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 106 - FIDUCIARY BUSINESS (§§ 11-106-101 — 11-106-107) › Section 11-106-104 - Agency powers

In addition to its other powers, any bank that is authorized to exercise fiduciary powers shall, upon proper qualification under this code, have the power to act as a fiduciary in any capacity. It may also act as registrar, transfer agent, or attorney-in-fact and have the power to receive, manage, and apply sinking funds.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1.
This section is similar to former § 11-10-104 as it existed prior to 2003.
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 106 - FIDUCIARY BUSINESS (§§ 11-106-101 — 11-106-107) › Section 11-106-106 - Investment in securities

Notwithstanding any other law to the contrary and subject to the standard contained in sections
11-50-113(2)
and
15-1-304
, C.R.S., a Colorado bank or trust company may invest and reinvest the assets that it maintains in its trust in the securities of any open-end or closed-end management investment company or investment trust registered under the federal "Investment Company Act of 1940",
15 U.S.C. sec. 80a-1
et seq., as amended. A Colorado bank or trust company shall be allowed to make such investment even if it exercises investment discretion as a fiduciary, custodian, managing agent, or otherwise with respect to the investment and reinvestment of assets that it maintains in its trust department. The fact that a Colorado bank or trust company, or any affiliate thereof, is providing services to the investment company or trust as investment advisor, sponsor, distributor, custodian, transfer agent, registrar, or otherwise, and receiving reasonable remuneration for the services, does not preclude such bank or trust company from investing in the securities of such investment company or trust.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-10-107 as it existed prior to 2003.
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 106 - FIDUCIARY BUSINESS (§§ 11-106-101 — 11-106-107) › Section 11-106-107 - Funds awaiting investment or distribution

A bank's duties regarding the holding of uninvested or undistributed funds that are awaiting investment or distribution are governed by the "Colorado Uniform Prudent Investor Act", article
1.1
of title
15
, C.R.S., the "Uniform Prudent Management of Institutional Funds Act", part 11 of article
1
of title
15
, C.R.S., and applicable standards and requirements imposed by the federal deposit insurance corporation.
Added by 2013 Ch. 282,§ 17, eff. 7/1/2013.
L. 2013: Entire section added, (SB 13-154), ch. 282, p. 1467, § 17, effective July 1.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-101 - [Effective Until 8/7/2024] Unauthorized conduct of banking business

It is a criminal offense for any person not authorized to carry on a banking business under this code, falsely and with intent to defraud, to act as a bank or to represent that he or she is or is acting for a bank or to use an artificial or corporate name that is the name of a bank.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-101 as it existed prior to 2003.
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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-101 - [Effective 8/7/2024] Unauthorized conduct of banking business

It is a criminal offense for any person not authorized to carry on a banking business under this code, falsely and with intent to defraud, to act as a bank or to represent that the person is or is acting for a bank or to use an artificial or corporate name that is the name of a bank.
Amended by 2024 Ch. 461,§ 30, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-101 as it existed prior to 2003.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-102 - [Effective Until 8/7/2024] Receipt of deposits while insolvent

It is a criminal offense if a state bank receives any deposit while insolvent, or an officer, director, or employee knows or, in the proper performance of his or her duty should know, of such insolvency and receives or authorizes the receipt of such deposit, or if such state bank or person has knowingly concealed or misstated material facts regarding the insolvency of the state bank from or to the banking board, commissioner, or division of banking.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-102 as it existed prior to 2003.
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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-102 - [Effective 8/7/2024] Receipt of deposits while insolvent

It is a criminal offense if a state bank receives any deposit while insolvent or an officer, director, or employee knows or, in the proper performance of the officer's, director's, or employee's duty, should know of such insolvency and receives or authorizes the receipt of such deposit or if such state bank or person has knowingly concealed or misstated material facts regarding the insolvency of the state bank from or to the banking board, commissioner, or division of banking.
Amended by 2024 Ch. 461,§ 31, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-102 as it existed prior to 2003.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-103 - Unlawful service as officer or director

