reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › BANKING CODE (§§ 11-1-101 — 11-11-101) › Article 10.5 - PUBLIC DEPOSIT PROTECTION (§§ 11-10.5-101 — 11-10.5-112) › Section 11-10.5-110 - Procedures when event of default occurs

(1)
When the banking board has determined that an eligible public depository has experienced an event of default, the banking board shall proceed in the following manner:
(a)
The board shall seize and take possession of all eligible collateral belonging to or held on behalf of the defaulting depository from wherever such eligible collateral is held.
(b)
The board shall ascertain the aggregate amounts of public funds held by the defaulting depository as disclosed by the records of such depository. The board shall determine for each official custodian for whom public funds are held by the defaulting depository the accounts and the amount of federal deposit insurance that is available for each account. It shall then determine for each such official custodian the amount of uninsured public funds and the eligible collateral that is pledged to secure such funds. Upon completion of this analysis, the board shall provide each such official custodian with a statement that reports the amount of public funds held by the defaulting depository in his behalf, the amount that may be protected by federal deposit insurance, and the amount that is safeguarded by eligible collateral as required by this article. Each such official custodian shall verify this information from his records within ten working days after receiving the report and information from the banking board.
(c)
Upon receipt of a verified report from such official custodian and if the defaulting eligible public depository is to be liquidated or otherwise removed from status as an eligible public depository, the banking board shall proceed to liquidate all eligible collateral held for the safeguarding of public deposits and shall repay each official custodian for the uninsured public deposits held by the depository in his behalf.
(2)
In the event that a federal deposit insurance agency is appointed and acts as liquidator or receiver of any eligible public depository under state or federal law, those duties under this article that are specified to be performed by the banking board in the event of default may be delegated to and performed by the said federal deposit insurance agency. Any liquidation occurring under the provisions of this section shall conform to the procedures established in section
11-103-804
.
L. 89: Entire article R&RE, p. 600, § 1, effective September 1. L. 2003: (2) amended, p. 1206, § 6, effective July 1.
This section is similar to former § 11-10.5-113 as it existed prior to 1989.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › BANKING CODE (§§ 11-1-101 — 11-11-101) › Article 10.5 - PUBLIC DEPOSIT PROTECTION (§§ 11-10.5-101 — 11-10.5-112) › Section 11-10.5-112 - Annual fees and assessments

(1)
There is hereby created in the state treasury the public deposit administration fund. The fund shall consist of moneys required to be credited to the fund pursuant to subsection (2) of this section and all interest earned on the investment of the moneys in the fund. Any such interest shall be credited at least annually to said fund. Moneys in the fund shall be subject to appropriation by the general assembly to the banking board to be used solely for the administration and enforcement of the provisions of this article. No moneys shall be appropriated from the general fund for payment of any expenses incurred under this section, and no such expenses shall be charged against the state.
(2)
Every eligible public depository shall be assessed an annual fee in an amount established by the banking board for the costs of enforcement and administration of this article. Such fees shall fairly and equitably apply to all eligible public depositories calculated according to the proportion of aggregate public funds that each depository holds in relation to the total of all aggregate public deposits held by all eligible public depositories for each annual period for which they were eligible public depositories. The banking board shall transmit such fees to the state treasurer who shall credit the same to the public deposit administration fund.
(3)
All fees assessed against an eligible public depository in accordance with the provisions of section
11-10.5-109(4)
shall be transmitted to the state treasurer who shall credit the same to the public deposit administration fund.
(4)
In setting fees, the banking board shall apply the standards imposed on boards and commissions of the division of professions and occupations in the department of regulatory agencies for determining the amount of fees pursuant to the provisions of section
12-20-105
.
Amended by 2019 Ch. 136,§ 56, eff. 10/1/2019.
L. 89: Entire article R&RE, p. 602, § 1, effective September 1. L. 90: (2) amended, p. 667, § 36, effective June 7. L. 2019: (4) amended, (HB 19-1172), ch. 1658, p. 1658, § 56, effective October 1.
This section is similar to former § 11-10.5-120 as it existed prior to 1989.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › BANKING CODE (§§ 11-1-101 — 11-11-101) › Article 11 - [Repealed] (§ 11-11-101) › Section 11-11-101 - to 11-11-110 - [Repealed]

