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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 1 - COMMISSIONER AND BANKING BOARD (§§ 11-102-101 — 11-102-106) › Section 11-102-101 - [Effective Until 8/7/2024] Division of banking - creation - subject to termination - repeal of article

(1)
There is hereby created a division of banking within the department of regulatory agencies. The division shall be charged with functions provided by law. Whenever any law of this state refers to the banking department, said law shall be construed as referring to the division of banking.
(2)
The administrative head of the division shall be the commissioner of banking, who shall be the state bank commissioner appointed and serving as provided by law, and the deputies and employees of the commissioner shall also be deputies and employees of the division of banking hereby created. The bank commissioner, at the time of his or her appointment, shall be experienced in the theory and practice of the business and regulation of financial services institutions under the jurisdiction of the banking board.
(3)
(a)
The provisions of section
24-34-104
, C.R.S., concerning the termination schedule for regulatory bodies of the state unless extended as provided in that section, are applicable to the division of banking created by this section.
(b)
This article is repealed, effective September 1, 2024.
Amended by 2013 Ch. 282, §1, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1059, § 3, effective July 1. L. 2004: (3)(b) amended, p. 322, § 1, effective April 7. L. 2013: (3)(b) amended, (SB 13-154), ch. 282, p. 1463, § 1, effective July 1.
This section is similar to former § 11-2-101 as it existed prior to 2003.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 1 - COMMISSIONER AND BANKING BOARD (§§ 11-102-101 — 11-102-106) › Section 11-102-101 - [Effective 8/7/2024] Division of banking - creation - repeal of article - subject to review

(1)
There is hereby created a division of banking within the department of regulatory agencies. The division shall be charged with functions provided by law. Whenever any law of this state refers to the banking department, said law shall be construed as referring to the division of banking.
(2)
The administrative head of the division is the commissioner of banking, who is the state bank commissioner appointed and serving as provided by law, and the deputies and employees of the commissioner are deputies and employees of the division of banking. The commissioner, at the time of appointment, must be experienced in the theory and practice of the business and regulation of financial services institutions under the jurisdiction of the banking board.
(3)
This article 102 is repealed, effective September 1, 2033. Before the repeal, this article 102 is scheduled for review in accordance with section 24-34-104.
Amended by 2024 Ch. 461,§ 1, eff. 8/7/2024.
Amended by 2013 Ch. 282, §1, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1059, § 3, effective July 1. L. 2004: (3)(b) amended, p. 322, § 1, effective April 7. L. 2013: (3)(b) amended, (SB 13-154), ch. 282, p. 1463, § 1, effective July 1.
This section is similar to former § 11-2-101 as it existed prior to 2003.
2024 Ch. 461, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 1 - COMMISSIONER AND BANKING BOARD (§§ 11-102-101 — 11-102-106) › Section 11-102-105 - Roles and authority of banking board and commissioner - rules - exercise of powers

(1)
All rules of the commissioner lawfully adopted prior to April 15, 1988, shall continue to be effective until revised, amended, repealed, or nullified pursuant to law.
(2)
The banking board and the commissioner in the exercise of their powers pursuant to this code shall be guided by and shall act in a manner consistent with the policies of the state of Colorado with respect to state banks as set forth in section
11-101-102
.
L. 2003: Entire article added with relocations, p. 1066, § 3, effective July 1.
This section is similar to former §§ 11-2-103.5 and 11-2-107 as they 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 1 - COMMISSIONER AND BANKING BOARD (§§ 11-102-101 — 11-102-106) › Section 11-102-106 - Nontraditional mortgages - consumer protections - rules - incorporation of federal interagency guidance

The banking board shall adopt rules governing the marketing of nontraditional mortgages by banking institutions. In adopting such rules, the board shall incorporate appropriate provisions of section 1098 of the federal "Dodd-Frank Wall Street Reform and Consumer Protection Act", amending
12 U.S.C. sec. 2601
et seq., and applicable regulations.
Amended by 2013 Ch. 282,§ 35, eff. 7/1/2013.
L. 2007: Entire section added, p. 1745, § 1, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1475, § 35, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 2 - PROCEEDINGS (§§ 11-102-201 — 11-102-204) › Section 11-102-201 - Hearing officers - powers - procedure - order final