(1)
It is a criminal offense for any person to serve as an officer or director of a state bank, or serve as commissioner, deputy commissioner, or employee of the division:
(a)
Who has been convicted of an unpardoned offense constituting, in the jurisdiction in which the conviction was had, a violation of the banking laws, a felony involving moral turpitude, or a breach of trust;
(b)
Who is indebted to the bank for more than thirty days upon a judgment that has become final.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-103 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-104 - Unlawful gratuity, compensation, or transactions

(1)
It is a criminal offense for an affiliate of a state bank or for an officer, director, or employee of a state bank or affiliate of a state bank:
(a)
To solicit, accept, or agree to accept, directly or indirectly, from any person other than the institution, any gratuity, compensation, or other personal benefit for any action taken by the institution, or for endeavoring to procure any such action;
(b)
To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of indebtedness issued by the institution.
(2)
In this section and section
11-105-101(5)
, the term "affiliate" of a state bank shall include:
(a)
Any person who holds a majority of the stock of the bank or has been determined by the banking board to hold a controlling interest therein, any other corporation in which such person owns a majority of the stock, and any partnership in which such person has an interest;
(b)
Any corporation in which the state bank or an officer, director, or employee thereof holds a majority of the stock and any partnership in which such person has an interest;
(c)
Any corporation of which a majority of the directors are officers, directors, or employees of the state bank or of which officers, directors, trustees, or employees constitute a majority of the directors of the state bank.
L. 2003: Entire article added with relocations, p. 1135, § 3, effective July 1.
This section is similar to former § 11-11-104 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-105 - Unlawful concealment of transactions

(1)
It is a criminal offense for an officer, director, employee, attorney, or agent of a state bank:
(a)
To conceal, or endeavor to conceal, any transaction of the bank from any officer, director, or employee of the bank or any official or employee of the division to whom it should properly be disclosed;
(b)
With intent to deceive, to make any false or misleading statement or entry, or omit any statement or entry that should be made in any book, account, report, or statement of the institution.
(2)
No bank shall sell, assign, or transfer any of its assets when insolvent, or in contemplation of insolvency with the intent of preferring any credit, or preventing the application of such assets to the subrogation of its debts; nor shall any officer, director, or employee of any bank personally authorize or permit the same to be done.
L. 2003: Entire article added with relocations, p. 1136, § 3, effective July 1.
This section is similar to former § 11-11-105 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-106 - Unlawful payment of penalties and judgment against others

It is a criminal offense for a state bank to pay a fine, or penalty imposed by law upon any other person, or any judgment against such person, or to reimburse directly or indirectly any person by whom such fine, penalty, or judgment has been paid, except in settlement of its own liability or in connection with the acquisition of property against which such judgment is a lien or as provided in section
11-103-602
.
L. 2003: Entire article added with relocations, p. 1136, § 3, effective July 1.
This section is similar to former § 11-11-106 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-107 - Embezzlement or misapplication of funds

It is a criminal offense for any officer, director, shareholder, or employee of any bank to directly or indirectly embezzle, abstract, or misapply, or cause to be embezzled, abstracted, or misapplied, any of the funds or securities or other property of or under the control of the bank with intent to deceive, injure, cheat, wrong, or defraud any person.
L. 2003: Entire article added with relocations, p. 1136, § 3, effective July 1.
This section is similar to former § 11-11-107 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-108 - [Effective Until 8/7/2024] Unlawful acts or omissions - penalties