L. 2003: Entire article repealed, p. 1051, § 1, effective July 1.
(1) This article was numbered as article 12 of chapter 14, C.R.S. 1963.
(2) The provisions of this article were relocated to articles
101
to
109
of this title. For the location of specific provisions, see the editor's notes following each section in said articles.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › GENERAL FINANCIAL PROVISIONS (§§ 11-20-101 — 11-21-101) › Article 20 - [Repealed] (§ 11-20-101) › Section 11-20-101 - to 11-20-118 - [Repealed]

L. 2003: Entire article repealed, p. 1051, § 1, effective July 1.
(1) This article was numbered as article 13 of chapter 14, C.R.S. 1963.
(2) The provisions of this article were relocated to articles
101
to
109
of this title. For the location of specific provisions, see the editor's notes following each section in said articles.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › GENERAL FINANCIAL PROVISIONS (§§ 11-20-101 — 11-21-101) › Article 21 - [Repealed] (§ 11-21-101) › Section 11-21-101 - to 11-21-123 - [Repealed]

L. 81: Entire article repealed, p. 611, § 36, effective July 1; entire article repealed, p. 2023, § 8, effective July 1.
This article was numbered as article 14 of chapter 14, C.R.S. 1963.
For liquidation procedure under the "Colorado Banking Code", see article 103 of this title 11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › INDUSTRIAL BANKS (§ 11-22-101) › Article 22 - [Repealed] (§ 11-22-101) › Section 11-22-101 - to 11-22-706 - [Repealed]

L. 2003: Entire article repealed, p. 1051, § 1, effective July 1.
(1) This article was numbered as article 17 of chapter 14, C.R.S. 1963.
(2) The provisions of this article were relocated to articles
101
to
109
of this title. For the location of specific provisions, see the editor's notes following each section in said articles.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 23 - [Repealed] (§ 11-23-101) › Section 11-23-101 - to 11-23-125 - [Repealed]

L. 2003: Entire article repealed, p. 1051, § 1, effective July 1.
(1) This article was numbered as article 20 of chapter 14, C.R.S. 1963.
(2) The provisions of this article were relocated to articles
101
to
109
of this title. For the location of specific provisions, see the editor's notes following each section in said articles.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-101 - Short title

This article shall be known and may be cited as the "Uniform Common Trust Fund Act".
L. 47: p. 894, § 5. CSA: C. 18, § 177. CRS 53: § 14-10-5. C.R.S. 1963: § 14-18-5.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-102 - Common trust funds established and operated

Any bank or trust company qualified to act as fiduciary in this state may establish and operate, alone or jointly with another bank or trust company qualified to act as fiduciary in this state, common trust funds for the purpose of furnishing investments to itself as fiduciary, to itself and others as cofiduciaries, to other banks or trust companies as fiduciaries, or to other banks or trust companies and others as cofiduciaries. Such fiduciary or cofiduciary may invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to such investment. Any person acting as cofiduciary with any such bank or trust company is hereby authorized to consent to the investment in such interests. In determining whether the investment of funds received or held by a bank or trust company as fiduciary in a common trust fund is proper, the bank or trust company may consider the common fund as a whole and shall not be prohibited from making such investment because of any particular asset.
L. 47: p. 893, § 1. CSA: C. 18, § 173. CRS 53: § 14-10-1. C.R.S. 1963: § 14-18-1. L. 77: Entire section amended, p. 563, § 1, effective June 9.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-103 - Exclusive management and control

Any bank or trust company maintaining one or more common trust funds shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising same. Notwithstanding any other provision of law, such bank or trust company may deposit investments of a common trust fund, which investments are securities, with a clearing corporation or with a federal reserve bank pursuant to part 5 of article
1
of title
15
, C.R.S., for the account of the bank or trust company and such investments shall be deemed for the purposes of this article to be in the custody of such bank or trust company.
L. 47: p. 893, § 4. CSA: C. 18, § 176. CRS 53: § 14-10-3. C.R.S. 1963: § 14-18-3. L. 77: Entire section amended, p. 563, § 2, effective June 9.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-104 - Court accountings

