2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 44 - DIVISION OF FINANCIAL SERVICES (§§ 11-44-101 — 11-44-124) › Section 11-44-123 - [Effective 8/7/2024] Assessment of civil money penalties

(1)
(a)
After notice and a hearing as provided in article
4
of title
24
, C.R.S., and after making a determination that no other appropriate governmental agency has taken similar action against such person for the same act or practice, the commissioner may assess and collect a civil money penalty from any person who has violated any final order issued by the commissioner pursuant to section
11-44-110 (1)
or any suspension or removal order issued pursuant to section
11-44-106.5
, or who has violated section
11-41-133
.
(b)
For the purposes of this section, a violation includes, but is not limited to, any action, by any person alone or with another person, which causes, brings about, or results in the participation in, counseling of, or aiding or abetting of a violation.
(c)
In extraordinary circumstances, upon order of the commissioner, any hearing conducted pursuant to this section shall be exempt from any provision of law requiring that proceedings of the commissioner be conducted publicly. Such extraordinary circumstances occur when specific concern arises about prompt withdrawal of moneys from the institution.
(2)
Civil money penalties shall be assessed by written notice of assessment of a civil money penalty served upon the person to be assessed. The notice of assessment of a civil money penalty shall state the amount of the penalty, the period for payment, the legal authority for the assessment, and the matters of fact or law constituting the grounds for assessment. The notice of assessment of a civil money penalty may be appealed to the financial services board pursuant to section
11-44-101.8
. On appeal, the board may consider, among other matters, whether the civil money penalty assessed by the commissioner is appropriate considering the financial resources of the person assessed.
(3)
In determining the amount of a civil money penalty to be assessed, the commissioner shall consider the good faith of the person against whom the penalty is assessed, the gravity of the violation, any previous violations by the person against whom the penalty is assessed, and other matters that the commissioner may deem appropriate. The amount of the civil money penalty must not exceed five thousand dollars per day for each day the person assessed is determined by the commissioner to be in violation of a cease-and-desist order or an order of suspension or removal. Alternatively, the commissioner may assess a civil money penalty for a violation in a lump-sum amount not to exceed fifty thousand dollars.
(4)
Civil money penalties assessed pursuant to this section shall be due and payable and collected within thirty days after the notice of assessment of a civil money penalty is issued by the commissioner; except that the commissioner, in the commissioner's discretion, may compromise, modify, or set aside any civil money penalty. If any person fails to pay an assessment after it has become due and payable, the commissioner may refer the matter to the attorney general, who shall recover the amount assessed by action in the district court for the city and county of Denver. Any civil money penalty collected pursuant to this section shall be transmitted to the state treasurer, who shall credit it to the general fund.
Amended by 2024 Ch. 350,§ 8, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
L. 89: Entire section added, p. 612, § 8, effective April 19. L. 93: (2) amended, p. 1453, § 13, effective June 6. L. 99: Entire section amended, p. 1014, § 8, effective August 4.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.