(1)
Any person responsible for an act or omission expressly declared to be a criminal offense by this code:
(a)
Commits a class 2 misdemeanor;
(b)
If the act or omission was intended to defraud, commits a class 6 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
(2)
An officer, director, employee, agent, or attorney of a state bank shall be criminally responsible for an act or omission of the institution declared to be a criminal offense by this code if, knowing that such act or omission is a criminal offense, he or she participates in authorizing, executing, ratifying, or concealing such act or in authorizing or ratifying such omission or, having a duty to take the required action, omits to do so.
(3)
Unless otherwise provided in this code, it is no defense to a criminal prosecution under this code that the defendant did not know the facts establishing the criminal character of the act or omission charged, if the defendant could and should have known such facts in the proper performance of his or her duty.
Amended by 2021 Ch. 462, §131, eff. 3/1/2022.
L. 2003: Entire article added with relocations, p. 1137, § 3, effective July 1.
(1) This section is similar to former § 11-11-108 as it existed prior to 2003.
(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.
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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-108 - [Effective 8/7/2024] Unlawful acts or omissions - penalties

(1)
Any person responsible for an act or omission expressly declared to be a criminal offense by this code:
(a)
Commits a class 2 misdemeanor;
(b)
If the act or omission was intended to defraud, commits a class 6 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
(2)
An officer, director, employee, agent, or attorney of a state bank shall be held criminally responsible for an act or omission of the institution declared to be a criminal offense by this code if, knowing that such act or omission is a criminal offense, the person participates in authorizing, executing, ratifying, or concealing such act or in authorizing or ratifying such omission or, having a duty to take the required action, omits to do so.
(3)
Unless otherwise provided in this code, it is not a defense to a criminal prosecution under this code that the defendant did not know the facts establishing the criminal character of the act or omission charged, if the defendant could and should have known such facts in the proper performance of the defendant's duty.
Amended by 2024 Ch. 461,§ 32, eff. 8/7/2024.
Amended by 2021 Ch. 462, §131, eff. 3/1/2022.
L. 2003: Entire article added with relocations, p. 1137, § 3, effective July 1.
(1) This section is similar to former § 11-11-108 as it existed prior to 2003.
(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.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-109 - Unlawful acts or failure to perform - penalty

Any person who willfully or knowingly fails to perform any act required, and as required by section
11-102-102(10)
or
11-102-501
, or who commits any act in violation of said sections commits a class 5 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
L. 2003: Entire article added with relocations, p. 1137, § 3, effective July 1.
This section is similar to former § 11-20-117 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-110 - Injunction

(1)
If a violation of this code by a state bank or an officer, director, or employee thereof is threatened or impending and may cause substantial injury to the institution or to the depositors, creditors, or stockholders thereof, the district court in and for the county in which the bank is located may, upon the suit of the banking board, issue an injunction restraining such violation.
(2)
If any person, not authorized to carry on a banking business under this code, falsely acts as a bank, or falsely represents that such person is acting for a bank, or uses an artificial or corporate name that is the name of a bank, the said district court may, upon the suit of the banking board, issue an injunction restraining such act.
L. 2003: Entire article added with relocations, p. 1137, § 3, effective July 1.
This section is similar to former § 11-11-109 as it existed prior to 2003.
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 107 - CRIMINAL OFFENSES (§§ 11-107-101 — 11-107-111) › Section 11-107-111 - General corporation laws applicable

The provisions of articles
30
to
52
,
101
to
117
, and
121
to
137
of title
7
, C.R.S., relating to corporations and nonprofit corporations shall, insofar as the same are not inconsistent with this code, govern corporations and nonprofit corporations operating under the provisions of this code.
L. 2003: Entire article added with relocations, p. 1137, § 3, effective July 1.
This section is similar to former § 11-11-110 as it existed prior to 2003.
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 108 - [Repealed] (§ 11-108-101) › Section 11-108-101 - to 11-108-803 - [Repealed]

L. 2013: Entire article repealed, (SB 13-154), ch. 282, p. 1464, § 4, effective July 1.
This article was added in 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 1 - GENERAL PROVISIONS (§§ 11-109-101 — 11-109-105) › Section 11-109-102 - Use of words "trust" or "trust company"

