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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 6 - OFFENSES, PENALTIES, REMOVAL,SUSPENSION, AND ENFORCEMENT (§§ 11-109-601 — 11-109-607) › Section 11-109-607 - [Effective Until 8/7/2024] Receipt of deposits while insolvent

It is a criminal offense if a trust company 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, and if such trust company or person has knowingly concealed or misstated material facts regarding the insolvency of the trust company from or to the banking board, commissioner, or division of banking.
L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.
This section is similar to former § 11-23-119.6 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 11-109-607 - [Effective 8/7/2024] Receipt of deposits while insolvent

It is a criminal offense if a trust company 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, and if such trust company or person has knowingly concealed or misstated material facts regarding the insolvency of the trust company from or to the banking board, commissioner, or division of banking.
Amended by 2024 Ch. 461,§ 37, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1196, § 3, effective July 1.
This section is similar to former § 11-23-119.6 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 7 - LIQUIDATION, DISSOLUTION, ANDEMERGENCY CHARTERS (§§ 11-109-701 — 11-109-704) › Section 11-109-703 - Emergency grant of new charter

In addition to powers regarding liquidation, the banking board may, in the interest of protecting the public and the depositors of a closed trust company with its principal office in this state, issue a new trust company charter to qualified individuals for the same location as the closed trust company, contingent upon the new trust company assuming full liability for such deposits of the closed trust company as may be transferred to it. Under such conditions, a new charter may be issued summarily without the publication of notice, without the holding of a public hearing, and without complying with any of the other provisions and procedures specified in this article.
L. 2003: Entire article added with relocations, p. 1199, § 3, effective July 1.
This section is similar to former § 11-23-122.1 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 8 - APPEALS (§§ 11-109-801 — 11-109-802) › Section 11-109-801 - Appeals procedure

Any trust company aggrieved and directly affected by an order or rule of the banking board, issued under this article, may seek a review in the district court of this state in and for the county in which the trust company is located, within thirty days after receipt of written notice of the issuance of such order or rule. The filing of such a petition for review shall not, of itself, stay enforcement of an order or rule, but the court, upon a finding that irreparable injury would otherwise result, may order a stay upon such terms as it deems proper. The court may affirm the order of the banking board or may direct said banking board to take any action deemed proper. No person shall be subjected to any civil or criminal liability for any act or omission made in good faith reliance upon a then existing order or rule of the banking board, notwithstanding a subsequent decision by a court invalidating the order or rule.
L. 2003: Entire article added with relocations, p. 1202, § 3, effective July 1.
This section is similar to former § 11-23-120 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 8 - APPEALS (§§ 11-109-801 — 11-109-802) › Section 11-109-802 - Injunctions - appeals

(1)
Whenever the banking board has taken possession of a trust company and the trust company deems itself aggrieved thereby, such trust company, within ten days after such taking, may apply to the court in which notice of possession has been filed to enjoin further proceedings. After citing the banking board to show cause why further proceedings should not be enjoined and after a hearing, the court may dismiss the application of the trust company or may enjoin the banking board from further liquidation proceedings and direct the banking board to surrender possession of the trust company.
(2)
An appeal may be taken by the banking board or by the trust company from the judgment of the court in the manner provided by law for appeals from judgments of the district court. An appeal from the judgment does not operate as a stay of judgment. If the appeal is taken by the banking board, no bond need be given, but if the appeal is taken by the trust company, a bond shall be given as required by the Colorado rules of civil procedure.
L. 2003: Entire article added with relocations, p. 1202, § 3, effective July 1.
This section is similar to former § 11-23-123 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 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-901 - Reserves against deposits

Trust companies 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 trust companies, including trust companies not subject to reserve provisions of the "Federal Reserve Act". In promulgating these rules, the banking board shall consider all relevant factors, including without limitation, the factors set forth in section
11-101-102
.
L. 2003: Entire article added with relocations, p. 1203, § 3, effective July 1.
This section is similar to former § 11-23-109.5 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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-903 - Substitution of trust companies

Trust companies created under this article may participate in the transfer of trust assets in the case of a substitution of one fiduciary for another under the provisions of sections
11-101-401
,
11-106-105
, and
11-106-106
.
L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1.
This section is similar to former § 11-23-110.5 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 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-904 - Laws governing individuals apply

