reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 35 - SURETY BOND ALTERNATIVES (§§ 11-35-101 — 11-35-101.5) › Section 11-35-101.5 - Irrevocable letter of credit permitted - requirements

(1)
Where there is the requirement of either an irrevocable letter of credit or a bond as a condition to licensure in sections
35-36-216
and
35-36-304
or where an irrevocable letter of credit is permitted as an alternative to a surety bond, evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section
11-35-101
, as a condition to licensure or authority to conduct business or perform duties in this state, provided in sections
33-4-101 (1)
,
33-12-104 (1)
,
35-36-216 (1)(a)
,
35-36-303 (5)
,
35-36-304 (1)(a)
,
37-91-107 (2)
, and
39-27-104
(2.1)(c), the requirement shall be satisfied by an irrevocable letter of credit issued by a state or national bank or a state or federal savings and loan association doing business in this state. The requirement shall also be satisfied by an irrevocable letter of credit issued by the bank or banks for cooperatives that are organized pursuant to federal statutes and that serve the region in which the state of Colorado is located. Such letter of credit shall be in an amount specified by statute, if any, and shall name the appropriate state agency as beneficiary, in favor of the people of the state of Colorado.
(2)
Each appropriate state agency required to accept such irrevocable letters of credit shall define the method of transferability, the required period of liability, and such other procedures as may be necessary.
(3)
Repealed.
Amended by 2020 Ch. 160, §4, eff. 6/29/2020.
Amended by 2017 Ch. 262, §3, eff. 8/9/2017.
Amended by 2013 Ch. 5, §9, eff. 9/1/2013.
L. 87: Entire section added, p. 473, § 6, effective May 8. L. 88: (1) amended, p. 446, § 1, effective March 31. L. 89: (1) amended, p. 1394, § 3, effective April 12. L. 92: (1) amended, p. 2168, § 9, effective June 2. L. 93: (1) amended, p. 1391, § 11, effective 1/1/1995. L. 94: (1) amended, p. 1630, § 33, effective May 31; (1) amended, p. 2545, § 34, effective 1/1/1995. L. 2000: (1) amended, p. 1937, § 17, effective October 1. L. 2002: (1) amended, p. 1013, § 9, effective June 1. L. 2009: (1) amended, (SB 09 -151), ch. 347, p. 347, §4, effective July 1. L. 2013: (3) repealed, (HB 13 -1034), ch. 15, p. 15, § 9, effective September 1. L. 2017: (1) amended, (SB 17-225), ch. 1245, p. 1245, § 3, effective August 9. L. 2020: (1) amended, (HB 20-1213), ch. 753, p. 753, § 4, effective June 29.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 36 - [Repealed] (§ 11-36-101) › Section 11-36-101 - to 11-36-118 - [Repealed]

(1) This article was added in 1988.
(2) Section 11-36-117 provided for the repeal of this article, effective July 1, 1994. (See L. 94, p. 66.)
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 37 - [Repealed] (§ 11-37-101) › Section 11-37-101 - to 11-37-105 - [Repealed]

L. 2004: Entire article repealed, p. 323, § 7, effective April 7.
This article was added in 1990 and was not amended prior to its repeal in 2004. For the text of this article prior to 2004, consult the 2003 Colorado Revised Statutes.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 37.5 - [Repealed] (§ 11-37.5-101) › Section 11-37.5-101 - to 11-37.5-503 - [Repealed]

L. 2009: Entire article repealed, (HB 09-1053), ch. 159, p. 687, §1, effective August 5.
This article was added in 1999.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-101 - Legislative declaration

(1)
The general assembly hereby finds that Colorado's elderly homeowners should have the opportunity and be permitted to meet their financial needs by accessing the equity in their homes through a reverse mortgage loan transaction.
(2)
The general assembly further finds that many restrictions and requirements that exist to govern traditional mortgage loan transactions in Colorado are inapplicable in the context of reverse mortgages and that state law should be clarified to ensure that inapplicability.
(3)
The general assembly therefore declares that, in order to foster reverse mortgage transactions and better serve the elderly citizens of this state, it is necessary to enact this article authorizing the making of reverse mortgages and expressly relieving reverse mortgage lenders and borrowers from compliance with inappropriate statutory requirements.
L. 92: Entire article added, p. 939, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-102 - Definitions