(1)
It is unlawful for any person, firm, association, or corporation to use or advertise the words "trust" or "trust company" in the conduct of its business in such a manner as is likely to cause the public to be confused, deceived, or mistaken that the person, firm, association, or corporation has been authorized to transact business as a regulated financial institution unless the person, firm, association, or corporation is organized under the "Colorado Banking Code", articles
101
to
109
of this title, article
70
of this title, the banking laws of another state, or the national banking laws and is authorized to use the words "trust" or "trust company" as part of its name.
(2)
Subsection (1) of this section does not apply to trust institutions.
Amended by 2013 Ch. 282,§ 49, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1177, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1482, § 49, effective July 1.
This section is similar to former § 11-23-102.3 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 1 - GENERAL PROVISIONS (§§ 11-109-101 — 11-109-105) › Section 11-109-103 - Applicability of powers of banking board and bank commissioner to trust companies

The powers, duties, and functions of the banking board and the commissioner contained in article
102
of this title and the declaration of policy contained in section
11-101-102
shall apply to the provisions of this article.
L. 2003: Entire article added with relocations, p. 1177, § 3, effective July 1.
This section is similar to former § 11-23-102.5 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 1 - GENERAL PROVISIONS (§§ 11-109-101 — 11-109-105) › Section 11-109-105 - No private right of action

Except as expressly provided in this article, no person, other than the banking board, shall have the right to bring or maintain any private action, at law or in equity, for a violation of or to enforce this article.
L. 2003: Entire article added with relocations, p. 1180, § 3, effective July 1.
This section is similar to former § 11-23-125 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 2 - POWERS (§§ 11-109-201 — 11-109-206) › Section 11-109-201 - Powers of trust companies

(1)
A trust company shall be incorporated under and subject to the general corporation laws of this state not inconsistent with this article. The business activities of a trust company in this state shall be limited to the exercise of the power to:
(a)
Act or be appointed by a court to act in like manner as an individual, an executor, a personal representative, a trustee, an administrator, a guardian, a conservator, an assignee, a custodian, a receiver, or a depository or in any other fiduciary capacity for any purposes permitted by law;
(b)
Act as a transfer agent, a registrar, an escrow agent, or an attorney-in-fact and to receive, manage, and apply sinking funds;
(c)
Maintain and rent safe deposit and safekeeping facilities;
(d)
Receive and maintain savings deposits, time deposits, and certificates of deposit, and to pay interest thereon at the rates permitted state banks under section
11-105-102(3)
, subject to the restrictions of section
11-109-204
;
(e)
Exercise the same investment powers as an individual fiduciary under like circumstances;
(f)
Accept and execute any fiduciary business permitted by the laws of this state or any other state and the United States and to establish common trust funds as provided by article
24
of this title;
(g)
Take oaths and execute affidavits by the oath or affidavit of the president, vice-presidents, secretary, assistant secretary, manager, trust officer, or assistant trust officer;
(h)
Act as an investment adviser under any applicable law;
(i)
Do and perform any other acts necessary or proper to exercise the powers enumerated in this section.
(2)
Except for those powers specifically authorized in subsection (1) of this section and section
11-109-907
, a trust company shall not have the power to conduct a banking business, receive and maintain transaction deposit accounts, nor use the word "bank" in its name.
(3)
As authorized pursuant to section
10-2-601(2)
, C.R.S., a trust company may, pursuant to federal law or under such rules as may be adopted by the banking board or the commissioner of insurance pursuant to section
10-2-601
, C.R.S., act as the agent for any insurance company authorized to do business in this state by soliciting and selling insurance and collecting premiums on policies issued by such company. For such services, a trust company may receive such fees or commissions as may be agreed between the trust company and the insurance company.
L. 2003: Entire article added with relocations, p. 1180, § 3, effective July 1.
This section is similar to former § 11-23-103 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 2 - POWERS (§§ 11-109-201 — 11-109-206) › Section 11-109-203 - Activities not requiring a charter

