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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-106 - Final adjustment - statement of account

(1)
When a statement of account has been rendered by a bank to a depositor and accompanied by vouchers, if any, that are the basis for debit entries in such account, or when the depositor's passbook or savings account book has been written up by the bank, showing the condition of the depositor's account, and delivered to such depositor with like accompaniment of vouchers, if any, such account shall, after the period of one year from the date of its rendition, in the event no objection thereto has been theretofore made by the depositor, be deemed finally adjusted and settled and its correctness conclusively presumed. Such depositor shall thereafter be barred from questioning the correctness of such account for any cause.
(2)
Nothing in this section shall be construed to relieve the depositor from the duty of exercising due diligence in the examination of such account and vouchers, if any, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of such duty.
(3)
A statement of account may be rendered to a depositor by mailing such statement, with supporting vouchers, if any, to such depositor's address as shown on the books of the bank.
L. 2003: Entire article added with relocations, p. 1115, § 3, effective July 1.
This section is similar to former § 11-6-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-107 - Adverse claim deposits

(1)
Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person, or to securities or other property deposited by any person with the bank, shall not be effectual to cause said bank to recognize said adverse claimant, unless said adverse claimant shall also either procure a restraining order, injunction, or other appropriate process against and served upon said bank from a court of competent jurisdiction in an action instituted by said adverse claimant wherein the person to whose credit the deposit stands or for whose account the securities or other property are held is made a party and served with summons or shall comply with subsection (2) of this section.
(2)
Such adverse claimant, in lieu of a court order, shall execute to said bank, in form and amount and with sureties acceptable to it, a bond indemnifying said bank from all liability, loss, damage, costs, and expenses, whether on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of said bank or on account of the delivery of said securities or other property to the adverse claimant or the refusal to comply with any order of the depositor of the securities or property held, as the case may be.
(3)
This section shall not apply in any instance where the person to whose credit the deposit stands or for whose account the securities or other property is held, is a fiduciary designated as such by words indicating the deposit or other property is, or the securities are, held for the benefit of such adverse claimant, and the facts showing reasonable cause of belief on the part of said claimant that the fiduciary is about to misappropriate such deposit, securities, or other property are made to appear by the affidavit of such claimant.
L. 2003: Entire article added with relocations, p. 1115, § 3, effective July 1.
This section is similar to former § 11-6-107 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-108 - Transmitting money - foreign exchange

(1)
A bank may accept money for transmission and may transmit money.
(2)
A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers.
L. 2003: Entire article added with relocations, p. 1116, § 3, effective July 1.
This section is similar to former § 11-6-108 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 1 - GENERAL PROVISIONS (§§ 11-105-101 — 11-105-112) › Section 11-105-110 - Disclosure of information pursuant to legal process

Any bank, savings and loan association, credit union, or any agent or employee of such financial institutions that makes a disclosure of records or information on the direction contained in a lawful notice, subpoena, written request, search warrant, grand jury subpoena, or other process issued by any governmental authority or by a court is not civilly or criminally liable for such disclosure, nor is the financial institution liable to the customer or any other person for such disclosure.
Amended by 2013 Ch. 282,§ 54, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1117, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1484, § 54, effective July 1.
This section is similar to former § 11-6-113 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-201 - [Repealed]

L. 2003: Entire article added with relocations, p. 1117, § 3, effective July 1. L. 2006: Entire section repealed, p. 29, § 1, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-101 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-202 - [Repealed]

L. 2003: Entire article added with relocations, p. 1117, § 3, effective July 1. L. 2006: Entire section repealed, p. 29, § 2, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-102 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-203 - [Repealed]

L. 2003: Entire article added with relocations, p. 1117, § 3, effective July 1. L. 2006: Entire section repealed, p. 29, § 3, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-104 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-204 - [Repealed]

L. 2003: Entire article added with relocations, p. 1118, § 3, effective July 1. L. 2006: Entire section repealed, p. 30, § 4, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-105 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-205 - [Repealed]