As used in this article 38, unless the context otherwise requires:
(1)
"Borrower" means the person receiving cash advances pursuant to the terms of and obligated for repayment of a reverse mortgage. "Person" includes plural as well as singular.
(1.3)
"Force majeure" means fire, explosion, action of the elements, unusually severe weather, act of God, act of war, or any other cause that is beyond the control of the borrower and that could not have been prevented by the borrower while exercising reasonable diligence.
(2)
"Independent counseling" means counseling by a person unaffiliated with the lender, including but not limited to a housing counseling agency approved by the United States department of housing and urban development.
(3)
"Lender" means a bank, savings and loan association, or credit union organized under the laws of the United States or the state of Colorado or a person who regularly makes loans or advances secured by interests in residential real property.
(4)
"Reverse mortgage" means a written instrument evidencing or creating a nonrecourse loan secured by real property which:
(a)
Provides cash advances, whether in the form of a lump sum, periodic payments, a line of credit, or other similar methods, or a combination thereof, to a borrower based on the equity in the borrower's owner-occupied principal residence, which periodic payments may be derived from an annuity purchased with such cash advances;
(b)
Requires no partial or other payment of principal or interest until the entire loan becomes due and payable; and
(c)
Is made by any lender as defined in subsection (3) of this section.
Amended by 2023 Ch. 440,§ 1, eff. 6/7/2023.
L. 92: Entire article added, p. 939, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-103 - Prepayment

Payment of a reverse mortgage, in whole or in part, shall be permitted without penalty at any time during the period of such reverse mortgage.
L. 92: Entire article added, p. 940, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-104 - Intervening liens

All advances made under a reverse mortgage and all interest on such advances shall have priority over any lien arising after recording an instrument evidencing the lien arising from such reverse mortgage with the clerk and recorder of the county where the real property securing such reverse mortgage is located.
L. 92: Entire article added, p. 940, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-105 - Interest - periodic advances

(1)
A reverse mortgage may provide for an interest rate which is fixed or adjustable and may also provide for interest that is contingent on the appreciation in the value of the home securing such reverse mortgage.
(2)
If a reverse mortgage provides for periodic advances to a borrower, such advances shall not be reduced in amount or number based on any adjustment in the interest rate on such reverse mortgage.
(3)
The interest rate contracted for in any reverse mortgage shall not exceed the loan finance charge rates provided by section
5-2-201
, C.R.S., although the effective rate may exceed those rates. Such interest rate shall be calculated on the assumption that the reverse mortgage will be repaid according to the agreed terms and will not be repaid before the end of the agreed term.
L. 92: Entire article added, p. 940, § 1, effective April 23. L. 2000: (3) amended, p. 1872, § 106, effective August 2.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-106 - Lender default

Any lender failing to make loan advances as required by the terms of the reverse mortgage, and failing to cure such a default as required by such terms, shall forfeit the right to collect any interest on such reverse mortgage and shall be liable for any civil damages arising from such default. This section shall not apply if the default is by an insurance company which is not owned or controlled directly or indirectly by the lender and the default by the insurance company is pursuant to an annuity purchased by a borrower with reverse mortgage loan advances.
L. 92: Entire article added, p. 941, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-107 - Repayment