Unless ordered by a court of competent jurisdiction, the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but, by application to the district court, it may secure approval of such an accounting on such conditions as the court may establish.
L. 47: p. 893, § 2. CSA: C. 18, § 174. CRS 53: § 14-10-2. C.R.S. 1963: § 14-18-2.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-105 - Uniformity of interpretation

This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
L. 47: p. 893, § 3. CSA: C. 18, § 175. CRS 53: § 14-10-4. C.R.S. 1963: § 14-18-4.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-106 - Existing fiduciary relationships

This article became effective January 1, 1948, and applies to fiduciary relationships then in existence or thereafter established.
L. 47: p. 894, § 8. CSA: C. 18, § 178. CRS 53: § 14-10-6. C.R.S. 1963: § 14-18-6.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS AND INDUSTRIAL BANKS (§§ 11-1-101 — 11-24-107) › TRUST COMPANIES AND TRUST FUNDS (§§ 11-23-101 — 11-24-107) › Article 24 - UNIFORM COMMON TRUST FUND ACT (§§ 11-24-101 — 11-24-107) › Section 11-24-107 - Fiduciary defined

The word "fiduciary", whenever used in this article, means a bank or trust company undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes personal representatives [including executors, administrators, administrators with the will annexed (cum testamento annexo), administrators in succession acting under a will (de bonis non), ancillary administrators acting under a will, and ancillary executors], special administrators, guardians, conservators, trustees, whether of express or implied trusts, custodians under the "Colorado Uniform Transfers to Minors Act" (notwithstanding anything in said act which may be interpreted as contrary to this grant of authority), assignees, receivers, managing agents, as defined in this section, and any other person acting in a similar capacity. "Managing agent" means a fiduciary acting in the fiduciary relationship assumed upon the creation of a relationship which confers investment discretion on the fiduciary, but as to which the technical legal relationship is that of agent and principal.
L. 77: Entire section added, p. 564, § 3, effective June 9. L. 84: Entire section amended, p. 393, § 3, effective July 1.
For the "Colorado Uniform Transfers to Minors Act", see article 50 of this title 11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BRANCH INSTITUTIONS (§ 11-25-101) › Article 25 - [Repealed] (§ 11-25-101) › Section 11-25-101 - to 11-25-107 - [Repealed]

L. 2003: Entire article repealed, p. 1051, § 1, effective July 1.
(1) This article was added in 1991.
(2) The provisions of this article were relocated to articles
101
to
109
of this title. For the location of specific provisions, see the editor's notes following each section in said articles.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-102 - Bylaws of credit unions

The commissioner shall cause to be prepared a standard form of bylaws, consistent with this article, to be issued to all credit unions. All credit unions shall operate under the standard bylaws; except that each such credit union, subject to the approval of the commissioner, shall propose its own name, its field of membership, the number of members of its board of directors, its credit committee, its supervisory committee, provisions relative to times and places of meetings of the membership and of the board of directors, provisions relative to the conduct of elections and balloting of the credit union, and modifications of the standard bylaws deemed appropriate by the board of directors for the operation of the individual credit union. Any and all amendments to the bylaws shall be approved by the commissioner before they become operative.
L. 31: p. 297, § 2. CSA: C. 47, § 2. L. 41: p. 371, § 2. CRS 53: § 38-1-2. C.R.S. 1963: § 38-1-2. L. 67: p. 316, § 2. L. 84: Entire section amended, p. 372, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-103.5 - [Repealed]

Repealed by 2013 Ch. 193,§3, eff. 5/11/2013.
L. 93: Entire section added, p. 1445, § 4, effective June 6. L. 2013: Entire section repealed, (SB 13-159), ch. 193, p. 790, § 3, effective May 11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-105 - Exclusive right to use "credit union" in title - penalty