L. 2003: Entire article added with relocations, p. 1119, § 3, effective July 1. L. 2006: Entire section repealed, p. 31, § 5, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-206 - [Repealed]

L. 2003: Entire article added with relocations, p. 1119, § 3, effective July 1. L. 2006: Entire section repealed, p. 31, § 6, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-107 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-207 - [Repealed]

L. 2003: Entire article added with relocations, p. 1119, § 3, effective July 1. L. 2006: Entire section repealed, p. 32, § 7, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-108 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-208 - Consumer protection

(1)
Every Colorado bank using a communications facility shall provide its account holders, at the time the facility is used, with a receipt or record of each banking transaction initiated at a facility. Such receipt or record shall be admissible as evidence in any legal action or proceeding and shall constitute prima facie proof of the banking transaction evidenced by such receipt or record. When a Colorado bank furnishes a statement of a demand, savings, or loan account to an account holder, such statement shall reflect each banking transaction affecting such account made by the account holder at a communications facility during the period covered by the statement.
(2)
With respect to any card or other device issued to an account holder for use at a communications facility, any account holder whose card or device is lost or stolen and subsequently used by an unauthorized person shall only be liable for the lesser of fifty dollars or the amount of money, goods, or services obtained by the unauthorized use prior to notice to the Colorado bank that issued the card or device of the theft or loss. If the unauthorized use occurs through no fault of the account holder, no liability shall be imposed on the account holder.
(3)
No account holder shall be held liable for any loss occurring as the result of any tampering or manipulation of a communications facility unless such account holder performs or authorizes such acts.
(4)
Commercial banks shall continue to offer customers the right to use checking accounts. No bank shall make the use of such accounts burdensome with intent to discourage such use. The banking board shall issue rules designed to prevent violation of this provision.
(5)
(a)
No agreement to operate or share a communications facility may prohibit, limit, or restrict the right of the operator or owner of the communications facility to charge a customer conducting a transaction using an account from a foreign bank a usual and customary access fee or surcharge unless prohibited under state or federal law.
(b)
Notwithstanding paragraph (a) of this subsection (5), nothing in this section may be construed to prohibit, limit, or otherwise restrict the right of the operator or owner of a communications facility from voluntarily entering into an agreement to participate in a surcharge-free network.
L. 2003: Entire article added with relocations, p. 1119, § 3, effective July 1. L. 2007: (5) added, p. 605, § 1, effective August 3.
This section is similar to former § 11-6.5-109 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-209 - [Repealed]

L. 2003: Entire article added with relocations, p. 1120, § 3, effective July 1. L. 2006: Entire section repealed, p. 32, § 8, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-110 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-210 - [Repealed]

L. 2003: Entire article added with relocations, p. 1120, § 3, effective July 1. L. 2006: Entire section repealed, p. 32, § 9, effective August 7.
Prior to its repeal, this section was similar to former § 11-6.5-111 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 2 - ELECTRONIC FUNDS TRANSFERS (§§ 11-105-201 — 11-105-211) › Section 11-105-211 - [Effective 8/7/2024] Merchant code for firearms

A payment card network, as defined in section 6-27-201 (7), or a merchant acquirer, as defined in section 6-27-201 (5), shall comply with part 2 of article 27 of title 6.
Added by 2024 Ch. 141,§ 3, eff. 8/7/2024.
2024 Ch. 141, 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 3 - RESERVES, LOANS, AND INVESTMENTS (§§ 11-105-301 — 11-105-305) › Section 11-105-301 - Reserves against deposits