(1)
The banking board has the power to designate a person to act as a hearing officer to conduct any public hearing authorized or required by this code except in the case of charter applications that have been timely protested pursuant to the rules of the banking board. The banking board may determine the qualifications required for a person to be designated pursuant to this subsection (1) based upon the education and experience required for the particular hearing. Such person may, but need not be, an administrative law judge serving pursuant to section
24-30-1003
, C.R.S.
(2)
Any such hearing officer shall have the powers of a hearing officer prescribed in section
24-4-105
, C.R.S.
(3)
After the conclusion of a hearing, the hearing officer shall prepare written findings and recommendations based on the hearing and shall certify such findings and recommendations to the banking board and to each party. If the banking board does not affirm, modify, reverse, remand for further findings, or vacate such written recommendations within sixty days after receipt of the recommendations, the same shall be deemed the determination and order of the banking board. The banking board may extend such sixty-day period by no more than thirty additional days.
L. 2003: Entire article added with relocations, p. 1067, § 3, effective July 1.
This section is similar to former § 11-2-103.6 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 2 - PROCEEDINGS (§§ 11-102-201 — 11-102-204) › Section 11-102-202 - Subpoenas - witnesses - production of records

(1)
The commissioner, or the banking board, has the power to subpoena witnesses, compel their attendance, require the production of evidence, administer an oath, and examine any person under oath in connection with any subject relating to a duty imposed upon, or a power vested in, the commissioner or the banking board.
(2)
In case of a refusal of any person to comply with a lawful subpoena or order of the commissioner or of the banking board issued pursuant to this section, upon proper petition by the commissioner or the banking board to the district court, the court shall require compliance therewith, and further refusal shall be punishable as contempt of court.
L. 2003: Entire article added with relocations, p. 1067, § 3, effective July 1.
This section is similar to former § 11-2-104 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 2 - PROCEEDINGS (§§ 11-102-201 — 11-102-204) › Section 11-102-203 - Effect of good faith reliance on orders or rules of banking board

No person who in good faith relies on any order or rule of the banking board shall be subjected to any civil or criminal liability for any act or omission to act, notwithstanding a subsequent decision by a court invalidating any such order or rule.
L. 2003: Entire article added with relocations, p. 1067, § 3, effective July 1.
This section is similar to former § 11-2-104.5 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 2 - PROCEEDINGS (§§ 11-102-201 — 11-102-204) › Section 11-102-203.5 - Independent administrative review of material supervisory determinations - rules

(1)
The banking board shall establish by rule an independent administrative appeals process to address an adverse material supervisory determination that affects a state bank. For purposes of this section, a "material supervisory determination" means:
(a)
An examination rating, including composite scores, information technology, and trust department ratings;
(b)
A determination relating to the adequacy of loan loss reserve provisions;
(c)
A disputed asset classification exceeding ten percent of the state bank's total capital;
(d)
A determination relating to violations of law or regulation; and
(e)
Any other determination that may have an effect on a state bank's capital, earnings, operating flexibility, or capital category for prompt corrective action purposes, or may otherwise affect the nature and level of supervisory oversight accorded the state bank.
(2)
In promulgating the rule provided for in this section, the banking board shall apply the following criteria, considerations, and policies:
(a)
The initial appeal shall be heard by one or more people selected by the banking board who did not participate in and does not report to anyone who made the material supervisory determination under review;
(b)
The banking board shall establish safeguards to protect from retaliation a state bank that files an appeal;
(c)
All appeals shall be in writing, on forms approved by the banking board, and approved by the appellant's governing principal or a majority of principals;
(d)
All appeals shall be heard within ninety days after filing and decided within one hundred eighty days after filing;
(e)
The banking board shall classify the state banks that are eligible to appeal;
(f)
The banking board shall encourage informal resolution procedures;
(g)
The banking board shall encourage coordination with other state and federal regulatory authorities; and
(h)
To the extent that federal guidelines are consistent with this section, the banking board shall model the rule provided for in this section on relevant federal guidelines.
(3)
Notwithstanding any other provision of this section, an appeal of an adverse material supervisory determination shall not affect, delay, or impede any formal or informal supervisory or enforcement action in progress.
L. 2004: Entire section added, p. 22, § 4, effective March 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 2 - PROCEEDINGS (§§ 11-102-201 — 11-102-204) › Section 11-102-204 - Court review