A credit union organized in accordance with the provisions of this article 30, or in accordance with the laws of the United States or the laws of another state or territory of the United States, has the exclusive right to use the words "credit union" in its name or title; but an association composed of credit unions transacting business in this state may use the words "credit union" in its name or title. Any other person, association, corporation, or partnership using the words "credit union" in its name or title commits a petty offense.
Amended by 2021 Ch. 462,§120, eff. 3/1/2022.
L. 31: p. 297, § 3. CSA: C. 47, § 3. L. 41: p. 371, § 3. CRS 53: § 38-1-3. C.R.S. 1963: § 38-1-3. L. 92: Entire section amended, p. 934, § 1, effective April 2.
Section 803(2) of chapter 462 (SB 21-271), Session Laws of Colorado 2021, provides that the act changing this section applies to offenses committed on or after March 1, 2022.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-107 - [Effective Until 8/7/2024] Fiscal year - meetings

The fiscal year of all credit unions shall end December 31 of each year. The annual meeting shall be held within five months after the close of said fiscal year. Special meetings may be held in the manner indicated in the bylaws. At all meetings a member shall have but a single vote, whatever his share holdings. There shall be no voting by proxy, but a member other than a natural person may cast a single vote through a delegated agent.
L. 31: p. 299, § 7. CSA: C. 47, § 7. L. 41: p. 374, § 7. CRS 53: § 38-1-7. C.R.S. 1963: § 38-1-7. L. 67: p. 318, § 6. L. 79: Entire section amended, p. 416, § 1, effective July 1.
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) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-107 - [Effective 8/7/2024] Fiscal year - meetings

(1)
A board of directors of a credit union may determine the date upon which the credit union's fiscal year ends, so long as the date coincides with the end of a standard fiscal quarter.
(2)
A board of directors of a credit union may determine the date of the credit union's annual membership meeting. Special meetings may be held in the manner indicated in the bylaws. At all meetings, a member has only one vote, regardless of the member's share holdings. There shall not be voting by proxy, but a member other than a natural person may cast a single vote through a delegated agent.
Amended by 2024 Ch. 350,§ 7, 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. 31: p. 299, § 7. CSA: C. 47, § 7. L. 41: p. 374, § 7. CRS 53: § 38-1-7. C.R.S. 1963: § 38-1-7. L. 67: p. 318, § 6. L. 79: Entire section amended, p. 416, § 1, effective July 1.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-108 - Elections

(1)
At the annual meeting, or by other proper balloting within thirty days before and twenty days after the annual meeting, the credit union members shall elect from the membership a board of directors of not less than five members. A supervisory committee of not less than three members and a credit committee of not less than three members or a credit officer shall be elected by the credit union members or appointed by the board of directors as provided in the bylaws of the credit union. All such persons shall hold office for such terms respectively as the bylaws provide and until successors are elected or appointed and qualify. In addition, one or more alternate members of the credit committee may be elected by the credit union members or appointed by the board of directors to serve in the absence of members of the credit committee. No member shall hold more than one elected office simultaneously. A record of the names and addresses of the members of the board and such committees, such alternates, and the officers shall be filed with the commissioner within twenty days after their election or appointment.
(2)
Notwithstanding subsection (1) of this section, the board of directors may, as provided in the bylaws, appoint an audit committee in lieu of a supervisory committee to carry out the duties and responsibilities of the supervisory committee as contained in section
11-30-111
. A record of the names and addresses of the members of the audit committee must be filed with the commissioner within twenty days after their election or appointment.
Amended by 2016 Ch. 99,§ 1, eff. 8/10/2016.
L. 31: p. 300, § 8. CSA: C. 47, § 8. L. 41: p. 374, § 8. L. 47: p. 379, § 1. CRS 53: § 38-1-8. C.R.S. 1963: § 38-1-8. L. 67: p. 318, § 7. L. 77: Entire section amended, p. 567, § 1, effective July 1. L. 84: Entire section amended, p. 373, § 4, effective July 1. L. 2004: Entire section amended, p. 131, § 5, effective July 1. L. 2016: Entire section amended, (SB 16-125), ch. 99, p. 286, § 1, effective August 10.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-110 - [Effective Until 8/7/2024] Credit committee - credit officer