(1)
A reverse mortgage may become due and payable upon the occurrence of any one of the following events:
(a)
The home securing the reverse mortgage is sold.
(b)
The borrower ceases to occupy the home as a principal residence.
(c)
Any fixed maturity date agreed to by the lender and the borrower is reached.
(d)
An event occurs which is specified in the terms of the reverse mortgage and which jeopardizes the lender's security.
(e)
Upon death of the borrower.
(2)
The repayment requirement described in subsection (1) of this section is also expressly subject to the following additional conditions:
(a)
Temporary absences from the home not exceeding sixty consecutive days shall not cause the reverse mortgage to become due and payable.
(b)
Temporary absences from the home exceeding sixty consecutive days but not exceeding one year shall not cause the reverse mortgage to become due and payable so long as the borrower has taken prior action which secures the home in a manner satisfactory to the lender.
(b.5)
(I)
To the extent allowable by the United States department of housing and urban development's regulations and policies, a temporary absence from the home, if the absence is a result of a natural disaster or other force majeure rendering the home temporarily uninhabitable, does not cause the reverse mortgage to become due and payable if:
(A)
The borrower is engaged in repairing the home with the intent to reoccupy the home as a principal residence or to sell the home;
(B)
The borrower stays in communication with and reasonably responds to inquiries from the lender while the home is being repaired;
(C)
The borrower complies with all other terms and conditions of the reverse mortgage; and
(D)
The repairing or rebuilding of the home does not reduce the lender's security.
(II)
At the time of closing, the lender shall disclose the requirements of subsection (2)(b.5)(I) of this section to the borrower in writing.
(c)
The lender's right to collect reverse mortgage proceeds shall be subject to the applicable statute of limitations for loan contracts pursuant to section
13-80-103.5
, C.R.S.; except that the statute of limitations shall commence on the date that the reverse mortgage becomes due and payable.
(d)
Prior to the closing of a reverse mortgage, the lender must prominently disclose any interest or other fees to be charged during the period that commences on the date that the reverse mortgage becomes due and payable and ends when repayment in full is made.
Amended by 2023 Ch. 440,§ 2, eff. 6/7/2023.
L. 92: Entire article added, p. 941, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-108 - Inapplicability of related statutes

(1)
A reverse mortgage may be made or acquired without regard to the following provisions for other types of mortgage transactions set out in the statutes specified in this subsection (1):
(a)
Any law of this state limiting loan-to-value ratios;
(b)
Prohibitions on balloon payments pursuant to section
5-3-208
, C.R.S.;
(c)
Any law of this state limiting interest on interest, the adding of deferred interest to principal, or the compounding of interest;
(d)
Subject to section
11-38-105(3)
, interest rate limits under the usury statutes pursuant to sections
5-12-103
and
18-15-104
, C.R.S.;
(e)
Any law of this state applicable to insurance or insurance companies under title
10
, C.R.S.
L. 92: Entire article added, p. 942, § 1, effective April 23. L. 2000: (1)(b) amended, p. 1872, § 107, effective August 2.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-109 - Disclosure - total loan cost

(1)
Any lender making reverse mortgage loans shall provide to a borrower prior to closing on such a loan a written statement of the projected total loan cost rate for all reverse mortgage loans except for reverse mortgage loans subject to federal "Truth in Lending Act", as amended, total annual loan cost disclosure requirements. As used in this section, "total loan cost rate" means the total of all loan costs including, but not limited to, any origination fee, closing costs, servicing fee, insurance premium contingent interest based on appreciation, and the annual interest rate charged on the reverse mortgage balance which is expressed as a single annual average rate of interest. Such statement shall include:
(a)
An explanation of why the total loan cost rate on reverse mortgages is greatest in the early years of the loan and decreases over the term of the loan; and
(b)
A chart or table containing projections of the total loan cost rate at certain anniversary dates during the term of the loan, beginning at the end of year two and thereafter not more than every four years from the date of the loan to year thirty and utilizing not less than three annual average home appreciation percentages from between zero and ten percent.
L. 92: Entire article added, p. 942, § 1, effective April 23. L. 96: IP(1) amended, p. 1561, § 14, effective July 1.
For the "Truth in Lending Act", see 15 U.S.C. § 1601 et seq.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-110 - Treatment of reverse mortgage loan proceeds by public benefit programs

(1)
Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.
(2)
Undisbursed funds under a reverse mortgage shall be treated as equity in a borrower's home and not as proceeds from a loan for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.
(3)
This section shall apply to any law relating to means-tested programs of aid provided by this state, including but not limited to supplemental security income, low-income energy assistance, and the "Colorado Medical Assistance Act", articles
4
,
5
, and
6
of title
25.5
, C.R.S.
L. 92: Entire article added, p. 943, § 1, effective April 23. L. 2006: (3) amended, p. 2000, § 40, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-111 - Consumer information and counseling

