSA: C. 15, § 45. CRS 53: § 117-1-18. L. 63: p. 774, § 14. C.R.S. 1963: § 117-1-18. L. 64: p. 167, § 126. L. 69: p. 977, § 13. L. 75: Entire section amended, p. 518, § 6, effective July 16. L. 79: Entire section amended, p. 560, § 3, effective May 18; entire section amended, p. 563, § 6, effective May 31; entire section amended, p. 440, § 24, effective July 1. L. 83: Entire section amended, p. 831, § 28, effective July 1. L. 2001: Entire section amended, p. 25, § 4, effective March 9.
This section is similar to former § 12-61-108 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-210 - Compilation and publication of passing rates per educational institution for real estate licensure examinations - definition - rules

(1)
The commission shall have the authority to obtain information from each educational institution authorized to offer courses in real estate for the purpose of compiling the number of applicants who pass the real estate licensure examination from each educational institution. The information shall include the name of each student who attended the institution and a statement of whether the student completed the necessary real estate courses required for licensure. The commission shall have access to such other information as necessary to accomplish the purpose of this section. For the purposes of this section, an "applicant" is a student who completed the required education requirements and who applied for and sat for the licensure examination.
(2)
The commission shall compile the information obtained in subsection (1) of this section with applicant information retained by the commission. Specifically, the commission shall compile whether the student applied for the licensure examination and whether the applicant passed the licensure examination. The commission shall create statistical data setting forth:
(a)
The name of the educational institution;
(b)
The number of students who completed the necessary real estate course required for licensure;
(c)
Whether the student registered and sat for the licensure examination; and
(d)
The number of those applicants who passed the licensure examination.
(3)
The commission shall publish this statistical data and make it available to the public quarterly.
(4)
The commission shall retain the statistical data for three years.
(5)
Specific examination scores for an applicant will be kept confidential by the commission unless the applicant authorizes release of the information.
(6)
The commission may promulgate rules for the administration of this section.
Renumbered from C.R.S. §
12-61-108.5
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
This section is similar to former § 12-61-108.5 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-211 - Change of license status - inactive - cancellation

(1)
Immediate notice shall be given in a manner acceptable to the commission by each licensee of any change of business location or employment. A change of business address or employment without notification to the commission shall automatically inactivate the licensee's license.
(2)
A broker who transfers to the address of another broker or a broker applicant who desires to be employed by another broker shall inform the commission if the broker is to be in the employ of the other broker. The employing broker shall have the control and custody of the employed broker's license. The employed broker may not act on behalf of the broker or as broker for a partnership, limited liability company, or corporation during the term of the employment; but this shall not affect the employed broker's right to transfer to another employing broker or to a location where the employed broker may conduct business as an independent broker or as a broker acting for a partnership, limited liability company, or corporation.
(3)
In the event that any licensee is discharged by or terminates employment with a broker, it shall be the joint duty of both such parties to immediately notify the commission. Either party may furnish the notice in a manner acceptable to the commission. The party giving notice shall notify the other party in person or in writing of the termination of employment.
(4)
It is unlawful for any such licensee to perform any of the acts authorized under the license in pursuance of this part 2, either directly or indirectly, on or after the date that employment has been terminated. When any real estate broker whose employment has been terminated is employed by another real estate broker, the commission shall, upon proper notification, enter the change of employment in the records of the commission. Not more than one employer or place of employment shall be shown for any real estate broker for the same period of time.
Renumbered from C.R.S. §
12-61-109
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 25: p. 428, § 8. CSA: C. 15, § 34. CRS 53: § 117-1-7. L. 55: p. 713, § 3. L. 63: p. 767, § 5. C.R.S. 1963: § 117-1-7. L. 69: p. 974, § 6. L. 75: (2) and (4) amended, p. 519, § 7, effective July 16. L. 79: (3) R&RE and (4) amended, p. 564, §§ 7, 8, effective May 31. L. 91: Entire section amended, p. 1627, § 7, effective July 1. L. 2001: (1) and (3) amended, p. 25, § 5, effective March 9. L. 2008: (2) and (4) amended, p. 504, § 12, effective April 17.
This section is similar to former § 12-61-109 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-214 - Disposition of fees