State banks that are subject to reserve provisions of the "Federal Reserve Act" shall maintain such reserves against deposits as may be required by the "Federal Reserve Act", but, in addition thereto, the banking board may by rule impose reserve requirements that it deems prudent and sound on said banks or on state banks not subject to reserve provisions of the "Federal Reserve Act".
L. 2003: Entire article added with relocations, p. 1120, § 3, effective July 1.
This section is similar to former § 11-7-101 as it existed prior to 2003.
For the "Federal Reserve Act", see 12 U.S.C. § 221 et seq.
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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 3 - RESERVES, LOANS, AND INVESTMENTS (§§ 11-105-301 — 11-105-305) › Section 11-105-302 - Loans, acceptances, investments, and letters of credit

A state bank may make such loans, secured or unsecured, accept such drafts, make such investments, and issue such letters of credit as shall be permissible pursuant to rules promulgated by the banking board or otherwise permitted by this code. In promulgating such rules the banking board shall consider all relevant factors, including without limitation the policies set forth in section
11-101-102
.
L. 2003: Entire article added with relocations, p. 1121, § 3, effective July 1.
This section is similar to former § 11-7-102 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 3 - RESERVES, LOANS, AND INVESTMENTS (§§ 11-105-301 — 11-105-305) › Section 11-105-303 - Corporate powers - interest and charges

In addition to the general corporate powers granted by this code, a state bank has the power, subject to the limitations and restrictions imposed by this code and the rules of the banking board, to lend money either upon the security of real property or personal property, or otherwise; to charge, or to receive in advance, interest therefor; and to contract for a charge for a secured or unsecured installment loan.
L. 2003: Entire article added with relocations, p. 1121, § 3, effective July 1.
This section is similar to former § 11-7-103 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 3 - RESERVES, LOANS, AND INVESTMENTS (§§ 11-105-301 — 11-105-305) › Section 11-105-305 - Acceptances - letters of credit

(1)
A state bank may accept:
(a)
A draft that has not more than six months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods, or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable staples;
(b)
A draft that has no more than three months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
(2)
A state bank may issue letters of credit, but, unless the authority conferred to draw upon the bank or its correspondents is limited to such drafts as a bank is authorized by this section to accept, the amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose account the credit was issued.
L. 2003: Entire article added with relocations, p. 1124, § 3, effective July 1.
This section is similar to former § 11-7-107 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-401 - Acquisition of property to satisfy indebtedness

(1)
A state bank may take property of any kind to satisfy, in whole or in part, or to protect indebtedness previously created in good faith by it. Property acquired by a state bank to apply on an indebtedness to a state bank shall be held subject to the following limitations:
(a)
Stock shall be sold within six months or such additional period not exceeding eighteen months as the banking board may allow.
(b)
Real estate may be used in the banking business, subject to the conditions prescribed by this code for property purchased for such use, or may be rented. Real estate may be put in such condition as will reasonably facilitate its sale. Unless used in the banking business, it shall be sold within fifteen years or such longer period as the banking board may allow.
(c)
Other property, the acquisition of which is not otherwise authorized by this code, shall be sold within two years or such longer period as the banking board may allow.
(d)
The property shall be entered on the books at not more than cost or fair market value, whichever is less, except as otherwise provided by the banking board. Each bank maintaining property acquired to satisfy indebtedness will obtain an initial written appraisal and subsequent appraisals as to fair market value by a qualified independent appraiser or such other person as the banking board may approve. The subsequent appraisals shall be obtained pursuant to rules of the state banking board; except that, for purposes of this subsection (1)(d), an appraisal, as defined in section
12-10-602(1)
, by an appraiser certified or licensed pursuant to section
12-10-611
shall not be required on properties initially valued pursuant to this subsection (1)(d) at a value consistent with federal requirements and established pursuant to rules of the state banking board. If the appraiser or other person approved by the banking board certifies in writing the appraiser's or other person's opinion that the fair market value has not declined, this opinion may be substituted for a subsequent appraisal.
Amended by 2021 Ch. 413,§ 1, eff. 9/7/2021.
Amended by 2019 Ch. 136,§ 64, eff. 10/1/2019.
Amended by 2014 Ch. 385,§ 2, eff. 7/1/2014.
L. 2003: Entire article added with relocations, p. 1124, § 3, effective July 1. L. 2004: (1)(d) amended, p. 323, § 6, effective April 7. L. 2014: (1)(d) amended, (SB 14-117), ch. 1917, p. 1917, § 2, effective July 1. L. 2019: (1)(d) amended, (HB 19-1172), ch. 1660, p. 1660, § 64, effective October 1.
(1) This section is similar to former § 11-8-101 as it existed prior to 2003.
(2) Section 2 of chapter 413 (HB 21-1293), Session Laws of Colorado 2021, provides that the act changing this section applies to conduct occurring on or after September 7, 2021.
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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-402 - Banking property - acquisition