No reverse mortgage shall be made by a lender unless the loan applicant attests, in writing, that the applicant has been advised by the lender to obtain independent counseling regarding the advisability of such applicant's entering into a reverse mortgage transaction and that such applicant has either obtained such counseling or waived such counseling in writing.
L. 92: Entire article added, p. 943, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › MISCELLANEOUS (§§ 11-35-101 — 11-38-112) › Article 38 - REVERSE MORTGAGES (§§ 11-38-101 — 11-38-112) › Section 11-38-112 - Application of article

This article shall apply to all reverse mortgages entered into on and after July 1, 1992, and shall not invalidate any reverse mortgage entered into prior to July 1, 1992.
L. 92: Entire article added, p. 943, § 1, effective April 23.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-101 - Short title

Articles
40
to
46
of this title shall be known and may be cited as the "Savings and Loan Association Law".
L. 33: p. 284, § 1. CSA: C. 25, § 1. L. 51: p. 212, § 1. CRS 53: § 122-1-1. C.R.S. 1963: § 122-1-1.
For additional provisions relating to savings and loan associations, see articles 47 and 48 of this title 11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-103 - Savings and loan association defined

A "savings and loan association", within the meaning of articles
40
to
46
of this title, is any domestic or foreign association or corporation formed, created, or organized to carry on the business of a savings and loan association, which is formed to encourage industry, thrift, home building, and saving among its members, by the accumulation of funds through the issuance and sale of its own shares, capital notes, or debentures, the acceptance of savings deposits, or any other manner permitted by the provisions of articles
40
to
46
of this title, the loaning or investment of the funds so accumulated to assist its members in acquiring real estate, in making improvements thereon, and in paying off existing encumbrances thereon, or for any other purposes or in any other manner permitted by the provisions of articles
40
to
46
of this title, and which accumulates funds to be returned to its members.
L. 33: p. 284, § 2. CSA: C. 25, § 2. CRS 53: § 122-1-2. C.R.S. 1963: § 122-1-2. L. 69: p. 1013, § 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-104 - Fiscal year - closing dates - net earnings

(1)
Each domestic savings and loan association shall have such fiscal year as may be fixed from time to time by resolution of its board of directors, but the fiscal years of all such associations shall be fixed so as to end as of the last day of a calendar month. Every domestic savings and loan association shall close its books at least once annually as of the close of business on the last day of its fiscal year and may close its books at such other time as may be fixed by resolution of its board of directors. Any reference in this section or elsewhere in articles
40
to
46
of this title to the closing date of an association means the date fixed for the closing of its books as provided in this section. The books and records of every association shall reflect all the accrued liabilities on the above dates.
(2)
The net earnings of each period ending on a closing date fixed as provided in this section shall be determined by deducting from gross income of such periods operating and nonoperating expenses and dividends and interest paid to shareholders or depositors. Expenses shall include:
(a)
Charges for estimated depreciation and obsolescence of home office building and furniture and fixtures, with contra credits to a depreciation reserve account;
(b)
Charges for all losses actually sustained during such periods from the sale of securities, real estate, or other assets or such portion of such losses as have not been charged to reserves pursuant to the provisions of section
11-42-111
.
(3)
The remaining balance of gross income thus arrived at is the association's net income and shall be available for dividends on permanent stock or be credited to general reserve accounts or the undivided profits account in a manner as provided in section
11-42-111
. Provision may be made for an undivided profits account not to exceed five percent of invested capital, unless an excess amount is approved by the commissioner.
(4)
No income shall be considered as earned until collected; except that interest due and unpaid may be accrued for a period of not more than six months and considered as earnings.
L. 33: p. 356, § 12. CSA: C. 25, § 80. CRS 53: § 122-1-4. L. 55: p. 756, § 2. C.R.S. 1963: § 122-1-4. L. 69: p. 1014, § 3. L. 73: p. 1236, §§ 1, 2.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-105 - [Effective Until 8/7/2024] File annual reports