The credit committee or credit officer shall have the general supervision of all loans to members. Applications for loans shall be on a form approved by the credit committee or the credit officer. At least a majority of the members of the credit committee or the credit officer shall pass and approve or disapprove all loans; except that the credit committee or the credit officer may appoint one or more loan officers and delegate to the same the power to approve or disapprove loans which are within limits prescribed by the credit committee or the credit officer. Each loan officer shall furnish to the credit committee or the credit officer a record of each loan application received by him within seven days after the date of filing of the application. All loans not approved by a loan officer may be considered by the credit committee or the credit officer. No member of the credit committee shall receive any compensation as a loan officer or be employed by the credit union in any other capacity. A credit officer may receive compensation in connection with the performance of his duties. The credit committee shall meet as often as may be necessary after due notice to each member. Vacancies in the credit committee shall be filled pursuant to section
11-30-109 (1)(e)
.
L. 31: p. 301, § 10. CSA: C. 47, § 10. L. 41: p. 375, § 10. CRS 53: § 38-1-10. C.R.S. 1963: § 38-1-10. L. 67: p. 319, § 9. L. 75: Entire section amended, p. 394, § 2, effective June 16. L. 79: Entire section amended, p. 416, § 2, effective July 1.
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) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-110 - [Effective 8/7/2024] Credit committee - credit officer

The credit committee or credit officer has general supervision of all loans to members. Applications for loans must be on a form approved by the credit committee or the credit officer. At least a majority of the members of the credit committee or the credit officer shall pass and approve or disapprove all loans; except that the credit committee or the credit officer may delegate to one or more loan officers the power to approve or disapprove loans that are within limits prescribed by the credit committee or the credit officer. Each loan officer shall furnish to the credit committee or the credit officer a record of each loan application received by the loan officer within seven days after the date the application is field. All loans not approved by a loan officer may be considered by the credit committee or the credit officer. A member of the credit committee shall not receive any compensation as a loan officer or be employed by the credit union in any other capacity. A credit officer may receive compensation in connection with the performance of the credit officer's duties. The credit committee shall meet as often as may be necessary after due notice to each member. Vacancies in the credit committee shall be filled pursuant to section
11-30-109 (1)(e)
.
Amended by 2024 Ch. 350,§ 13, 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. 31: p. 301, § 10. CSA: C. 47, § 10. L. 41: p. 375, § 10. CRS 53: § 38-1-10. C.R.S. 1963: § 38-1-10. L. 67: p. 319, § 9. L. 75: Entire section amended, p. 394, § 2, effective June 16. L. 79: Entire section amended, p. 416, § 2, effective July 1.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-111 - Supervisory committee

(1)
The supervisory committee shall:
(a)
Make, or cause to be made, a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the annual audit to the board of directors and a summary of that report to the members at the next annual meeting. The committee shall make or cause to be made such supplementary audits or examinations as it deems necessary.
(b)
Make an annual report and submit the same at the annual meeting of the members;
(c)
By unanimous vote of the committee if it deems such action to be necessary for the proper conduct of the credit union, suspend any officer or director of the credit union, or any member of the credit committee, and shall call a special meeting of the members of the credit union not less than seven nor more than fourteen days thereafter to act on such suspension. The members at said meeting may sustain any such suspension and remove any such officer, director, or member of the credit committee permanently and elect a successor thereto for the unexpired term of office or may reinstate any such person.
(d)
Biennially verify, or cause to be verified, by a random sampling or by verification of all members' accounts, the members' share, deposit, and loan accounts. Such verification may be obtained by either sending or causing to be sent a statement of account to each member or by such means as may be specified by the commissioner.
(2)
By majority vote, the supervisory committee may call a special meeting of the members of the credit union to consider any violation of any provision of this article, the bylaws, or any rule or requirement of the credit union, by any officer, director, member of any committee, or any member, which the committee deems to be detrimental to the credit union. The supervisory committee shall fill vacancies in its own membership until the next annual election of the credit union.
Amended by 2013 Ch. 193,§ 4, eff. 5/11/2013.
L. 31: p. 301, § 11. CSA: C. 47, § 11. L. 41: p. 375, § 11. L. 51: p. 315, § 3. CRS 53: § 38-1-11. C.R.S. 1963: § 38-1-11. L. 67: p. 319, § 10. L. 75: (1)(a) amended, p. 396, § 1, effective June 16. L. 84: (1)(a) amended, p. 375, § 6, effective July 1. L. 95: (1)(d) amended, p. 85, § 2, effective March 23. L. 2013: (1)(d) amended, (SB 13-159), ch. 193, p. 791, § 4, effective May 11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-112 - [Effective Until 8/7/2024] Capital