All fees collected by the commission under parts 2 and 5 of this article 10, not including administrative fees that are in the nature of an administrative fine and fees retained by contractors pursuant to contracts entered into in accordance with section
12-10-203
or
24-34-101
, shall be transmitted to the state treasurer, who shall credit the same to the division of real estate cash fund. Pursuant to section
12-10-215
, the general assembly shall make annual appropriations from the fund for expenditures of the commission incurred in the performance of its duties under parts 2 and 5 of this article 10. The commission may request an appropriation specifically designated for educational and enforcement purposes. The expenditures incurred by the commission under parts 2 and 5 of this article 10 shall be made out of the appropriations upon vouchers and warrants drawn pursuant to law.
Renumbered from C.R.S. §
12-61-111
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
L. 29: p. 533, § 5. L. 35: p. 963, § 1. CSA: C. 15, § 36. L. 41: p. 626, § 6. CRS 53: § 117-1-9. L. 55: p. 715, § 5. L. 63: p. 768, § 7. C.R.S. 1963: § 117-1-9. L. 69: p. 976, § 8. L. 73: p. 1376, § 40. L. 75: Entire section amended, p. 520, § 9, effective July 16. L. 79: Entire section amended, p. 560, § 4, effective May 18; entire section amended, p. 570, § 5, effective July 1. L. 91: Entire section amended, p. 1629, § 10, effective July 1. L. 2004: Entire section amended, p. 1254, § 5, effective May 27. L. 2008: Entire section amended, p. 515, § 39, effective April 17.
This section is similar to former § 12-61-111 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-216 - Records - evidence - inspection

(1)
The executive director shall adopt a seal by which all proceedings authorized under parts 2 and 5 of this article 10 shall be authenticated. Copies of records and papers in the office of the commission or department relating to the administration of parts 2 and 5 of this article 10, when duly certified and authenticated by the seal, shall be received as evidence in all courts equally and with like effect as the originals. All records kept in the office of the commission or department, under authority of parts 2 and 5 of this article 10, must be open to public inspection at such time and in such manner as may be prescribed by rules formulated by the commission.
(2)
The commission shall not be required to maintain or preserve licensing history records of any person licensed under the provisions of this part 2 for any period of time longer than seven years.
Renumbered from C.R.S. §
12-61-112
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Amended by 2017 Ch. 264,§ 21, eff. 5/25/2017.
L. 27: p. 583, § 3. CSA: C. 15, § 31. CRS 53: § 117-1-4. L. 63: p. 763, § 2. C.R.S. 1963: § 117-1-4. L. 64: p. 167, § 125. L. 69: p. 974, § 3. L. 75: Entire section amended, p. 520, § 10, effective July 16. L. 79: (1) amended, p. 560, § 5, effective May 18. L. 83: (3) added, p. 589, § 3, effective April 26; (2) amended, p. 832, § 29, effective July 1. L. 96: (2) repealed, p. 1227, § 37, effective August 7. L. 2017: (1) amended, (SB 17-294), ch. 264, p. 1389, § 21, effective May 25.
This section is similar to former § 12-61-112 as it existed prior to 2019.
2023 Colorado Revised Statutes › Title 12 - PROFESSIONS AND OCCUPATIONS (§§ 12-1-101 — 12-315-310) › DIVISION OF REAL ESTATE (§§ 12-10-101 — 12-10-906) › Article 10 - REAL ESTATE (§§ 12-10-101 — 12-10-906) › Part 2 - BROKERS AND SALESPERSONS (§§ 12-10-201 — 12-10-227) › Section 12-10-220 - Rules

All rules adopted or amended by the commission are subject to sections
24-4-103(8)(c) and (8)(d)
and
24-34-104(6)(b)
.
Renumbered from C.R.S. §
12-61-114.5
and amended by 2019 Ch. 136,§ 1, eff. 10/1/2019.
Amended by 2016 Ch. 83,§ 12, eff. 4/14/2016.
L. 79: Entire section added, p. 565, § 11, effective May 31; entire section added, pp. 568, 571, §§ 4, 6, effective July 1. L. 80: Entire section amended, p. 787, § 19, effective June 5. L. 81: Entire section amended, p. 1178, § 5, effective July 1. L. 2016: Entire section amended, (HB 16-1192), ch. 83, p. 233, § 12, effective April 14.
This section is similar to former § 12-61-114.5 as it existed prior to 2019.