(1)
On or before February 1 in each year, every association shall make an annual written report to the commissioner, in a form to be prescribed by the commissioner, of its affairs and operations for the twelve months ending on December 31 of the previous year.
(2)
If any association fails to file such report or if any such report is delayed or withheld beyond the day when the report should be so filed, such association shall forfeit and pay the sum of ten dollars for every day such report is withheld or delayed or not completed, and any member of any association or any party in interest may maintain an action in his or her own name to receive such penalty, and the penalty shall be paid to the state treasurer.
(3)
(a)
Every association, on or before the first day of the third calendar month after the end of its fiscal year, shall mail to each member or may, at its option, publish in a newspaper of general circulation a report in a form prescribed or approved by the commissioner of its financial condition, setting forth a statement of its assets, liabilities, and reserves in the form of a statement of condition.
(b)
Paragraph (a) of this subsection (3) shall take effect July 1, 1973, and shall apply to loans or contracts for loans entered into on or after that date. Nothing in this subsection (3) shall be deemed to affect loans or contracts for loans entered into prior to July 1, 1973.
L. 33: p. 355, § 11. CSA: C. 25, § 79. L. 39: p. 252, § 27. CRS 53: § 122-1-5. C.R.S. 1963: § 122-1-5. L. 67: p. 259, §§ 1, 2. L. 73: p. 1236, § 3. L. 2000: (1) and (2) amended, p. 155, § 2, effective August 2.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-105 - [Effective 8/7/2024] File annual reports

(1)
On or before February 1 in each year, every association shall make an annual written report to the commissioner, in a form to be prescribed by the commissioner, of its affairs and operations for the twelve months ending on December 31 of the previous year.
(2)
If an association fails to file a report as described in subsection (1) of this section, or if the report is delayed or withheld beyond the day when the report should be filed, the association shall pay the sum of ten dollars for every day the report is withheld or delayed or not completed, and any member of any association or any party in interest may maintain an action in the member's or other party's own name to receive the penalty, and the penalty shall be paid to the state treasurer.
(3)
(a)
Every association, on or before the first day of the third calendar month after the end of its fiscal year, shall mail to each member or may, at its option, publish in a newspaper of general circulation a report in a form prescribed or approved by the commissioner of its financial condition, setting forth a statement of its assets, liabilities, and reserves in the form of a statement of condition.
(b)
Paragraph (a) of this subsection (3) shall take effect July 1, 1973, and shall apply to loans or contracts for loans entered into on or after that date. Nothing in this subsection (3) shall be deemed to affect loans or contracts for loans entered into prior to July 1, 1973.
Amended by 2024 Ch. 350,§ 17, 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. 33: p. 355, § 11. CSA: C. 25, § 79. L. 39: p. 252, § 27. CRS 53: § 122-1-5. C.R.S. 1963: § 122-1-5. L. 67: p. 259, §§ 1, 2. L. 73: p. 1236, § 3. L. 2000: (1) and (2) amended, p. 155, § 2, effective August 2.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-106.5 - [Repealed]

L. 88: Entire section added, p. 346, § 10, 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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-107 - Defamation of associations - penalty

Any person who willfully makes, circulates, or transmits any false statement, rumor, report, or suggestion, written, printed, or spoken, concerning the financial condition or management or assets of any savings and loan association, either by name or as a particular group of any particular city, town, or county, which incites the public or any person or creates an impression detrimental to the standing, solvency, or responsibility of said savings and loan association, or which tends to result or results in the withdrawal of funds from such association or in the exchange of shares in savings and loan associations for any other stock, bonds, notes, debentures, or other evidences of indebtedness or for any other property of any kind or character whatsoever, or which tends to result or results in impairing the confidence which may be reposed in said association and any person aiding, advising, and abetting such person in such matters and things commits a class 2 misdemeanor.
Amended by 2021 Ch. 462,§ 122, eff. 3/1/2022.
L. 33: p. 352, § 3. CSA: C. 25, § 71. CRS 53: § 122-1-7. C.R.S. 1963: § 122-1-7.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-108 - Circulating false information - penalty

