2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › BANKS (§§ 11-101-101 — 11-111-116) › COLORADO BANKING CODE (§§ 11-101-101 — 11-111-116) › Article 110 - MONEY TRANSMITTERS (§§ 11-110-101 — 11-110-206) › Part 1 - GENERAL PROVISIONS (§§ 11-110-101 — 11-110-121) › Section 11-110-119 - [Effective 8/7/2024] Civil remedies - restraining orders - cease-and-desist orders - injunctions

(1)
(a)
If the board has cause to believe that a person has sold or issued exchange or transmitted money without a license issued under this article 110, the board may obtain from the district court of the city and county of Denver a temporary restraining order or a preliminary or permanent injunction prohibiting the person from violating this article 110. In the action, the board shall not be required to plead or prove irreparable injury or the inadequacy of the remedy at law.
(b)
The court shall not require the board to post a bond.
(c)
The district court may issue any orders or judgments necessary to prevent a violation of this article 110. The district court may award to the board the costs and attorney fees incurred in enforcing this article 110.
(d)
(I)
(A)
If the commissioner has credible evidence that a person is violating or has violated this article 110 and the violation causes an imminent risk of harm to the public, the commissioner may issue an order to cease and desist from the violation. The order must set forth the statutes and rules alleged to have been violated, the facts alleged to have constituted the violation, and the requirement that violations or unlicensed practice immediately cease.
(B)
Within ten days after service of the order to cease and desist pursuant to subsection (1)(d)(I)(A) of this section, the respondent may request a hearing on the question of whether a violation of this article 110 has occurred.
(II)
(A)
If the commissioner has credible evidence that a person is violating or has violated this article 110, the commissioner may issue an order to show cause as to why the commissioner should not issue a final order directing the person to cease and desist from the unlawful act or unlicensed practice. The commissioner shall promptly notify the person of the issuance of the order to show cause and shall include in the notice a copy of the order and the factual and legal basis for the order.
(B)
If the commissioner reasonably finds following a hearing that the person against whom the commissioner issued the order to show cause is acting or has acted without the required license or has or is about to engage in acts or practices constituting violations of this article 110, the commissioner may issue a final cease-and-desist order directing the person to cease and desist from further unlawful acts or practices.
(C)
The commissioner shall provide notice of the final cease-and-desist order within ten calendar days after the required hearing. The final order is effective when issued and constitutes a final order for purposes of judicial review.
(III)
The commissioner shall transmit notices and orders required by this subsection (1)(d) by personal service, by first-class United States mail, postage prepaid, or by other reasonably practicable means upon any person against whom the order is issued. Personal service or proof of receipt of mailing of a notice or order or other reasonably effective documentation of receipt constitutes notice to the person of the existence and contents of the notice or order.
(IV)
Any hearing required by this subsection (1)(d) and the related procedures are governed by article 4 of title 24.
(2)
A person who violates a district court order or injunction entered pursuant to this section shall be subject to the contempt powers of the district court and shall pay a civil penalty of not more than ten thousand dollars for each such violation. Each day a person continues to violate the district court order shall be a separate violation; except that the aggregate total of civil penalties shall not exceed one hundred thousand dollars for a related series of violations.
(3)
The civil remedies imposed by this section shall be in addition to any other penalty or remedy for a violation of this article 110.
Amended by 2024 Ch. 341,§ 8, eff. 8/7/2024.
Renumbered from C.R.S. §12-52-115.5 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 586, § 2, effective August 9.
This section is similar to former § 12-52-115.5 as it existed prior to 2017.
2024 Ch. 341, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.