(1)
A state bank may invest in fixed assets of the bank or the stock or obligations of any corporation holding such fixed assets or may make loans to or upon the security of the stock of any such corporation, but the aggregate of all such investments and loans shall not exceed one hundred percent of the bank's capital, as provided in the rules promulgated by the banking board; except that the banking board may approve a larger investment upon application of the bank if the banking board deems the same prudent. As used in this subsection (1), "fixed assets" means real estate, leasehold improvements, fixtures, furniture, and equipment; "real estate" and "leasehold improvements" include land and buildings to be used in the transaction of the bank's business and any excess space that may be rented to others.
(2)
The rate of depreciation of property so acquired may be prescribed by the banking board.
L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1.
This section is similar to former § 11-8-102 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-403 - Sale of assets

A bank chartered in this or another state may sell any asset in the ordinary course of business or, with the approval of the banking board, in any other circumstance. The sale of all, or substantially all, of the assets of a bank or of a department thereof is governed by section
11-103-709
.
Amended by 2013 Ch. 282,§ 13, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1466, § 13, effective July 1.
This section is similar to former § 11-8-103 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-404 - Pledge of assets

(1)
A state bank may pledge its assets to:
(a)
Enable it to act as agent for the sale of obligations of the United States;
(b)
Secure borrowed funds;
(c)
Secure deposits if:
(I)
The depositor is required to obtain such security by the laws of the United States, by the terms of any interstate compact, by the laws of any state, or by the order of a court of competent jurisdiction; or
(II)
The state bank secures the deposit with a letter of credit issued or confirmed by a federal home loan bank; or
(d)
Otherwise comply with the provisions of this code.
L. 2003: Entire article added with relocations, p. 1125, §3, effective July 1. L. 2009: (1)(c) amended, (HB 09 -1053), ch. 159, p. 689, §7, effective August 5.
This section is similar to former § 11-8-105 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-405 - [Effective Until 8/7/2024] Signature guaranty

(1)
A bank may become guarantor of the genuineness of a signature.
(2)
A bank guaranteeing the signature of a person on any document warrants to any person relying on such guaranty only that:
(a)
The signature is that of a person signing;
(b)
The signer is the holder, or the signer has purported authority to sign in the name of the holder; except that, if the holder purports to act as a fiduciary, as "fiduciary" is defined either in this code or in article
1
of title
15
, C.R.S., or if the holder's name is signed by a person purporting to act on the holder's behalf as such a fiduciary, the bank warrants that such holder or such person so signing as such fiduciary is in fact the fiduciary he or she purports to be and warrants that the bank has no actual knowledge that such fiduciary is committing a breach of such fiduciary's obligation as such fiduciary in signing such document and that it has no knowledge of such facts that its action in guaranteeing the signature amounts to bad faith; and
(c)
The signer has legal capacity to sign.
(3)
A bank may disclaim in its guaranty all or any part of the obligations set forth in paragraph (b) of subsection (2) of this section.
L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1.
This section is similar to former § 11-8-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 4 - PROPERTY, SALES, BORROWING, AND SIGNATURE GUARANTY (§§ 11-105-401 — 11-105-405) › Section 11-105-405 - [Effective 8/7/2024] Signature guaranty

