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 11-110-103 - Definitions

As used in this article 110, unless the context otherwise requires:
(1)
"Banking board" or "board" means the banking board created in section
11-102-103
.
(2)
"Commissioner" means the state bank commissioner appointed and serving pursuant to section
11-102-101(2)
.
(3)
"Control" means:
(a)
Ownership of, or the power to vote, directly or indirectly, twenty-five percent or more of a class of voting securities or voting interests of a licensee, applicant, or person in control of a licensee or applicant;
(b)
The power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee, applicant, or person in control of a licensee or applicant; or
(c)
The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee, applicant, or person in control of a licensee or applicant.
(4)
"Engagement letter" means a letter that sets the scope and terms of an independent audit.
(5)
"Exchange" means any check, draft, money order, or other instrument for the transmission or payment of money or credit. It does not mean money or currency of any nation.
(6)
"Executive officer" means a president, chief executive officer, chairperson of an executive committee, responsible individual, or chief financial officer of a licensee, and any other person who performs similar functions.
(7)
"Issuing" means the act of drawing any instrument of exchange by a person who engages in the business of drawing the instruments as a service or for a fee or other consideration.
(8)
"Licensee" means any person duly licensed by the banking board pursuant to the provisions of this article 110.
(9)
"Management letter" means a letter, written by the auditor to the management of a licensee, reporting the auditor's findings and suggestions resulting from an independent audit.
(10)
"Managing official" means a person who has significant oversight duties over a licensee or applicant as determined by the board.
(11)
"Money transmission" means the sale or issuance of exchange or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means including but not limited to payment instrument, wire, facsimile, or electronic transfer.
(12)
"Outstanding payment instrument" means any exchange sold or issued by a licensee or any exchange issued by the licensee that has been sold by an agent of the licensee in the United States, that has been reported to the licensee as having been sold, and that has not yet been paid by or for the licensee.
(13)
"Owner" means a person with an ownership interest in a licensee or applicant that is a sole proprietorship or partnership.
(14)
"Person" means any natural person, firm, association, partnership, registered limited liability partnership, syndicate, joint stock company, unincorporated company or association, limited liability company, common law trust, or any corporation organized under the laws of the United States or of any state or territory of the United States or of any foreign country.
(15)
"Principal member" means a person who has a significant ownership interest in a licensee or applicant that is an association, trust, or limited liability company or similar entity, as determined by the board.
(16)
"Principal shareholder" means a person who has a significant ownership interest in a corporate licensee or applicant.
(17)
"Significant ownership interest" means an ownership interest that causes the owner to have significant control of a licensee or applicant as determined by the board.
Renumbered from C.R.S. §12-52-103 and amended by 2017 Ch. 159, §2, eff. 8/9/2017.
Amended by 2013 Ch. 395, §6, eff. 6/5/2013.
L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 576, § 2, effective August 9.
This section is similar to former § 12-52-103 as it existed prior to 2017.