Any person who willfully and knowingly concurs in or is responsible, directly or indirectly, for the making, publishing, or posting, either generally or privately, to actual or prospective members or investors of any false or misleading information tending to imply that any other business operated in this state is a savings and loan association or operated in the manner of a savings and loan association or is regulated in whole or in part under the provisions of articles
40
to
46
of this title 11 commits a class 2 misdemeanor.
Amended by 2021 Ch. 462, §123, eff. 3/1/2022.
L. 33: p. 359, § 17. CSA: C. 25, § 85. CRS 53: § 122-1-8. L. 63: p. 292, § 12. C.R.S. 1963: § 122-1-8.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-109 - [Effective Until 8/7/2024] Suits interfering with business of association

No order, judgment, or decree providing for an accounting of, or enjoining, restraining, or interfering with the transaction of, the business of any savings and loan association organized or doing business under the provisions of articles
40
to
46
of this title shall be made or granted otherwise than upon the application of the attorney general, after his or her approval of a written request therefor by the commissioner, except in an action by a judgment creditor or in proceedings supplementary to execution.
Amended by 2016 Ch. 94, §6, eff. 8/10/2016.
L. 33: p. 358, § 14. CSA: C. 25, § 82. CRS 53: § 122-1-9. C.R.S. 1963: § 122-1-9. L. 2016: Entire section amended, (HB 16-1094), ch. 94, p. 265, § 6, effective August 10.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 40 - SAVINGS AND LOAN ASSOCIATION LAW (§§ 11-40-101 — 11-40-109) › Section 11-40-109 - [Effective 8/7/2024] Suits interfering with business of association

An order, a judgment, or a decree providing for an accounting of, or enjoining, restraining, or interfering with the transaction of, the business of any savings and loan association organized or doing business under articles 40 to 46 of this title 11 shall not be made or granted otherwise than upon the application of the attorney general, after the attorney general's approval of a written request by the commissioner for the order, judgment, or decree, except in an action by a judgment creditor or in proceedings supplementary to execution.
Amended by 2024 Ch. 350,§ 18, 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.
Amended by 2016 Ch. 94, §6, eff. 8/10/2016.
L. 33: p. 358, § 14. CSA: C. 25, § 82. CRS 53: § 122-1-9. C.R.S. 1963: § 122-1-9. L. 2016: Entire section amended, (HB 16-1094), ch. 94, p. 265, § 6, effective August 10.
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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-101 - General organization

Domestic associations may be incorporated with shares or stock or both and with all the rights, powers, and privileges and subject to all the restrictions set forth in articles
40
to
46
of this title.
L. 33: p. 287, § 1. CSA: C. 25, § 4. CRS 53: § 122-2-1. C.R.S. 1963: § 122-2-1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-102 - Restriction on corporate name

The name of each domestic association incorporated on or after May 17, 1939, shall include the words "savings and loan association". If the name of the domestic association contains the words "savings and loan association", it need not comply with the requirements of part 6 of article
90
of title
7
, C.R.S. No association shall include in its name the words "guaranty" or "guarantee" or "mutual", unless organized without stock, or "permanent", unless organized with stock. The provisions of this section shall not affect the right of any association existing before May 17, 1939, to continue the use of its name.
L. 33: p. 287, § 2. CSA: C. 25, § 5. L. 39: p. 238, § 5. CRS 53: § 122-2-2. C.R.S. 1963: § 122-2-2. L. 79: Entire section amended, p. 430, § 2, effective June 19. L. 93: Entire section amended, p. 861, § 28, effective 7/1/1994. L. 2000: Entire section amended, p. 989, § 107, effective July 1.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-103 - Use of name "savings and loan association" restricted

It is unlawful for any person, firm, company, association, partnership, society, or corporation, either domestic or foreign, to transact business under any name or title which contains the term "savings and loan", or use any sign or circulate or use any letterhead, billhead, circular, or paper whatsoever, or advertise in any manner to indicate that its business is the character or kind of business carried on or transacted by a savings and loan association or which is calculated to lead the public to believe that its business is that of a savings and loan association, unless it is lawfully authorized to do business in this state under the provisions of articles
40
to
46
of this title or its charter and is actually engaged in carrying on a savings and loan business in this state under the provisions of said articles 40 to 46, and, upon action brought by the commissioner, injunction will lie to restrain any person, firm, company, partnership, society, corporation, or agent thereof from continuing to violate any of the provisions of this section.
L. 33: p. 359, § 18. CSA: C. 25, § 86. CRS 53: § 122-2-3. C.R.S. 1963: § 122-2-3.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-105 - Minimum stock subscription - issuance of preferred stock