(1)
A bank may become guarantor of the genuineness of a signature.
(2)
A bank guaranteeing the signature of a person on any document warrants to any person relying on such guaranty only that:
(a)
The signature is that of a person signing;
(b)
The signer is the holder or the signer has purported authority to sign in the name of the holder; except that, if the holder purports to act as a fiduciary, as "fiduciary" is defined either in this code or in article
1
of title
15
, or if the holder's name is signed by a person purporting to act on the holder's behalf as such a fiduciary, the bank warrants that the holder or person signing as fiduciary is in fact the fiduciary purported to be and warrants that the bank has no actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation as the fiduciary in signing the document and that it has no knowledge of facts that its action in guaranteeing the signature amounts to bad faith; and
(c)
The signer has legal capacity to sign.
(3)
A bank may disclaim in its guaranty all or any part of the obligations set forth in paragraph (b) of subsection (2) of this section.
Amended by 2024 Ch. 461,§ 29, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1125, § 3, effective July 1.
This section is similar to former § 11-8-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-501 - Safe deposit boxes - leasing and subsidiary company

(1)
Subject to such rules as the banking board may prescribe, a bank may maintain and lease safe deposit boxes and may accept property for safekeeping if, except in the case of night depositories, it issues a receipt therefor.
(2)
A bank may own stock in a safe deposit company located in the same community in which the bank is doing business, not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in such safe deposit company in which such stock is so owned must be owned by banks or trust companies.
L. 2003: Entire article added with relocations, p. 1126, §3, effective July 1. L. 2009: (1) amended, (HB 09 -1053), ch. 159, p. 689, §8, effective August 5.
This section is similar to former § 11-9-102 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-502 - Access by fiduciaries

(1)
Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows:
(a)
By any one or more of the persons acting as executors or administrators;
(b)
By any one or more of the persons otherwise acting as fiduciaries, when authorized in writing, signed by all other persons so acting;
(c)
By any agent authorized in writing, signed by all of the persons acting as fiduciaries.
L. 2003: Entire article added with relocations, p. 1126, § 3, effective July 1.
This section is similar to former § 11-9-103 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-503 - Lease to minor

A lessor may lease a safe deposit box to, or accept property for safekeeping from, a minor and, in connection therewith, deal with such minor to the same effect as if dealing with a person of full legal capacity, unless and until the minor's guardian or conservator files with the lessor a certified copy of the order of a Colorado court having jurisdiction appointing such guardian or conservator and directs otherwise.
L. 2003: Entire article added with relocations, p. 1126, § 3, effective July 1.
This section is similar to former § 11-9-104 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-504 - Death of lessee - procedure

The provisions of section
15-10-111
, C.R.S., shall apply on the death of a lessee of a safe deposit box as defined in section
11-101-401
.
L. 2003: Entire article added with relocations, p. 1127, § 3, effective July 1.
This section is similar to former § 11-9-105 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-505 - Adverse claims to safe deposit box

(1)
An adverse claim to the contents of a safe deposit box is not sufficient reason to require the lessor to deny access to its lessee unless:
(a)
The lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party by a name that identifies the lessee with the name in which the safe deposit box is leased; or
(b)
The safe deposit box is leased, or the property is held, in the name of a lessee with the addition of words indicating that the contents, or property, are held in a fiduciary capacity for a named beneficiary or beneficiaries, and the adverse claim is supported by a sworn written statement of facts disclosing that it is made by, or on behalf of, such a beneficiary and that there is reason to know that the fiduciary may misappropriate the trust property.
(2)
A claim is also an adverse claim where one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name.
(3)
The lessor of a safe deposit box shall not be deemed to be in possession or control of the contents thereof for the purposes of section
13-54.5-103
, C.R.S., or any other statute or rule pertaining to writs of garnishment.
L. 2003: Entire article added with relocations, p. 1127, §3, effective July 1. L. 2009: (3) added, (HB 09 -1053), ch. 159, p. 689, §9, effective August 5.
This section is similar to former § 11-9-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 5 - SAFE DEPOSIT AND SAFEKEEPING FACILITIES (§§ 11-105-501 — 11-105-506) › Section 11-105-506 - Annual fees

