2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-107 - [Effective 8/7/2024] Documents deposited with commissioner

(1)
Every domestic savings and loan association proposing to incorporate in this state shall first deposit with the commissioner the following documents:
(a)
Two signed and verified copies of the articles of incorporation of the association;
(b)
Two copies of the bylaws of the association;
(c)
Applications signed and verified by a majority of the initial directors of such association, setting forth: Names and addresses of the proposed incorporators, directors, and officers of such association; a statement of the experience and general fitness of the officers and directors to engage in the savings and loan business; an itemized statement of the estimated receipts and expenditures of such association for the first year showing that such association will have a reasonable chance to succeed in the territory in which it proposes to operate; and such other matters as the commissioner may require. Such application shall be accompanied by a fee in the form of a certified check in the amount established by the commissioner, payable to the division of financial services.
(2)
Upon receipt of the documents described in subsection (1) of this section, the commissioner shall immediately examine and investigate the advisability of issuing a certificate of approval for the association, and the commissioner shall issue a certificate of approval if, upon examination, the commissioner finds:
(a)
That the articles of incorporation comply with all the provisions of articles
40
to
46
of this title;
(b)
That the bylaws comply with the provisions of articles
40
to
46
of this title;
(c)
That the provisions of articles
40
to
46
of this title have been complied with;
(d)
That it is expedient and desirable to permit such association to engage in business;
(e)
That the officers and directors have the experience and general fitness to engage in a savings and loan business;
(f)
That the financial program of the association is sound;
(g)
That the association has a probable chance to succeed;
(h)
That its name is not so similar to that of any other association operating in this state as to mislead the public; but the words "the", "and", "mutual", "permanent", and "savings and loan association" shall not themselves constitute such similarity of names as to be likely to mislead the public.
(3)
If the commissioner finds that the association does not meet any of the requirements of subsection (2) of this section, the commissioner shall not issue a certificate of approval.
Amended by 2024 Ch. 350,§ 19, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 33: p. 291, § 6. CSA: C. 25, § 9. L. 39: p. 238, § 7. CRS 53: § 122-2-7. C.R.S. 1963: § 122-2-7. L. 83: (1)(c) amended, p. 493, § 1, effective July 1. L. 84: (1)(c) amended, p. 377, § 2, effective May 11. L. 89: (1)(c) amended, p. 620, § 13, effective July 1.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.