A trust company in the exercise of its fiduciary powers shall be subject to the same duties, liabilities, and penalties as an individual fiduciary acting in like capacity.
L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1.
This section is similar to former § 11-23-111 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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-905 - Separation of fiduciary funds

A trust company shall keep fiduciary funds and investments separate and apart from its own assets. All investments made as a fiduciary shall be so designated so that fiduciary funds may be clearly identified.
L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1.
This section is similar to former § 11-23-112 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 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-906 - Funds awaiting investment or distribution

Funds held by a trust company in a fiduciary capacity that are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. Funds held in trust by a trust company awaiting investment or distribution may, unless prohibited by the instrument creating the trust, be deposited in an account with the trust company as provided in section
11-109-201(1)(d)
.
L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1.
This section is similar to former § 11-23-113 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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-907 - Extensions of credit

(1)
A trust company shall not make any loans or extensions of credit except as provided in subsection (2) of this section.
(2)
A trust company may:
(a)
Make a loan or extend credit to its officers, directors, and employees if such loan or credit is adequately secured and does not involve more than the normal risk of default or present other unfavorable features. Any loan or extension of credit in excess of twenty-five thousand dollars shall be subject to prior approval by the banking board.
(b)
Establish with one or more broker-dealers margin accounts in its name as fiduciary or custodian for the benefit of the owners or beneficiaries of such accounts.
Amended by 2013 Ch. 282,§ 58, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1206, § 3, effective July 1. L. 2008: Entire section amended, p. 1502, § 3, effective May 28. L. 2013: (1) and IP(2) amended, (SB 13-154), ch. 282, p. 1485, § 58, effective July 1.
This section is similar to former § 11-23-114 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 9 - TRUST PRACTICES (§§ 11-109-901 — 11-109-908) › Section 11-109-908 - [Effective 8/7/2024] Fiduciary accounts - duties of trust companies - rules

(1)
Before accepting a fiduciary account, a trust company shall review the prospective account to determine whether the trust company can properly administer the account.
(2)
Upon the acceptance of a fiduciary account for which a trust company has investment discretion, the trust company shall conduct a prompt review of all assets of the account to evaluate whether the assets are appropriate for the account.
(3)
At least once during every calendar year, a trust company shall conduct a review of all assets of each fiduciary account for which the trust company has investment discretion to evaluate whether the assets are appropriate, individually and collectively, for the account.
(4)
The board shall promulgate rules regarding what assets are appropriate for purposes of subsections (2) and (3) of this section.
Added by 2024 Ch. 461,§ 12, eff. 8/7/2024.
2024 Ch. 461, 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 109 - TRUST COMPANIES (§§ 11-109-101 — 11-109-1001) › Part 10 - [Repealed] (§ 11-109-1001) › Section 11-109-1001 - to 11-109-1007 - [Repealed]

Repealed by 2013 Ch. 282,§5, eff. 7/1/2013.
L. 2013: Entire part repealed, (SB 13-154), ch. 282, p. 1464, § 5, effective July 1.
This part 10 was added in 2008 and was not amended prior to its repeal in 2013.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-101 - Short title

The short title of this article 110 is the "Money Transmitters Act".
Renumbered from C.R.S. §12-52-101 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 2, effective August 9.
This section is similar to former § 12-52-101 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-102 - Legislative declaration

It is declared to be the policy of this state that checks, drafts, money orders, or other instruments for the transmission or payment of credit or money are widely used by the people of this state as a process of settling accounts or debts and that sellers and issuers of the instruments receive, in the aggregate, large sums of money from the people of this state and it is therefore imperative that the integrity, experience, and financial responsibility and reliability of those engaged in the various types of businesses dealing in the instruments be above reproach. In order that the people of this state may be safeguarded from default in the payment of these instruments, it is necessary that proper regulatory authority be established through the banking board. Any person who sells or issues the instruments without complying with the provisions of this article 110 endangers the public interest.
Renumbered from C.R.S. §12-52-102 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire section added with relocations, (SB 17-226), ch. 159, p. 575, § 2, effective August 9.
This section is similar to former § 12-52-102 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-104 - Applicability of powers of banking board and bank commissioner to money orders