Every lessor, except a bank as defined in section
11-101-401(5)
or subsidiary thereof, shall pay annually to the division of banking such fees as are determined by the banking board to be sufficient to defray the cost to the state of regulating such lessor.
L. 2003: Entire article added with relocations, p. 1127, § 3, effective July 1.
This section is similar to former § 11-9-107 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-601 - Legislative declaration

(1)
The general assembly finds, determines, and declares that distinctions in function and services of various types of financial institutions have become so narrow that organizational and operational equality should be encouraged and facilitated in this state. It is the intent of the general assembly to enact legislation that will promote the safety and soundness of financial institutions for the benefit of the public, improve efficiency for the economic operation of those financial institutions, and ensure that the state of Colorado, by its appropriate action, will continue its control of those financial institutions within its jurisdiction.
(2)
Repealed.
L. 2003: Entire article added with relocations, p. 1127, § 3, effective July 1. L. 2004: (2) repealed, p. 147, § 44, effective July 1.
This section is similar to former § 11-25-101 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-602 - Financial branches allowed - conversion of financial institutions to branches - acquisitions

(1)
Any financial institution may convert any affiliate financial institution to a branch.
(2)
Any financial institution, no matter the location of its principal place of business, may acquire any other financial institution for conversion to a branch or branches in this or another state.
(3)
(a)
Any bank, no matter the location of its principal place of business, upon thirty days' prior written notice to the banking board or the commissioner, may establish one or more de novo branches anywhere in this or another state.
(b)
Any bank or savings and loan association may, upon thirty days' written notice to the banking board or commissioner, be converted to a branch of any bank or savings and loan association.
(b.5)
(I)
No financial institution may directly or indirectly establish or maintain or cause to be established or maintained its principal office, a loan production office, a deposit production office, an electronic communications device, or a branch in this state on or within one and one-half miles from premises or property owned, leased, or otherwise controlled, directly or indirectly, by an affiliate that engages in commercial activities.
(II)
Repealed.
(c)
The banking board and the financial services board shall adopt policies and procedures by rule no more restrictive than federal regulatory policies and procedures relative to notice of branches to be established under this subsection (3).
Amended by 2013 Ch. 282,§ 56, eff. 7/1/2013.
Amended by 2013 Ch. 282,§ 15, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1127, § 3, effective July 1. L. 2004: (3)(c) amended, p. 147, § 45, effective July 1. L. 2007: (3)(b.5) added, p. 117, § 2, effective March 16; (3)(b.5)(II)(B) amended, p. 2021, § 15, effective June 1. L. 2013: (2), (3)(a), and (3)(b) amended and (3)(b.5)(II) repealed, (SB 13-154), ch. 282, pp. 1467, 1484, §§ 15, 56, effective July 1.
This section is similar to former § 11-25-103 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-603 - Financial institutions - common powers and limitations