(1)
No permanent stock association shall be organized on or after July 1, 1983, unless, prior to the filing of its articles of incorporation, such minimum amount of its permanent stock and paid-in surplus as required by the commissioner has been subscribed for and the same paid for in lawful money of the United States and is in the custody of the persons named in the articles of incorporation as the members of the first board of directors.
(2)
Preferred stock may be issued by a permanent stock association at any time and shall have such preferences, powers, conversion provisions, and rights as the board of directors of the association may approve.
L. 33: p. 289, § 4. CSA: C. 25, § 7. L. 39: p. 261, § 36. L. 43: p. 200, § 1. CRS 53: § 122-2-5. C.R.S. 1963: § 122-2-5. L. 77: Entire section amended, p. 569, § 2, effective July 1. L. 83: (1) amended, p. 489, § 1, effective April 26.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-106 - Approval of articles of incorporation

The articles of incorporation of any savings and loan association organized under articles
40
to
46
of this title shall not be filed in the office of the secretary of state of the state of Colorado or be received by the secretary of state for filing unless accompanied by a certificate of approval by the commissioner.
L. 33: p. 290, § 5. CSA: C. 25, § 8. L. 39: p. 238, § 6. CRS 53: § 122-2-6. C.R.S. 1963: § 122-2-6.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-107 - [Effective Until 8/7/2024] Documents deposited with commissioner

(1)
Every domestic savings and loan association proposing to incorporate in this state shall first deposit with the commissioner the following documents:
(a)
Two signed and verified copies of the articles of incorporation of the association;
(b)
Two copies of the bylaws of the association;
(c)
Applications signed and verified by a majority of the initial directors of such association, setting forth: Names and addresses of the proposed incorporators, directors, and officers of such association; a statement of the experience and general fitness of the officers and directors to engage in the savings and loan business; an itemized statement of the estimated receipts and expenditures of such association for the first year showing that such association will have a reasonable chance to succeed in the territory in which it proposes to operate; and such other matters as the commissioner may require. Such application shall be accompanied by a fee in the form of a certified check in the amount established by the commissioner, payable to the division of financial services.
(2)
Upon receipt of such documents, the commissioner shall immediately examine and investigate into the advisability of issuing a certificate of approval for such association, and he shall issue such certificate of approval if, upon examination, the commissioner finds:
(a)
That the articles of incorporation comply with all the provisions of articles
40
to
46
of this title;
(b)
That the bylaws comply with the provisions of articles
40
to
46
of this title;
(c)
That the provisions of articles
40
to
46
of this title have been complied with;
(d)
That it is expedient and desirable to permit such association to engage in business;
(e)
That the officers and directors have the experience and general fitness to engage in a savings and loan business;
(f)
That the financial program of the association is sound;
(g)
That the association has a probable chance to succeed;
(h)
That its name is not so similar to that of any other association operating in this state as to mislead the public; but the words "the", "and", "mutual", "permanent", and "savings and loan association" shall not themselves constitute such similarity of names as to be likely to mislead the public.
(3)
If the commissioner's finding is adverse to the association in any of the particulars recited in subsection (2) of this section, he shall not issue a certificate of approval.
L. 33: p. 291, § 6. CSA: C. 25, § 9. L. 39: p. 238, § 7. CRS 53: § 122-2-7. C.R.S. 1963: § 122-2-7. L. 83: (1)(c) amended, p. 493, § 1, effective July 1. L. 84: (1)(c) amended, p. 377, § 2, effective May 11. L. 89: (1)(c) amended, p. 620, § 13, 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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-108 - [Effective Until 8/7/2024] Refusal of certificate - appeal