The powers, duties, and functions of the banking board and the commissioner contained in article
102
of this title 11 and the declaration of policy contained in section
11-101-102
shall apply to the provisions of this article 110. For the purposes of this section and section
11-102-104
, the banking board shall have the same powers, duties, and functions concerning a violation of this article 110 or a rule issued pursuant to this article 110 as the board has concerning a violation of the "Colorado Banking Code", a statute, or a rule issued pursuant to that code.
Renumbered from C.R.S. §12-52-103.5 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 577, § 2, effective August 9.
This section is similar to former § 12-52-103.5 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-105 - License required - investigations

(1)
A person shall not engage in the business of money transmission without first procuring a license from the board; except that an agent, subagent, or representative of a licensee or an employee of an agent, subagent, or representative who acts on behalf of a licensee in the transmission of money by the licensee is not required to be licensed under this article 110.
(2)
The board may investigate any person believed to be engaging in the business of money transmission without a valid license required under this section.
Renumbered from C.R.S. §12-52-104 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Amended by 2013 Ch. 395, §3, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 577, § 2, effective August 9.
This section is similar to former § 12-52-104 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-106 - [Effective Until 8/7/2024] Exemptions

Nothing in this article 110 shall apply to: Departments or agencies of the United States of America, or to any state or municipal government, or to corporations organized under the general banking, savings and loan, or credit union laws of this state or of the United States, or to the receipt of money by an incorporated telegraph or cable company at any office or agency thereof for immediate transmission by telegraph or cable.
Renumbered from C.R.S. §12-52-105 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 578, § 2, effective August 9.
This section is similar to former § 12-52-105 as it existed prior to 2017.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-106 - [Effective 8/7/2024] Exemptions

This article 110 does not apply: To departments or agencies of the United States of America; to any state or municipal government; or to corporations organized under the general banking, savings and loan, or credit union laws of this state, of other states, or of the United States.
Amended by 2024 Ch. 341,§ 9, eff. 8/7/2024.
Renumbered from C.R.S. §12-52-105 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 578, § 2, effective August 9.
This section is similar to former § 12-52-105 as it existed prior to 2017.
2024 Ch. 341, 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 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-107.5 - Name-based judicial record check

When the results of a fingerprint-based criminal history record check of an applicant performed pursuant to section
11-110-107(1)(e)
reveal a record of arrest without a disposition, the banking board shall require that applicant to submit to a name-based judicial record check, as defined in section
22-2-119.3(6)(d)
. The applicant shall pay the actual costs of the name-based judicial record check.
Amended by 2022 Ch. 114,§8, eff. 4/21/2022.
L. 2019: Entire section added, (HB 19-1166), ch. 539, p. 539, § 6, effective April 18.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-110 - Issuance of license - renewal - fee

(1)
Before any license is issued, and annually thereafter on or before January 1 of each succeeding year, the applicant or licensee shall pay to the banking board a license fee in an amount set by the banking board pursuant to section
11-102-104(11)
. For each license originally issued between July 1 and December 31 of any year, the applicant shall pay one-half the annual fee required in this section. Each license shall expire on January 1 unless the annual fee for the year has been paid prior to that date.
(2)
Beginning July 1, 1977, before any license may be renewed, the licensee shall be required to provide the same amount of bond coverage or securities for deposit as an initial applicant under section
11-110-108
.
Renumbered from C.R.S. §12-52-109 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 582, § 2, effective August 9.
This section is similar to former § 12-52-109 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-112 - Change in control - rule

(1)
(a)
Except as specified in subsection (1)(b) or (1)(c) of this section, when a licensee proposes a change of control, the licensee shall:
(I)
Give the commissioner written notice of the proposed change of control within fifteen days after learning of the proposed change of control;
(II)
Request approval of the change of control; and
(III)
Submit a nonrefundable fee in an amount established under section
11-102-104(11)
with the notice.
(b)
The board, by rule or order, may exempt a person from any of the requirements of subsection (1)(a)(II) or (1)(a)(III) of this section if the board finds that it is in the public interest to do so.
(c)
This subsection (1) does not apply to a public offering of securities.
(2)
After review of a request for approval under subsection (1) of this section, the board may require the licensee to provide additional information concerning the persons proposed to control the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.
(3)
The board shall approve a request for change of control under subsection (1) of this section if, after investigation, the board determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
(4)
When an application for a change of control under this section is complete, the board shall give written notice to the licensee of the date on which the board determined the request to be complete and the date on which the board will hold a hearing on the application.
(5)
Before filing a request for approval to acquire control of a licensee or of a person in control of a licensee, a person may file a written request for a determination from the board as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the board determines that the person would not be a person in control of a licensee, the board shall provide to the person written notification to that effect and the proposed person and transaction are not subject to the requirements of subsections (1) to (3) of this section.
Renumbered from C.R.S. §12-52-110.3 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Added by 2013 Ch. 395, §7, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 583, § 2, effective August 9.
This section is similar to former § 12-52-110.3 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-113 - Compliance with federal law