(1)
Notwithstanding any other provision of this article 109 to the contrary, a company does not engage in the trust business, or in any other business in a manner requiring a charter, under this article 109 or in an unauthorized trust activity by:
(a)
Acting in the scope of authority as an agent of a trust institution;
(b)
Rendering a service customarily performed by an attorney or law firm in a manner approved and authorized by the Colorado supreme court;
(c)
Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;
(d)
Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the real estate commission pursuant to article
10
of title
12
;
(e)
Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor, or registered representative of an investment advisor, if the activity is regulated by the securities commissioner or the federal securities and exchange commission;
(f)
Engaging in the sale and administration of an insurance product as an insurance company or agent licensed by the division of insurance to the extent that the activity is regulated by the division of insurance;
(g)
Acting as trustee for a public, private, or independent institution of higher education or a university system, including an institution of higher education's or university system's affiliated foundations or corporations, with respect to endowment funds or other funds owned, controlled, provided to, or otherwise made available to such institution or system with respect to its educational or research purposes;
(h)
Rendering services customarily performed by a certified public accountant in a manner authorized by article
100
of title
12
;
(i)
If the company is a trust institution and is not otherwise prohibited from engaging in a trust business in this state:
(I)
Marketing or soliciting in this state through the mails, telephone, any electronic means, or in person with respect to acting or proposing to act as a fiduciary outside of this state;
(II)
Delivering money or other intangible assets and receiving the money or other intangible assets from a client or other person in this state; or
(III)
Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client.
Amended by 2019 Ch. 136,§ 65, eff. 10/1/2019.
L. 2003: Entire article added with relocations, p. 1182, § 3, effective July 1.
This section is similar to former § 11-23-103.3 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 2 - POWERS (§§ 11-109-201 — 11-109-206) › Section 11-109-204 - Federal deposit insurance required

(1)
No trust company may accept or hold savings deposits, time deposits, or certificates of deposit pursuant to section
11-109-201(1)(d)
unless such deposits are insured by the federal deposit insurance corporation or its successor.
(2)
Each trust company shall immediately give notice to the banking board when it has applied to the federal deposit insurance corporation or its successor for deposit insurance and, thereafter, shall give bi-monthly reports on the status of its application for deposit insurance to the banking board until final disposition of the application is made.
L. 2003: Entire article added with relocations, p. 1183, § 3, effective July 1.
This section is similar to former § 11-23-103.5 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 3 - CHARTERS (§§ 11-109-301 — 11-109-306) › Section 11-109-301 - Incorporators

Five or more individual incorporators desiring to organize a trust company shall file with the banking board an application for charter on the form prescribed by the banking board, together with all other documents required by section
11-109-305
, all of which instruments shall be duly signed by each of the incorporators and sworn to before an officer authorized by the laws of this state to administer oaths.
L. 2003: Entire article added with relocations, p. 1185, § 3, effective July 1.
This section is similar to former § 11-23-104 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 3 - CHARTERS (§§ 11-109-301 — 11-109-306) › Section 11-109-302 - Application fee

Each application for charter shall be accompanied by an application fee established by the banking board pursuant to section
11-102-104(11)
. The fee may be refunded to the incorporators if the application is withdrawn prior to the date set for public hearing.
L. 2003: Entire article added with relocations, p. 1185, § 3, effective July 1.
This section is similar to former § 11-23-105 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 3 - CHARTERS (§§ 11-109-301 — 11-109-306) › Section 11-109-303 - Assessments

(1)
The banking board shall annually establish fees and assessments pursuant to section
11-102-104(11)
. Assessments may be made more frequently than annually at the discretion of the banking board.
(2)
For the fiscal year beginning July 1, 1992, and for each fiscal year thereafter, the banking board shall establish its annual assessment to be collected at least semiannually in such amounts as are sufficient to generate the moneys appropriated by the general assembly to the division of banking for each such fiscal year.
L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.
This section is similar to former § 11-23-105.5 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 3 - CHARTERS (§§ 11-109-301 — 11-109-306) › Section 11-109-304 - Capital