If the commissioner, after an examination, believes for any reason that a certificate of approval should not be issued and refuses to issue the same, he shall file a written statement with a board consisting of the governor, the attorney general, and the state treasurer of the state of Colorado giving in detail his reasons for such refusal. After notice to all concerned and after a hearing, said board may order the commissioner to issue the certificate of approval or may approve his action in refusing a certificate of approval.
L. 33: p. 293, § 7. CSA: C. 25, § 10. CRS 53: § 122-2-8. C.R.S. 1963: § 122-2-8.
This section is set out more than once due to postponed, multiple, or conflicting amendments.
For hearing procedures, see §24-4-105 .
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-108 - [Effective 8/7/2024] Refusal of certificate - appeal

If the commissioner, after an examination, believes for any reason that a certificate of approval should not be issued and refuses to issue a certificate of approval, the commissioner shall file a written statement with the governor, the attorney general, and the state treasurer, giving in detail the commissioner's reasons for the refusal. After notice to all concerned and after a hearing, the governor, attorney general, and state treasurer may order the commissioner to issue the certificate of approval or may approve the commissioner's action in refusing a certificate of approval.
Amended by 2024 Ch. 350,§ 20, 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. 33: p. 293, § 7. CSA: C. 25, § 10. CRS 53: § 122-2-8. C.R.S. 1963: § 122-2-8.
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.
For hearing procedures, see §24-4-105 .
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-110 - Body corporate

Upon making the articles of incorporation, obtaining a certificate of approval from the commissioner, filing the articles of incorporation and certificate of approval in the office of the secretary of state, and paying the filing fees therefor to the secretary of state, the persons so associating and their successors and assigns shall, from the date of the filing of the same with the office of the secretary of state, be a body corporate by the name set forth in said articles of incorporation, subject to dissolution as provided in articles
40
to
46
of this title and the laws of Colorado not in conflict with said articles 40 to 46. No association shall cease to exist or expire from neglect on the part of the association to elect officers or directors at the time mentioned in their articles of incorporation and bylaws, and all officers or directors elected by an association shall hold office until their successors are duly elected and qualified.
L. 33: p. 295, § 9. CSA: C. 25, § 12. CRS 53: § 122-2-10. C.R.S. 1963: § 122-2-10.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-111 - Renewal of corporate life

(1)
Any association incorporated under any law prior to June 8, 1933, may extend its corporate life upon the affirmative vote of at least a majority of its directors at a special meeting of the board of directors called for that purpose, setting out the purpose of said meeting, and ratified by the written consent of persons holding in the aggregate more than two-thirds in book value of the outstanding stock and shares in such association.
(2)
The president or vice-president and the secretary or assistant secretary of said association shall certify the fact, under the seal of said association, and shall make as many certificates as may be necessary so as to file one in the office of the county clerk and recorder in each county wherein the association may do business, one in the office of the secretary of state, and one in the office of the commissioner, and thereupon the corporate life of said association shall be renewed in perpetuity, or for the term mentioned in the certificate, upon filing such certificate in the office of the secretary of state. All stockholders or shareholders have the same rights in the new association, so extended, as they had in the association as originally formed.
(3)
The extension of the term of existence of any such association in the manner provided shall not be so construed as enlarging any of the powers, privileges, or franchises theretofore enjoyed by such association. Upon the proper filing of any certificate of extension mentioned in articles
40
to
46
of this title, the corporate existence shall be considered as extended and continuous for the period specified in such certificate from the date of the previous expiration of such corporate existence, and said association shall be considered as then having had a continuous corporate existence to the time of the filing of such certificate of renewal.
L. 33: p. 295, § 10. CSA: C. 25, § 13. CRS 53: § 122-2-11. C.R.S. 1963: § 122-2-11.
2023 Colorado Revised Statutes › Title 11 - FINANCIAL INSTITUTIONS (§§ 11-1-101 — 11-111-116) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-112.5 - Savings and loan association as fiduciary

It is unlawful for a savings and loan association to act as fiduciary, other than as escrow agent, unless it is authorized to do so by the commissioner.
L. 81: Entire section added, p. 623, § 2, effective May 18.