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 11-102-503 - [Effective 8/7/2024] Assessment of civil money penalties by banking board

(1)
(a)
(I)
After notice and a hearing as provided in article
4
of title
24
and after making a determination that no other appropriate governmental agency has taken similar action against such person for the same act or practice, the banking board may assess against and collect a civil penalty from:
(A)
Any person who has violated any final cease-and-desist order issued by the banking board pursuant to section
11-102-104 (7)
; and
(B)
A state bank that, or any executive officer, director, employee, agent, or other person participating in the conduct of the affairs of such bank who, violates or knowingly permits any person to violate any of the provisions of this code or any rule promulgated pursuant to this code or engages or participates in any unsafe or unsound practice in connection with a bank. The civil money penalty must not exceed five thousand dollars per day for each day such violation continues. This provision shall include, but not be limited to, the following violations: Making, or causing to be made, delinquent payment of assessments under section
11-102-401
; submitting, or causing to be submitted, delinquent reports, including but not limited to call reports; or knowingly submitting, or causing to be submitted, to the banking board any report or statement that contains materially false or misleading information.
(II)
The banking board may, in extraordinary circumstances, at its option, and upon waiver of the right to a public hearing by a respondent, close to the public any hearing concerning an assessment of a civil money penalty, an order of suspension or removal from office, an order to cease and desist from any unlawful or unsafe and unsound practices, or any other formal enforcement action by the banking board. Such extraordinary circumstances occur when specific concern arises about prompt withdrawal of moneys from or the safety and soundness of the institution.
(b)
For the purposes of this section, a violation shall include, but is not limited to, any action, by any person alone or with another person, that causes, brings about, or results in the participation in, counseling of, or aiding or abetting of a violation.
(2)
Civil money penalties shall be assessed by written notice of assessment of a civil money penalty served upon the person to be assessed. The notice of assessment of a civil money penalty shall state the amount of the penalty, the period for payment, the legal authority for the assessment, and the matters of fact or law constituting the grounds for assessment. The notice of assessment of a civil money penalty shall constitute a final order for purposes of judicial review pursuant to section
24-4-106
, C.R.S.
(3)
The banking board shall have authority to determine the amount of any civil money penalty assessed against any executive officer, director, employee, agent, or other person participating in the affairs of a bank, except as expressly limited by this code. In determining the amount of the civil money penalty to be assessed, the banking board shall consider the good faith of the person assessed, the gravity of the violation, any previous violations by the person assessed, the nature and extent of any past violations, and such other matters as the banking board may deem appropriate; except that the civil money penalty must not exceed five thousand dollars per day for each day the person assessed remains in violation.
(4)
Civil money penalties assessed pursuant to this section shall be due and payable and collected within thirty days after the notice of assessment of a civil money penalty is issued by the banking board; except that the banking board may, in its discretion, compromise, modify, or set aside any civil money penalty. Any civil money penalty collected pursuant to this section shall be transmitted to the state treasurer, who shall credit it to the general fund.
Amended by 2024 Ch. 461,§ 8, eff. 8/7/2024.
L. 2003: Entire article added with relocations, p. 1076, § 3, effective July 1.
This section is similar to former § 11-2-117 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.