Each licensee shall comply with state and federal money laundering laws, including, but not limited to, the federal "Bank Secrecy Act",
12 U.S.C. sec. 1951
et seq.
Renumbered from C.R.S. §12-52-110.5 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 584, § 2, effective August 9.
This section is similar to former § 12-52-110.5 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-114 - Multiple locations

(1)
Each licensee may conduct business at locations within this state the licensee may desire and through agents and subagents the licensee may from time to time appoint. Each licensee shall notify the board by certified mail of any increase in the number of locations at which it conducts its business and shall provide proof that the licensee has increased the required bond or securities accordingly. The notification and proof are due on the date on which the licensee's next report required under section
11-110-111(2)(b)
is due.
(2)
Each licensee may, notwithstanding whether a facility or mode only accepts credit cards, conduct business through physical and electronic facilities, including by telephone and internet, and may charge a different price for the provision of services based upon the type of facility or mode of services used in the transaction.
Amended by 2021 Ch. 476, §2, eff. 7/1/2022.
Renumbered from C.R.S. §12-52-111 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Amended by 2013 Ch. 395, §4, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 584, p. 584, § 2, effective August 9.
This section is similar to former § 12-52-111 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-115 - [Effective Until 8/7/2024] Revocation or surrender of license

(1)
The banking board may, upon ten days' notice served personally upon the licensee stating the contemplated action and the grounds therefor, hold a hearing at which the licensee shall have a reasonable opportunity to be heard, for the purpose of determining whether a license should be revoked.
(2)
After the hearing the banking board may revoke any license issued under this article 110 if it finds that:
(a)
The licensee has failed to maintain the required bond; or
(b)
The licensee has failed to comply with any order, decision, or finding of the banking board or the commissioner made pursuant to this article 110; or
(c)
The licensee has violated any provision of this article 110; or
(d)
Facts exist that would have warranted the banking board's refusal to issue the original license; or
(e)
The licensee is engaged in a business a substantial portion of which involves the processing, manufacture, or purchase and sale of commodities or articles of tangible personal property and the licensee has failed to maintain constantly a separate bank deposit account or accounts for the exclusive payment of exchange issued by the licensee; or
(f)
The licensee has sold or issued exchange without receiving payment for the face value of the exchange prior to the time of the sale or issuance.
(3)
A licensee may surrender any license by delivering to the banking board written notice that he or she surrenders the license, but the surrender shall not affect the licensee's civil or criminal liability for acts committed prior to the surrender, or affect the liability on any bond, or entitle the licensee to a return of any part of any license fee.
Renumbered from C.R.S. §12-52-112 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9.
This section is similar to former § 12-52-112 as it existed prior to 2017.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-115 - [Effective 8/7/2024] Revocation, suspension, or surrender of license

(1)
The banking board may, upon ten days' notice served personally upon the licensee stating the contemplated action and the grounds for the action, hold a hearing at which the licensee has a reasonable opportunity to be heard, for the purpose of determining whether a license should be suspended or revoked.
(2)
After the hearing the banking board may suspend or revoke any license issued under this article 110 if it finds that:
(a)
The licensee has failed to maintain the required bond; or
(b)
The licensee has failed to comply with any order, decision, or finding of the banking board or the commissioner made pursuant to this article 110; or
(c)
The licensee has violated any provision of this article 110; or
(d)
Facts exist that would have warranted the banking board's refusal to issue the original license; or
(e)
The licensee is engaged in a business a substantial portion of which involves the processing, manufacture, or purchase and sale of commodities or articles of tangible personal property and the licensee has failed to maintain constantly a separate bank deposit account or accounts for the exclusive payment of exchange issued by the licensee; or
(f)
The licensee has sold or issued exchange without receiving payment for the face value of the exchange prior to the time of the sale or issuance.
(3)
A licensee may surrender any license by delivering to the banking board written notice that the person surrenders the license, but the surrender does not:
(a)
Affect the licensee's civil or criminal liability for acts committed prior to the surrender;
(b)
Affect the liability on any bond; or
(c)
Entitle the licensee to a return of any part of any license fee.
Amended by 2024 Ch. 341,§ 12, eff. 8/7/2024.
Amended by 2024 Ch. 341,§ 3, eff. 8/7/2024.
Renumbered from C.R.S. §12-52-112 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9.
This section is similar to former § 12-52-112 as it existed prior to 2017.
2024 Ch. 341, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2024 Ch. 341, 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 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-116 - Rules