(1)
Any acquisition of a branch from another financial institution is subject to the percentage limitation set forth in subsection (5) of this section. Such an acquisition by a financial institution is expressly authorized, and the location of such branch may be changed pursuant to law.
(2)
Nothing in this part 6 applies to a branch facility operating under an emergency grant pursuant to section
11-103-809
; however, such a branch facility may continue to operate in perpetuity as a branch without being subject to any percentage limitation on branches set forth in this part 6.
(3)
Nothing in this part 6 or part 2 of article
104
of this title prevents the acquisition of any financial institution in this state by any other financial institution; however, any conversion of all or any part thereof to a branch must be in accordance with this part 6.
(4)
If any financial institution converts any affiliate financial institution to a branch pursuant to the provisions of this part 6, such financial institution at the time of such conversion or immediately thereafter shall meet the capital standards for banks in Colorado as required by the "Colorado Banking Code", by any rules of the banking board, or by the commissioner.
(5)
Notwithstanding any other provision of this part 6, no financial institution that acquires any other financial institution on or after August 1, 1991, may convert the acquired financial institution to a branch or branches if such conversion or conversions will result in the acquiring financial institution controlling more than twenty-five percent of the aggregate of all deposits in all banks, savings and loan associations, federal savings banks, and other financial institutions located in Colorado that are federally insured. For the purpose of this subsection (5), deposits shall be determined based upon the public reports most recently filed with the appropriate federal regulatory agency.
Amended by 2013 Ch. 282,§ 57, eff. 7/1/2013.
Amended by 2013 Ch. 282,§ 16, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1132, § 3, effective July 1. L. 2013: (1), (2), and (3) amended, (SB 13-154), ch. 282, pp. 1467, 1485, §§ 16, 57, effective July 1.
This section is similar to former § 11-25-104 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-604 - Subsidiary depository institutions as agent

(1)
Any bank subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for an affiliate financial institution, as such authority is set forth in section 101(d) of the federal "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994". Notwithstanding any other provision of law, a bank acting as an agent in accordance with this subsection (1) for an affiliate financial institution shall not be considered to be a branch of the affiliate.
(2)
Any contract entered into pursuant to section
11-25-105
as it existed prior to July 1, 1995, shall remain valid and in effect according to the terms of the contract and any subsequent agreement of the contracting financial institutions.
L. 2003: Entire article added with relocations, p. 1132, § 3, effective July 1.
This section is similar to former § 11-25-105 as it existed prior to 2003.
For the federal "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994", see Pub.L. 103-328 , codified at 12 U.S.C. §1811 et seq.; for section 101(d) of the act, see 12 U.S.C. §1828 .
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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-605 - Rule-making by banking board and financial services board

(1)
The banking board shall promulgate and adopt such rules as are necessary to accomplish the purposes of this part 6.
(2)
The financial services board shall promulgate and adopt such rules as are necessary to accomplish the purposes of this part 6.
(3)
The banking board and the financial services board shall coordinate their rule-making that implements the provisions of this part 6 so that the procedures and time periods are the same for each type of financial institution to give notice of a branch thereunder.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1. L. 2004: (2) and (3) amended, p. 147, § 46, effective July 1.
This section is similar to former § 11-25-106 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 105 - BANKING PRACTICES (§§ 11-105-101 — 11-105-606) › Part 6 - FINANCIAL INSTITUTIONS, OPERATION OF BRANCHES,ORGANIZATIONAL AND OPERATIONAL EQUALITY (§§ 11-105-601 — 11-105-606) › Section 11-105-606 - Notice of branch closing

No later than ninety days prior to the proposed date of any branch closing, the "notice of branch closing" required to be filed with the appropriate federal regulatory agency shall be filed with the banking board or the financial services board. The notice of branch closing shall include a detailed statement of the reasons for the decision to close the branch and statistical or other information in support of such reasons.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1.
This section is similar to former § 11-25-107 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 11-106-101 - Bank as fiduciary

It shall be unlawful for a state bank to act as fiduciary, other than as escrow agent, unless it is authorized by its charter or amendments thereto to exercise trust powers.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1.
This section is similar to former § 11-10-101 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 11-106-102 - Investment power

A bank acting as fiduciary shall have the same investment powers as an individual fiduciary under like circumstances.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1.
This section is similar to former § 11-10-102 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 11-106-103 - General fiduciary powers

Unless otherwise expressly provided by statute, a bank acting as a fiduciary shall have all of the rights, powers, privileges, and immunities and be subject to the same obligations and duties as an individual fiduciary under like circumstances.
L. 2003: Entire article added with relocations, p. 1133, § 3, effective July 1.
This section is similar to former § 11-10-103 as it existed prior to 2003.