(1)
Any person aggrieved and directly affected by an order of the banking board issued under this code may seek a review in the district court in and for the county in which the bank is located, or proposed bank is to be located, within thirty days after receipt of written notice of the issuance of said order; except that any person aggrieved or directly affected by an order of the banking board pursuant to section
11-103-304
granting or denying a charter for a new state bank may seek a review in the court of appeals and not the district court. Such review in the court of appeals shall be in accordance with section
24-4-106(11)
, C.R.S. The validity of an order may be tested only by such a review and may not be placed in issue in an action to enforce it. 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.
(2)
The court may affirm the order of the banking board or may direct the banking board to take any action deemed proper. It may reverse or modify the order of the banking board if the order was issued pursuant to an unconstitutional statutory provision, was in excess of statutory authority, was issued upon unlawful procedure, or is not supported by substantial evidence in the record.
L. 2003: Entire article added with relocations, p. 1067, § 3, effective July 1.
This section is similar to former § 11-2-105 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 3 - RECORDS, REPORTING, AND INFORMATION (§§ 11-102-301 — 11-102-308) › Section 11-102-302 - Bank reports to banking board - generally

(1)
Every state bank shall make and file with the banking board not less than three reports during each calendar year according to the form that may be prescribed by the banking board, verified by the oath of either the president, the vice-president, the cashier, or the secretary and attested by the signature of three or more of the directors. Each such report shall exhibit in detail, as may be required by the banking board, the resources and liabilities of the state bank at the close of business on the date specified by the banking board.
(2)
Said reports shall be transmitted to the banking board within thirty days after its request.
(3)
The banking board has power to call for special reports from any particular state bank if, in the banking board's judgment, the special reports are necessary to establish a full and complete knowledge of the state bank's condition. No such special report, nor any summary of a special report, shall be required to be published. The reports required by, and filed pursuant to, this section shall be in lieu of all others required by law from state banks. Every state bank that fails to comply with this section shall pay to the banking board a penalty in an amount set by the banking board pursuant to section
11-102-104(11)
. The banking board, for valid reasons and good cause, may waive such penalty.
L. 2003: Entire article added with relocations, p. 1069, § 3, effective July 1.
This section is similar to former § 11-2-109 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 3 - RECORDS, REPORTING, AND INFORMATION (§§ 11-102-301 — 11-102-308) › Section 11-102-304 - Commissioner's annual report - publications

For each calendar year, the commissioner shall compile and publish an annual report in such form and containing such information as the commissioner may determine necessary to reasonably summarize the operations of the division during such year.
L. 2003: Entire article added with relocations, p. 1073, § 3, effective July 1.
This section is similar to former § 11-2-110 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 3 - RECORDS, REPORTING, AND INFORMATION (§§ 11-102-301 — 11-102-308) › Section 11-102-307 - Access to records

The commissioner shall have access to any record of the division relating to state banks, and the appointive members of the banking board shall have such access upon the affirmative vote of a majority of the members of the banking board.
L. 2003: Entire article added with relocations, p. 1074, § 3, effective July 1.
This section is similar to former § 11-2-112 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 3 - RECORDS, REPORTING, AND INFORMATION (§§ 11-102-301 — 11-102-308) › Section 11-102-308 - Bank records - preservation - reproduction

(1)
Every state bank shall retain its business records for such periods as are prescribed by or in accordance with the terms of this section.
(2)
Each state bank shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, its general ledger (or the record kept by the bank in lieu thereof), its daily statements of condition, and all records that the banking board shall, in accordance with the terms of this section, require to be retained permanently.
(3)
All other state bank records shall be retained for such periods as the banking board shall, in accordance with the terms of this section, prescribe.
(4)
The banking board shall from time to time issue rules classifying all records kept by state banks and prescribing the period for which records of each class shall be retained. Such periods may be permanent or for a term of years. Such rules may be amended or repealed. Prior to issuing any such rule, the banking board shall consider:
(a)
Actions and administrative proceedings in which the production of bank records might be necessary or desirable;
(b)
State and federal statutes of limitation applicable to such actions or proceedings;
(c)
The availability of information contained in bank records from other sources;
(d)
Such other matters as the banking board deems pertinent in order that its rules will require banks to retain their records for such periods as are commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
(5)
Any state bank may dispose of any record that has been retained for the period prescribed, in accordance with the terms of this section for retention of records of its class, and shall, after it has disposed of a record, thereafter be under no duty to produce such record in any action or proceeding.
(6)
In lieu of retention of the original records, any state bank may cause any of its records and records at any time in its custody, including those held by it as a fiduciary, to be photographed or otherwise reproduced in permanent form. Any such photograph or reproduction shall have the same force and effect as the original and be admitted in evidence equally with the original.
(7)
To the extent that they are not in contravention of any statute of the United States or any rule promulgated thereunder, the provisions of this section shall apply to all banks doing business in this state.
L. 2003: Entire article added with relocations, p. 1074, § 3, effective July 1.
This section is similar to former § 11-2-113 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 4 - ASSESSMENTS AND FEES (§§ 11-102-401 — 11-102-403) › Section 11-102-401 - Assessments