The banking board may make, promulgate, alter, amend, or revise reasonable rules as may be necessary for the enforcement and execution of this article 110.
Renumbered from C.R.S. §12-52-113 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9.
This section is similar to former § 12-52-113 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-117 - Review

Any person aggrieved and directly affected by an order of the banking board issued under this article 110 may seek a review in the district court of Colorado in and for the county in which the principal place of business of the licensee or applicant is located. The filing of such a petition for review shall not, of itself, stay enforcement of an order, but the court may order a stay upon such terms as it deems proper.
Renumbered from C.R.S. §12-52-114 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9.
This section is similar to former § 12-52-114 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-118 - Penalty for violations

Any person who violates any provision of this article 110 is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than ten thousand dollars. Each such violation shall constitute a separate offense.
Renumbered from C.R.S. §12-52-115 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9.
This section is similar to former § 12-52-115 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-119 - [Effective Until 8/7/2024] Civil remedies - restraining orders - injunctions

(1)
(a)
If the board has cause to believe that a person has sold or issued exchange or transmitted money without a license issued under this article 110, the board may obtain from the district court of the city and county of Denver a temporary restraining order or a preliminary or permanent injunction prohibiting the person from violating this article 110. In the action, the board shall not be required to plead or prove irreparable injury or the inadequacy of the remedy at law.
(b)
The court shall not require the board to post a bond.
(c)
The district court may issue any orders or judgments necessary to prevent a violation of this article 110. The district court may award to the board the costs and attorney fees incurred in enforcing this article 110.
(2)
A person who violates a district court order or injunction entered pursuant to this section shall be subject to the contempt powers of the district court and shall pay a civil penalty of not more than ten thousand dollars for each such violation. Each day a person continues to violate the district court order shall be a separate violation; except that the aggregate total of civil penalties shall not exceed one hundred thousand dollars for a related series of violations.
(3)
The civil remedies imposed by this section shall be in addition to any other penalty or remedy for a violation of this article 110.
Renumbered from C.R.S. §12-52-115.5 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 586, § 2, effective August 9.
This section is similar to former § 12-52-115.5 as it existed prior to 2017.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-120 - Notice - banking board - consumers

(1)
The licensee or the licensee's agents or subagents shall give notice to the banking board, by certified mail, of any legal action which shall be brought against the licensee and of any judgment which shall be entered against the licensee, by any creditor or claimant, relating to selling or issuing exchange or transmitting money under this article 110, together with details sufficient to identify the action or judgment, within ten days after the commencement of any such action or notice to the licensee of entry of any such judgment. Within ten days after it pays any claim of judgment to any such creditor or such claimant, the corporate surety shall give notice to the banking board, by certified mail, of the payment, together with details sufficient to identify the claimant or creditor and the claim or judgment so paid.
(2)
The licensee or the licensee's affiliates, agents, or subagents shall immediately give notice to the banking board, by certified mail, of any information in their possession with regard to money orders issued by them that have been returned to purchasers unpaid.
(3)
(a)
Except for a money exchange or transmission conducted at a branch of a federally insured depository institution, a licensee shall post and maintain at its establishment a notice advising the customer that the selling or issuing of exchange is regulated by the division of banking and that the customer may report alleged violations of the law to the division of banking. The notice shall be created and furnished to the licensee by the commissioner.
(b)
The notice shall be posted conspicuously in a well-lighted place visible to customers.
Renumbered from C.R.S. §12-52-116 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 586, § 2, effective August 9.
This section is similar to former § 12-52-116 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-121 - [Effective Until 8/7/2024] Repeal of article - review of functions