(1)
The banking board shall establish by rules the capital standards and guidelines, the methods for measuring capital, and the definitions of "capital", "capital adequacy", "capital inadequacy", and other related terms for trust companies subject to this article, which may differ for specific purposes. In promulgating such rules, the banking board shall consider all relevant factors, including without limitation the policies set forth in section
11-101-102
and relevant federal laws and regulations.
(2)
Each trust company subject to this article shall at all times comply with the capital rules promulgated by the banking board.
L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.
This section is similar to former § 11-23-106 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 3 - CHARTERS (§§ 11-109-301 — 11-109-306) › Section 11-109-305 - Application for charter

(1)
After the capital stock has been fully subscribed, the incorporators shall make application to the banking board for a charter. The incorporators shall submit to the banking board the following:
(a)
The proposed articles of incorporation in such form as the banking board, pursuant to rules, shall prescribe and as shall be acceptable to the secretary of state for purposes of filing;
(b)
An application for a charter in such form and containing such information as the banking board may require.
(2)
If the proposed articles of incorporation or application do not comply with the requirements of this article, and with the requirements of the banking board issued pursuant thereto, the banking board shall, within thirty days after the receipt thereof, return both of the said documents to the incorporators, calling attention to the defects therein.
L. 2003: Entire article added with relocations, p. 1186, § 3, effective July 1.
This section is similar to former § 11-23-108 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 5 - DIRECTORS (§§ 11-109-501 — 11-109-502) › Section 11-109-501 - Directors' meetings - duties

(1)
The board of directors of a trust company shall meet at least quarterly. A special meeting of the board of directors may be called by the banking board. The board of directors shall maintain minutes of each meeting including the record of attendance. A director who fails to attend three consecutive meetings of the board of directors shall cease to be a director unless such absence is satisfactorily explained to the banking board.
(2)
The board of directors shall establish the policies and procedures necessary for the proper exercise of fiduciary powers by the trust company. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of the trust company's powers as the board of directors may consider proper to assign to any director, officer, employee, or committee as it may designate.
(3)
The board of directors of a trust company may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board.
L. 2003: Entire article added with relocations, p. 1192, § 3, effective July 1.
This section is similar to former § 11-23-116 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 5 - DIRECTORS (§§ 11-109-501 — 11-109-502) › Section 11-109-502 - Director and officer insurance and fidelity bonds - legislative declaration

(1)
The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in this article, including the provisions of section
11-101-102
:
(a)
Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, that provides insurance coverage to directors or officers, or both, of a trust company but that does not grant coverage or that excludes coverage for claims made by any depository insurance organization or other state or federal corporation, organization, entity, or agency acting as receiver, conservator, or liquidator of such trust company, whether in its own name or in behalf of any other person or entity; or
(b)
Any fidelity bond, financial institution bond, or depository institution bond in effect or issued on or after April 30, 1993, that provides for termination of such bond upon the taking over of any trust company by a receiver or other liquidator or by state or federal officials.
(2)
No provision of this article shall be construed to contravene or modify the expressed public policy set forth in this section.
(3)
The directors of a trust company shall:
(a)
Require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds must provide for indemnity to the trust company on account of any losses sustained by it as the result of any dishonest, fraudulent, or criminal conduct by them acting independently or in collusion or combination with any person. The bonds may be in individual, schedule, or blanket form, and the trust company shall pay the premiums for the bonds.
(b)
Require suitable insurance protection to the trust company against burglary, robbery, theft, and other insurable hazards to which the trust company may be exposed in the operations of its business on the premises or elsewhere; and
(c)
Prescribe, at least once in each calendar year, the amount or penal sum of the bonds and policies specified in this section and the sureties or underwriters thereon after giving due and careful consideration to all known elements and factors constituting such risk or hazard. The directors shall record the action in the board's minutes.
Amended by 2013 Ch. 282,§ 51, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1. L. 2013: (3) added, (SB 13-154), ch. 282, p. 1483, § 51, effective July 1.
This section is similar to former § 11-23-117.5 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-601 - [Effective Until 8/7/2024] Penalty for noncompliance with the law