(1)
The banking board shall annually establish fees and assessments pursuant to section
11-102-104(11)
. Assessments may be made more frequently than annually at the discretion of the banking board.
(2)
For the fiscal year beginning July 1, 2003, and for each fiscal year thereafter, the banking board shall establish an assessment to be collected at least semiannually in such amounts as are sufficient to generate the moneys appropriated by the general assembly to the division of banking for each such fiscal year.
L. 2003: Entire article added with relocations, p. 1075, § 3, effective July 1.
This section is similar to former § 11-2-114 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 4 - ASSESSMENTS AND FEES (§§ 11-102-401 — 11-102-403) › Section 11-102-402 - [Repealed]

Repealed by 2013 Ch. 282,§38, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1075, § 3, effective July 1. L. 2013: Entire section repealed, (SB 13-154), ch. 282, p. 1477, § 38, effective July 1.
Prior to its repeal, this section was similar to former § 11-2-114.1 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 4 - ASSESSMENTS AND FEES (§§ 11-102-401 — 11-102-403) › Section 11-102-403 - Division of banking cash fund - creation

All fees and assessments collected by the banking board shall be transmitted to the state treasurer, who shall credit the same to the division of banking cash fund, which fund is hereby created in the state treasury. All money in the fund shall be subject to appropriation by the general assembly for the direct and indirect costs of the activities of the banking board and the division. All interest derived from the deposit and investment of money in the fund shall be credited to the fund. Any money not appropriated shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year.
Amended by 2021 Ch. 423,§ 8, eff. 7/2/2021.
Amended by 2020 Ch. 178,§ 6, eff. 6/29/2020.
L. 2003: Entire article added with relocations, p. 1076, § 3, effective July 1. L. 2020: Entire section amended, (HB 20-1406), ch. 811, p. 811, § 6, effective June 29.
This section is similar to former § 11-2-114.5 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-501 - Banking interests of officers and employees - violation

No officer or employee of the division shall be an officer, director, attorney, owner, or shareholder in any bank, or, except as provided in this article 102, receive, directly or indirectly, any payment or gratuity from any such bank, or be indebted to any bank or other institution over which the division has supervisory control. Willful violation of this section is declared to be a criminal offense. This section does not prohibit being a depositor or the lessee of a safe deposit box on the same terms as are available to the public generally, or being indebted to a bank: Upon a mortgage loan upon the mortgagor's own home, or upon an installment debt transferred to a bank in the regular course of business by a seller of consumer goods including automobiles purchased by the officer or employee. Further, this section does not prohibit the five banker members of the banking board, provided for in section
11-102-103(1)(a)
, from being executive officers in banks and from receiving bona fide compensation as such officers.
Amended by 2022 Ch. 2,§126, eff. 2/25/2022.
L. 2003: Entire article added with relocations, p. 1076, § 3, effective July 1.
This section is similar to former § 11-2-115 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-502 - [Effective Until 8/7/2024] Exemption from liability - when

No member of the banking board or officer or employee of the division shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office.
L. 2003: Entire article added with relocations, p. 1076, § 3, effective July 1.
This section is similar to former § 11-2-116 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-502 - [Effective 8/7/2024] Exemption from liability - when

A person who is A member of the banking board or an officer or employee of the division is not liable in any civil action for damages for any act done or omitted in good faith in performing the functions of the person's office.
Amended by 2024 Ch. 461,§ 15, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1076, § 3, effective July 1.
This section is similar to former § 11-2-116 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-504 - No indemnification or insurance against civil money penalties