(1)
This article 110 is repealed, effective September 1, 2024.
(2)
Prior to such repeal, the licensing functions of the commissioner and the banking board shall be reviewed as provided for in section
24-34-104
.
Renumbered from C.R.S. §12-52-117 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Amended by 2013 Ch. 395, §1, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-117 as it existed prior to 2017.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-121 - [Effective 8/7/2024] Repeal of article - review of functions

(1)
This article 110 is repealed, effective September 1, 2030.
(2)
Before the repeal, this article 110 is scheduled for review in accordance with section
24-34-104
.
Amended by 2024 Ch. 341,§ 2, eff. 8/7/2024.
Renumbered from C.R.S. §12-52-117 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Amended by 2013 Ch. 395, §1, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-117 as it existed prior to 2017.
2024 Ch. 341, 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 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-201 - [Effective Until 8/7/2024] Agent information - rules

(1)
A money transmitter licensed pursuant to part 1 of this article 110 shall annually send the following information to the banking board on such form as it may prescribe:
(a)
The name of each agent and the address and telephone number of each of the agent's offices that engage in the business of money transmission;
(b)
The name, address, and telephone number of each of the owners of the agent holding more than a ten percent interest in the business if the agent is a partnership or an entity created pursuant to title 7;
(c)
The services concerning money transmission that are offered by the agent and the locations where the services are offered;
(d)
Such other pertinent information that the banking board may require concerning the agent or its directors, trustees, officers, members, branches, subsidiaries, affiliates, or agents as promulgated by rule.
(2)
The banking board may promulgate rules necessary to implement this section.
Renumbered from C.R.S. §12-52-201 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-201 as it existed prior to 2017.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-201 - [Effective 8/7/2024] Agent information - rules

(1)
A money transmitter licensed pursuant to part 1 of this article 110 shall annually send the following information to the banking board on such form as it may prescribe:
(a)
The name of each agent and the address and telephone number of each of the agent's offices that engage in the business of money transmission;
(b)
[Repealed by 2024 Amendment.]
(c)
The services concerning money transmission that are offered by the agent and the locations where the services are offered;
(d)
Such other pertinent information that the banking board may require concerning the agent or its directors, trustees, officers, members, branches, subsidiaries, affiliates, or agents as promulgated by rule.
(2)
The banking board may promulgate rules necessary to implement this section.
Amended by 2024 Ch. 341,§ 7, eff. 8/7/2024.
Renumbered from C.R.S. §12-52-201 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-201 as it existed prior to 2017.
2024 Ch. 341, 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 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-202 - Applicability - definition

(1)
This part 2 does not apply to an agent of a business licensed pursuant to part 1 of this article 110 to the extent that the agent is selling or adding additional money to stored value issued by the business.
(2)
For purposes of this section, "stored value" means a card, code, or other device that is issued to a consumer in a specified dollar amount, which may or may not be increased in value, and is redeemable at a single merchant, an affiliated group of merchants, or multiple unaffiliated groups of merchants or usable at automated teller machines.
Renumbered from C.R.S. §12-52-202 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-202 as it existed prior to 2017.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 2 - MONEY TRANSMITTER AGENTS (§§ 11-110-201 — 11-110-206) › Section 11-110-203 - Notice of laws - rules

(1)
The banking board shall promulgate rules to create a form containing a notice of the contents of section
18-5-309
and other state and federal laws concerning money laundering.
(2)
(a)
An agent of a business licensed pursuant to part 1 of this article 110 shall require each employee who performs money transmission services to either:
(I)
Understand and sign the form, created under subsection (1) of this section, affirming knowledge of the money laundering laws prior to the employee performing the services; or
(II)
Receive training that covers the money laundering laws within thirty days before the employee performs the services.
(b)
The agent shall maintain a record of each employee along with the signed notice or evidence of training in compliance with subsection (2)(a) of this section so long as the employee provides the services. The records may be maintained in an electronic or digital format that reproduces the signature on the documents by the agent.
Renumbered from C.R.S. §12-52-203 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 587, § 2, effective August 9.
This section is similar to former § 12-52-203 as it existed prior to 2017.