It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold himself or herself out as being engaged in or doing a trust company business, or to use the word "trust" or words "trust company" in connection with a business unless such person has complied with the provisions of this article 109 or other laws of this state specifically authorizing a fiduciary or trust business. Any person who violates this section commits a class 2 misdemeanor.
Amended by 2021 Ch. 462, §132, eff. 3/1/2022.
L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1.
(1) This section is similar to former § 11-23-119 as it existed prior to 2003.
(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.
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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-601 - [Effective 8/7/2024] Penalty for noncompliance with the law

It is unlawful for any person to carry on or conduct in this state a trust company business, or to advertise or hold oneself out as being engaged in or doing a trust company business or to use the word "trust" or words "trust company" in connection with a business unless such person has complied with the provisions of this article 109 or other laws of this state specifically authorizing a fiduciary or trust business. A person who violates this section commits a class 2 misdemeanor.
Amended by 2024 Ch. 461,§ 34, eff. 8/7/2024.
Amended by 2021 Ch. 462, §132, eff. 3/1/2022.
L. 2003: Entire article added with relocations, p. 1193, § 3, effective July 1.
(1) This section is similar to former § 11-23-119 as it existed prior to 2003.
(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.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-603 - No indemnification or insurance against civil money penalties

Notwithstanding any other provision of law, no trust company shall indemnify or insure any executive officer, director, employee, agent, or person participating in the conduct of affairs of such trust company against civil money penalties.
L. 2003: Entire article added with relocations, p. 1194, § 3, effective July 1.
This section is similar to former § 11-23-119.2 as it existed prior to 2003.
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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-605 - [Effective Until 8/7/2024] Suspension of director, officer, or other person

(1)
The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold his or her position, or who after receipt of an order of the banking board to cease and desist violates this article or a lawful rule or order issued thereunder, or who is dishonest, or who is reckless or grossly incompetent in the conduct of trust business, or who may be subject to removal under section
11-109-604
. It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any trust company until the banking board vacates such suspension order. A suspension order shall specify the grounds thereof. A copy of the order shall be sent to the trust company concerned and to each member of its board of directors.
(2)
Ten days' notice, by certified mail, return receipt requested, and hearing shall be provided to any trust company affected by an action of the banking board in advance of any action taken by the banking board pursuant to this section. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action, without notice or hearing, but shall promptly afford a subsequent hearing, upon application to rescind the action taken.
L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.
This section is similar to former § 11-23-119.4 as it existed prior to 2003.
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) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-605 - [Effective 8/7/2024] Suspension of director, officer, or other person

(1)
The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a trust company who becomes ineligible to hold the person's position, or who after receipt of an order of the banking board to cease and desist violates this article 109 or a lawful rule or order issued under this article 109, or who is dishonest, or who is reckless or grossly incompetent in the conduct of trust business, or who may be subject to removal under section
11-109-604
. It is a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any trust company until the banking board vacates such suspension order. A suspension order must specify the grounds thereof. A copy of the order shall be sent to the trust company concerned and to each member of its board of directors.
(2)
Ten days' notice, by certified mail, return receipt requested, and hearing shall be provided to any trust company affected by an action of the banking board in advance of any action taken by the banking board pursuant to this section. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action, without notice or hearing, but shall promptly afford a subsequent hearing, upon application to rescind the action taken.
Amended by 2024 Ch. 461,§ 36, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.
This section is similar to former § 11-23-119.4 as it existed prior to 2003.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-606 - Informal enforcement authority

The banking board, or the commissioner if so authorized by the banking board, shall have authority to initiate informal actions to enforce the provisions of this article. In this regard the banking board or the commissioner may, in its or the commissioner's discretion, enter into written agreements such as a memorandum of understanding with, or an informal commitment letter from, or a strongly worded letter of reprimand to any trust company or any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of the trust company.
L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.
This section is similar to former § 11-23-119.5 as it existed prior to 2003.