Notwithstanding any other provision of law, no state bank shall indemnify or insure any executive officer, director, employee, agent, or person participating in the conduct of affairs of such bank against civil money penalties.
L. 2003: Entire article added with relocations, p. 1078, § 3, effective July 1.
This section is similar to former § 11-2-118 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-506 - Suspension of director, officer, or other person

(1)
The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a state bank who becomes ineligible to hold such position, or who after receipt of an order of the banking board to cease and desist violates this code or a lawful rule or order issued pursuant thereto, or who is dishonest, or who is reckless or grossly incompetent in the conduct of banking business, or who may be subject to removal under section
11-102-505
. It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any state bank until the banking board vacates such suspension order. A suspension order shall specify the grounds thereof. A copy of the order shall be sent to the bank concerned and to each member of its board of directors.
(2)
With respect to any action pursuant to this section, ten days' notice, by certified mail, return receipt requested, and an opportunity for hearing shall be provided to the bank affected, in advance of any action taken by the banking board. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action, without notice or hearing, but shall promptly afford a subsequent opportunity for hearing, upon application to rescind the action taken.
L. 2003: Entire article added with relocations, p. 1079, § 3, effective July 1.
This section is similar to former § 11-2-120 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-507 - Informal enforcement authority

The banking board, or the commissioner if so authorized by the banking board, shall have authority to initiate informal actions to enforce the provisions of this code. In this regard the banking board or the commissioner may, in the banking board's or the commissioner's discretion, enter into written agreements such as a memorandum of understanding with, or an informal commitment letter from, or strongly worded letter of reprimand to any bank or any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a bank.
L. 2003: Entire article added with relocations, p. 1079, § 3, effective July 1.
This section is similar to former § 11-2-121 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 102 - DIVISION OF BANKING (§§ 11-102-101 — 11-102-508) › Part 5 - CONFLICTS OF INTEREST, PENALTIES, REMOVAL, SUSPENSION, ENFORCEMENT (§§ 11-102-501 — 11-102-508) › Section 11-102-508 - Statements derogatory to state banks - penalty

Any person who willfully makes, circulates, or transmits to another any false statement, written or oral, that is directly or by inference derogatory to the financial condition of any state bank and that results in an extraordinary withdrawal of funds from such bank or that results in impairing public confidence in such bank and any person who shall counsel, aid, procure, or induce another to start, transmit, or circulate any such statement knowing the statement to be false commits a class 2 misdemeanor and shall be punished as provided in section
18-1.3-501
, C.R.S.
L. 2003: Entire article added with relocations, p. 1079, § 3, effective July 1.
This section is similar to former § 11-2-122 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 1 - GENERAL CORPORATE POWERS (§§ 11-103-101 — 11-103-103) › Section 11-103-102 - Trust, fiduciary, and agency powers - when authorized

In addition to its other powers, a state bank that is authorized by its charter to exercise trust powers, upon proper qualification under this code, has the power to act as a fiduciary in any capacity. It may also act as registrar, transfer agent, fiscal agent, or attorney-in-fact and have the power to receive, manage, and apply sinking funds. Every state bank that is authorized by its charter to exercise trust powers pursuant to this section shall make and file with the commissioner an annual report of trust assets and such other reports as the banking board may require by rule, on such forms as may be prescribed by the banking board. No report filed pursuant to this section shall be required to be published.
L. 2003: Entire article added with relocations, p. 1081, § 3, effective July 1.
This section is similar to former § 11-3-102 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 2 - CAPITAL REQUIREMENTS (§§ 11-103-201 — 11-103-203) › Section 11-103-201 - Capital

The banking board shall establish by rule the capital standards and guidelines, the methods for measuring capital, and the definitions of "capital", "capital adequacy", "capital inadequacy", and other related terms for banks subject to this code, that may differ for specific purposes. In promulgating such rules, the banking board shall consider all relevant factors, including, without limitation, the policies set forth in section
11-101-102
and relevant federal laws and rules. Each bank subject to this code shall at all times comply with the capital rules promulgated by the banking board.
L. 2003: Entire article added with relocations, p. 1081, § 3, effective July 1.
This section is similar to former § 11-3-103 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 2 - CAPITAL REQUIREMENTS (§§ 11-103-201 — 11-103-203) › Section 11-103-202 - Inadequacy of capital - assessments