The capital of a credit union shall consist of the payments that have been made to it in shares by the several members thereof. The credit union has a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee and an annual membership fee, but such fees shall be uniform to all members.
L. 31: p. 302, § 12. CSA: C. 47, § 12. L. 41: p. 376, § 12. CRS 53: § 38-1-12. C.R.S. 1963: § 38-1-12. L. 79: Entire section amended, p. 417, § 3, effective July 1. L. 83: Entire section amended, p. 485, § 6, effective July 1.
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) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-112 - [Effective 8/7/2024] Capital

The capital of a credit union consists of the payments that have been made to it in shares by the several members of the credit union. The credit union has a lien on the shares and deposits of a member for any sum due to the credit union from the member or for any loan endorsed by the member. A credit union may charge an entrance fee and an annual membership fee, but the fees must be uniform to all members.
Amended by 2024 Ch. 350,§ 14, 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. 31: p. 302, § 12. CSA: C. 47, § 12. L. 41: p. 376, § 12. CRS 53: § 38-1-12. C.R.S. 1963: § 38-1-12. L. 79: Entire section amended, p. 417, § 3, effective July 1. L. 83: Entire section amended, p. 485, § 6, effective July 1.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-113 - [Effective Until 8/7/2024] Minors

Shares may be issued and deposits received in the name of a minor. A member who is a minor shall be entitled to withdraw or pledge any shares owned by him and to receive from the credit union any and all dividends, or other moneys, at any time the same become due, in the same manner and subject to the same conditions as an adult, and any receipt or acquittance signed by such a minor shall constitute a valid release and discharge to the credit union for the payment of such moneys. The board of directors of the credit union may provide in the bylaws of the credit union a minimum age of any minor to be eligible for membership in the credit union and to vote at any meeting of the members.
L. 31: p. 302, § 13. CSA: C. 47, § 13. L. 41: p. 376, § 13. CRS 53: § 38-1-13. C.R.S. 1963: § 38-1-13. L. 67: p. 320, § 11.
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) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-113 - [Effective 8/7/2024] Minors

Shares may be issued and deposits received in the name of a minor. a member who is a minor may withdraw or pledge any shares owned by the minor and receive from the credit union any dividends or other money at any time the dividends or other money becomes due, in the same manner and subject to the same conditions as an adult, and any receipt or acquittance signed by the minor constitutes a valid release and discharge to the credit union for the payment of such money. The board of directors of the credit union may provide in the bylaws of the credit union a minimum age of any minor to be eligible for membership in the credit union and to vote at any meeting of the members.
Amended by 2024 Ch. 350,§ 15, 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. 31: p. 302, § 13. CSA: C. 47, § 13. L. 41: p. 376, § 13. CRS 53: § 38-1-13. C.R.S. 1963: § 38-1-13. L. 67: p. 320, § 11.
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.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-114 - [Repealed]

L. 31: p. 302, § 14. CSA: C. 47, § 14. L. 41: p. 376, § 14. L. 51: p. 315, § 4. CRS 53: § 38-1-14. C.R.S. 1963: § 38-1-14. L. 80: Entire section amended, p. 469, § 1, effective March 10. L. 85: Entire section repealed, p. 398, § 1, effective March 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-115 - Power to borrow and loan money

A credit union may borrow from any source a total sum which shall not exceed fifty percent of its shares, deposits, and undivided earnings. No credit union shall loan more than ten percent of its assets to any member or to another credit union.
L. 31: p. 303, § 15. CSA: C. 47, § 15. L. 41: p. 376, § 15. L. 53: p. 239, § 1. CRS 53: § 38-1-15. C.R.S. 1963: § 38-1-15. L. 67: p. 320, § 12. L. 84: Entire section amended, p. 375, § 7, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-116 - Loans