(1)
If the banking board has reason to believe that the capital of any bank is inadequate under the rules of the banking board, the banking board may ascertain the facts and furnish the bank with a copy of its determination. If the banking board determines an inadequacy of capital based upon such determination, the commissioner, with the approval of the banking board, may direct the state bank to levy an assessment in a designated amount upon the holders of record of common stock to remedy an inadequacy of capital. Upon receipt of an order to levy an assessment, the directors shall cause to be sent to all holders of common stock, at their addresses, a copy of the order and a copy of this subsection (1). If an assessment is not paid within the time prescribed in the order or such shorter period as the directors decide, but not less than thirty days, the state bank may, within sixty days thereafter as the banking board may prescribe in its order, offer the shares of the defaulting stockholders for sale at public auction or private sale at a price that shall not be less than the amount of the assessment and the cost of the sale. Any excess shall be paid to the prior owners. Except under circumstances where section
11-103-203
applies, the method of collection provided in this section shall be the sole method of collecting assessments. If an assessment is not paid within ninety days after the date of the order to levy or at such other date as may be specified in the order, but in no event less than thirty days, the commissioner may, with the approval of the banking board, proceed pursuant to part 8 of this article; however, for good cause shown to the banking board by the affected bank, the banking board may extend the ninety-day limit.
(2)
If the banking board determines that the capital or reserves of any bank are inadequate, the banking board may order the bank not to make new loans or discounts.
L. 2003: Entire article added with relocations, p. 1082, § 3, effective July 1.
This section is similar to former § 11-3-104 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 3 - CHARTERING A STATE BANK (§§ 11-103-301 — 11-103-304) › Section 11-103-301 - [Effective Until 8/7/2024] Incorporators

Five or more individual incorporators of a de novo bank or organizers of a converting bank desiring to organize or convert to a state bank must file with the banking board, in triplicate, an application for charter on the form prescribed therefor and together with all other documents required by section
11-103-303
, all of which instruments shall be duly signed by each of the incorporators or organizers and sworn to before an officer authorized by the laws of this state to administer oaths. A majority of the incorporators must be residents of the state and citizens of the United States. Each incorporator of a de novo bank shall, prior to the filing of said application, subscribe and pay in full in cash for stock having a par value of not less than one percent of the minimum capital and paid-in surplus requirements.
Amended by 2013 Ch. 282, §40, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1084, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1477, § 40, effective July 1.
This section is similar to former § 11-3-106 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 3 - CHARTERING A STATE BANK (§§ 11-103-301 — 11-103-304) › Section 11-103-301 - [Effective 8/7/2024] Incorporators

Five or more individual incorporators of a de novo bank or organizers of a converting bank desiring to organize or convert to a state bank must file with the banking board an application for charter on the form prescribed therefor and together with all other documents required by section
11-103-303
, all of which instruments shall be duly signed by each of the incorporators or organizers and sworn to before an officer authorized by the laws of this state to administer oaths. A majority of the incorporators must be residents of the state and citizens of the United States. Each incorporator of a de novo bank shall, prior to the filing of said application, subscribe and pay in full in cash for stock having a par value of not less than one percent of the minimum capital and paid-in surplus requirements.
Amended by 2024 Ch. 461,§ 18, eff. 8/7/2024.
Amended by 2013 Ch. 282, §40, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1084, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1477, § 40, effective July 1.
This section is similar to former § 11-3-106 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 3 - CHARTERING A STATE BANK (§§ 11-103-301 — 11-103-304) › Section 11-103-302 - Application fees

Each application for charter shall be accompanied by a fee established by the banking board pursuant to section
11-102-104(11)
. The fee may be refunded to the incorporators if the application for charter is withdrawn prior to the date set for public hearing.
L. 2003: Entire article added with relocations, p. 1084, § 3, effective July 1.
This section is similar to former § 11-3-107 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 4 - SHARES AND DISTRIBUTIONS (§§ 11-103-401 — 11-103-406) › Section 11-103-401 - Subscription calls