A credit union may make loans to members subject to the provisions of this article and the bylaws of the credit union. A borrower may repay a loan in whole or in part any day the office of the credit union is open for business. A credit union may make loans to its own directors, credit officers, or members of its own supervisory committee or credit committee, but no such loan or aggregate of loans to any one director, credit officer, or committee member that exceeds twenty thousand dollars plus pledged shares may be made unless approved by the board of directors.
L. 31: p. 303, § 16. CSA: C. 47, § 16. L. 41: p. 376, § 16. L. 51: p. 315, § 5. L. 53: p. 239, § 2. CRS 53: § 38-1-16. C.R.S. 1963: § 38-1-16. L. 67: p. 320, § 13. L. 83: Entire section amended, p. 485, § 7, effective July 1. L. 84: Entire section amended, p. 375, § 8, effective July 1. L. 87: Entire section amended, p. 464, § 1, effective May 8. L. 2004: Entire section amended, p. 131, § 6, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-117 - Reserves

(1)
(Deleted by amendment, L. 2004, p. 131, § 7, effective July 1, 2004.)
(2)
The board may require reserves to protect the interest of members by general rules, including reserve requirements for any privately insured credit union. In addition, the commissioner may require special reserves by an order directed to an individual credit union in any special case.
L. 31: p. 303, § 17. CSA: C. 47, § 17. L. 41: p. 377, § 17. L. 45: p. 308, § 2. CRS 53: § 38-1-17. C.R.S. 1963: § 38-1-17. L. 67: p. 321, § 14. L. 79: Entire section R&RE, p. 417, § 4, effective July 1. L. 90: (2) amended, p. 1838, § 10, effective May 31. L. 2004: Entire section amended, p. 131, § 7, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-118 - Dividends

At such intervals and for such periods of time as the board of directors may authorize and after provision for the required reserves, the board of directors may declare a dividend. Dividends may be paid at various rates on different classes of shares, and dividend credit may be accrued on different classes of shares, as determined by the board of directors. Dividends shall not be paid in excess of available earnings.
L. 31: p. 303, § 18. CSA: C. 47, § 18. L. 41: p. 377, § 18. L. 45: p. 309, § 3. L. 51: p. 315, § 6. CRS 53: § 38-1-18. C.R.S. 1963: § 38-1-18. L. 67: p. 321, § 15. L. 75: Entire section amended, p. 395, § 3, effective June 16. L. 81: Entire section amended, p. 613, § 3, effective July 1. L. 83: Entire section amended, p. 485, § 8, effective July 1. L. 84: Entire section amended, p. 375, § 9, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-118.5 - [Repealed]

L. 88: Entire section added, p. 345, § 9, effective July 1. L. 89: Entire section repealed, p. 592, § 1, effective April 7.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-119 - Expulsion or withdrawal of members

(1)
Any member may withdraw from the credit union at any time, but notice of withdrawal may be required in the bylaws. The board of directors may expel any member from membership in the credit union if such member fails to comply with the written rules and policies of the credit union as adopted and made available to the membership.
(2)
A member shall not be expelled until the member has been informed in writing of the reasons for the expulsion and has had reasonable opportunity to be heard.
(3)
All amounts paid on shares or as deposits of an expelled member or withdrawing member, together with any dividends or interest accredited thereto, to the date thereof, as funds become available and after deducting all amounts due from the member to the credit union, shall be paid to such member. The credit union may require sixty days' written notice of intention to withdraw shares and thirty days' written notice of intention to withdraw deposits. Withdrawing or expelled members shall have no further rights in the credit union but shall not, by such expulsion or withdrawal, be released from any remaining liability to the credit union.
(4)
(Deleted by amendment, L. 2004, p. 133, § 9, effective July 1, 2004.)
L. 31: p. 304, § 19. CSA: C. 47, § 19. L. 41: p. 377, § 19. CRS 53: § 38-1-19. C.R.S. 1963: § 38-1-19. L. 67: p. 322, § 16. L. 81: Entire section amended, p. 613, § 4, effective July 1. L. 2001: Entire section amended, p. 200, § 1, effective September 1. L. 2004: (3) and (4) amended, p. 133, § 9, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-120.5 - Conversion - state to federal credit union - federal to state credit union