After a de novo charter has been granted, the directors may call for the payment of the subscriptions in full within thirty days after the date of the notice that the charter has been granted. The bank shall not issue any shares until the bank has paid in full, in cash, the par value and the pro rata portion of the paid-in surplus specified in the de novo charter.
Amended by 2013 Ch. 282,§ 43, eff. 7/1/2013.
L. 2003: Entire article added with relocations, p. 1088, § 3, effective July 1. L. 2013: Entire section amended, (SB 13-154), ch. 282, p. 1480, § 43, effective July 1.
This section is similar to former § 11-3-111 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 4 - SHARES AND DISTRIBUTIONS (§§ 11-103-401 — 11-103-406) › Section 11-103-402 - [Effective Until 8/7/2024] First meetings of stockholders - director's oath - bylaws

(1)
After the capital and surplus have been fully paid in cash and before any business is transacted, the incorporators shall call a meeting of the stockholders, on at least ten days' notice, to elect directors and to adopt bylaws, and shall direct the call, on at least five days' notice, of the first meeting of directors for election of officers.
(2)
Every director of a state bank shall take and subscribe to an oath before a disinterested notary public that the director will, insofar as the duty devolves upon him or her, diligently and honestly administer the affairs of the bank and that he or she will not knowingly violate nor willingly permit to be violated any provision of the law.
(3)
Bylaws may be adopted and amended by a majority vote at a stockholders' meeting, but the bylaws may provide for adoption or amendment by the board of directors of any provisions other than those relating to the duties, term of office, remuneration, reimbursement, or indemnification of a director. Copies of all bylaws and amendments thereto shall be filed with the commissioner.
L. 2003: Entire article added with relocations, p. 1088, § 3, effective July 1.
This section is similar to former § 11-3-112 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 4 - SHARES AND DISTRIBUTIONS (§§ 11-103-401 — 11-103-406) › Section 11-103-402 - [Effective 8/7/2024] First meetings of stockholders - director's oath - bylaws

(1)
After the capital and surplus have been fully paid in cash and before any business is transacted, the incorporators shall call a meeting of the stockholders, on at least ten days' notice, to elect directors and to adopt bylaws, and shall direct the call, on at least five days' notice, of the first meeting of directors for election of officers.
(2)
Every director of a state bank shall take and subscribe to an oath before a disinterested notary public that the director will, insofar as the duty devolves upon the director, diligently and honestly administer the affairs of the bank and that the director will not knowingly violate nor willingly permit to be violated any provision of the law.
(3)
Bylaws may be adopted and amended by a majority vote at a stockholders' meeting, but the bylaws may provide for adoption or amendment by the board of directors of any provisions other than those relating to the duties, term of office, remuneration, reimbursement, or indemnification of a director. Copies of all bylaws and amendments thereto shall be filed with the commissioner.
Amended by 2024 Ch. 461,§ 21, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1088, § 3, effective July 1.
This section is similar to former § 11-3-112 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 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 4 - SHARES AND DISTRIBUTIONS (§§ 11-103-401 — 11-103-406) › Section 11-103-404 - Waiver of notice - meeting or vote

(1)
When a notice is required to be given to stockholders under this code, or the charter or bylaws of any state bank, a waiver thereof in writing, signed by the person entitled to said notice, either before or after the time stated therein, shall be deemed equivalent thereto.
(2)
If the vote of stockholders at a meeting thereof is required or permitted to be taken in connection with any corporate action by any section of this code, the meeting and vote of stockholders may be dispensed with, if all of the stockholders who would have been entitled to vote upon the action if such meeting were held consent in writing to such corporate action being taken.
(3)
In the event that the action that is consented to is such as would have required the filing of a certificate under any of the other sections of this code if such action had been voted upon by the stockholders at a meeting thereof, the certificate filed under such other section shall state that written consent has been given under this section, in lieu of stating that the stockholders have voted upon the corporate action in question, if such last mentioned statement is required thereby.
L. 2003: Entire article added with relocations, p. 1089, § 3, effective July 1.
This section is similar to former § 11-3-116 as it existed prior to 2003.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 103 - ORGANIZATION AND CORPORATE FUNCTIONS (§§ 11-103-101 — 11-103-810) › Part 4 - SHARES AND DISTRIBUTIONS (§§ 11-103-401 — 11-103-406) › Section 11-103-406 - Dividends - when payable

The board of directors of a state bank may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board.
L. 2003: Entire article added with relocations, p. 1090, § 3, effective July 1.
This section is similar to former § 11-3-118 as it existed prior to 2003.