(1)
A credit union organized under the provisions of this article may be converted into a federal credit union by complying with the requirements of this section.
(2)
(a)
The proposition for such conversion shall first be approved by a majority of the directors of the credit union. If so approved, the proposition shall be submitted to a meeting of its members. The notice of such meeting shall be in writing and may be delivered in person to each member or mailed to each member at the address for such member appearing on the records of the credit union. Such delivery or mailing shall be not more than thirty days nor less than seven days prior to the time of the meeting. Approval of the proposition for conversion shall be by the affirmative vote of not less than two-thirds of the members present and voting at the meeting.
(b)
A copy of the minutes of such meeting, verified by the affidavits of the president or vice-president and the secretary of the meeting, shall be filed with the administrator within ten days after the meeting.
(3)
Within ninety days after such meeting, the credit union shall take such action as may be necessary under the federal credit union act to convert into a federal credit union, and, within ten days after receipt of the federal credit union charter, there shall be filed with the commissioner a copy of the charter thus issued. Upon such filing the credit union shall cease to be a state credit union.
(4)
Upon ceasing to be a state credit union, such credit union shall no longer be subject to any of the provisions of the state law under which said credit union was organized; except that the successor federal credit union, being vested with all of the assets, shall continue to be responsible for all of the obligations of the state credit union to the same extent as though the conversion had not taken place.
(5)
A credit union organized under the laws of the United States may be converted into a credit union organized under the laws of this state by complying with all requirements to cease being a federal credit union and doing all acts and obtaining all authorization necessary to organize as a credit union under the provisions of this article.
L. 75: Entire section added, p. 396, § 2, effective June 16. L. 84: (5) added, p. 375, § 10, effective July 1. L. 90: (3) amended, p. 1838, § 11, effective May 31.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-121 - Change in place of business

A credit union may change its place of business to a location outside of the county or city and county in which previously located upon receiving written permission therefor from the commissioner. A credit union may change its place of business within the county or city and county in which previously located by providing written notice of the new address and the effective date of such change to the commissioner.
L. 31: p. 305, § 21. CSA: C. 47, § 21. L. 41: p. 378, § 21. L. 51: p. 316, § 9. CRS 53: § 38-1-21. C.R.S. 1963: § 38-1-21. L. 67: p. 323, § 18.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-123 - Taxation

A credit union shall be deemed an institution for savings and, together with all accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one member to another.
L. 31: p. 305, § 22. CSA: C. 47, § 22. L. 41: p. 378, § 22. CRS 53: § 38-1-23. C.R.S. 1963: § 38-1-23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-125 - Notice of branch opening and closing

(1)
A credit union that has its principal place of business in this state may establish one or more new branches anywhere in this state or in any other state thirty days after providing written notice to the commissioner.
(2)
No later than ninety days prior to the proposed date of any branch closing, a notice of branch closing shall be filed with the commissioner. The notice of branch closing shall include a detailed statement of the reasons for the decision to close the branch and statistical or other information in support of such reasons.
(3)
The commissioner may enter into agreements with other state credit union regulators for the purposes of examination and supervision of out-of-state offices.
(4)
Nothing in this section may be construed to supersede any requirement set forth in section
11-30-101.7
.
Amended by 2020 Ch. 152,§ 1, eff. 9/14/2020.
L. 2004: Entire section added, p. 135, § 11, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › CREDIT UNIONS (§§ 11-30-101 — 11-30-127) › Article 30 - CREDIT UNIONS - GENERAL PROVISIONS (§§ 11-30-101 — 11-30-127) › Section 11-30-127 - [Effective 8/7/2024] Merchant code for firearms

A payment card network, as defined in section 6-27-201 (7), or a merchant acquirer, as defined in section 6-27-201 (5), shall comply with part 2 of article 27 of title 6.
Added by 2024 Ch. 141,§ 2, eff. 8/7/2024.
2024 Ch. 141, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MARIJUANA FINANCIAL SERVICES COOPERATIVES (§ 11-33-101) › Article 33 - [Repealed] (§ 11-33-101) › Section 11-33-101 - to 11-33-128 - [Repealed]

Repealed by 2020 Ch. 93,§1, eff. 9/1/2020.
L. 2020: Entire article repealed, (HB 20-1217), ch. 369, p. 369, § 1, effective September 1.
This article 33 was added in 2014.