reglab/statecodes huggingface dataset:
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 11-41-115 - Interest rates on loans

(1)
Any savings and loan association may charge, contract for, and recover such rate of interest as may be provided in the notes or other evidences of indebtedness taken by the association. Notes secured solely by the pledge of shares and notes secured by real estate mortgages repayable upon the sinking fund plan shall be nonnegotiable in form, and all other notes, including those insured by the federal housing administrator and those taken in connection with loans to veterans under the provisions of the "Servicemen's Readjustment Act of 1944", may be either negotiable or nonnegotiable in form.
(2)
A substantial portion of the business of all associations shall be devoted to the acceptance of savings deposits from or the sale of their shares to their members and the lending of those funds to their members as set forth in section
11-40-103
and otherwise in articles
40
to
46
of this title, but associations may also purchase loans of a type which they are permitted to make and sell loans with or without recourse so long as such purchase or sale of loans is conducted as a part of and in connection with the other permitted business activities of an association.
(3)
Each mortgage loan sold by an association may be sold with or without recourse and, if under a contract to service the same, shall be sold on a basis which will reimburse the association adequately for the cost of such servicing. All sale and servicing agreements shall be in writing and on file in the association.
(4)
No interest that may accrue to an association shall be deemed usurious, and the same may be collected as debts of like amount are now by law collected in this state.
(5)
No law of this state limiting interest or interest rates or the compounding of interest shall apply to any graduated payment mortgage or deed of trust made to individuals, or any mortgage or deed of trust to individuals where periodic disbursement of part of the loan proceeds is made by an association over a period of time as established by the mortgage or deed of trust, or over an expressed period of time ending with the death of such individuals, including but not limited to mortgages or deeds of trust having provisions for adding deferred interest to principal or otherwise providing for the charging of interest on interest.
L. 33: p. 305, § 11. CSA: C. 25, § 14. L. 45: p. 239, § 2. CRS 53: § 122-2-15. C.R.S. 1963: § 122-2-15. L. 71: p. 1146, § 4. L. 79: (5) added, p. 431, § 5, effective June 19. L. 83: (3) amended, p. 493, § 2, effective July 1. L. 94: (3) amended, p. 66, § 8, effective July 1.
For the "Servicemen's Readjustment Act of 1944", see Pub.L. 78-346, codified at 38 U.S.C. § 1801 et seq.
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 11-41-116 - Where associations may operate

Upon approval of the commissioner, a savings and loan association may conduct business in this state, in other states, in the District of Columbia, in the territories and colonies of the United States, and in foreign countries, and have one or more offices out of this state, and own, hold, purchase, mortgage, lease, and convey real and personal property out of this state if such powers are included within the objects set forth in its articles of incorporation and are not in violation of any other provision of articles
40
to
46
of this title.
L. 33: p. 296, § 11. CSA: C. 25, § 14. CRS 53: § 122-2-16. C.R.S. 1963: § 122-2-16.
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 11-41-117 - [Effective Until 8/7/2024] Insurance of shares

(1)
A savings and loan association shall obtain and maintain insurance of its shares with the federal deposit insurance corporation or its successor as provided by the "Federal Deposit Insurance Act",
12 U.S.C. sec. 1811
et seq., and any amendments thereto. Notice of any such actions by associations shall be submitted to the division.
(2)
The commissioner, in connection with all such insured associations, shall furnish said insurance corporation with reports of examination, orders, and requirements issued in connection therewith and other information coming to his attention bearing on the financial condition and administration and may collaborate with said corporation in any merger, reorganization, dissolution, liquidation, or examination and audit of any such insured association.
L. 33: p. 241, § 13. CSA: C. 25, § 14(1). CRS 53: § 122-2-17. C.R.S. 1963: § 122-2-17. L. 87: (1) amended, p. 466, § 1, effective July 1. L. 2004: (1) amended, p. 137, § 15, 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 11-41-117 - [Effective 8/7/2024] Insurance of shares

(1)
A savings and loan association shall obtain and maintain insurance of its shares with the federal deposit insurance corporation or its successor as provided by the "Federal Deposit Insurance Act",
12 U.S.C. sec. 1811
et seq., and any amendments thereto. Notice of any such actions by associations shall be submitted to the division.
(2)
The commissioner, in connection with all such insured associations, shall furnish the federal deposit insurance corporation with reports of the issuance of examination, orders, and requirements relating to insured associations and other information that comes to the commissioner's attention and concerns the financial condition and administration of insured associations. The commissioner may collaborate with the federal deposit insurance corporation in any merger, reorganization, dissolution, liquidation, or examination and audit of any insured association.
Amended by 2024 Ch. 350,§ 23, 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. 241, § 13. CSA: C. 25, § 14(1). CRS 53: § 122-2-17. C.R.S. 1963: § 122-2-17. L. 87: (1) amended, p. 466, § 1, effective July 1. L. 2004: (1) amended, p. 137, § 15, 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) › SAVINGS AND LOAN ASSOCIATIONS (§§ 11-40-101 — 11-49-115) › Article 41 - ORGANIZATION AND POWERS (§§ 11-41-101 — 11-41-134) › Section 11-41-119.5 - [Repealed]

L. 88: Entire section added, p. 457, § 2, effective July 1. L. 96: Entire section repealed, p. 30, § 3, effective March 13.
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 11-41-120 - [Repealed]

L. 33: p. 306, § 13. CSA: C. 25, § 16. CRS 53: § 122-2-20. C.R.S. 1963: § 122-2-20. L. 84: Entire section amended, p. 378, § 4, effective May 11. L. 91: Entire section amended, p. 666, § 6, effective May 31. L. 2003: Entire section amended, p. 1208, § 12, effective July 1. L. 2004: Entire section repealed, p. 137, § 17, 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 11-41-122 - Membership fees

(1)
Savings and loan associations shall not, directly or indirectly, charge any membership, admission, repurchase, withdrawal, or other fee, fine, penalty, or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association or for any other cause, except as provided in subsection (2) of this section; except that reasonable charges may be made to reflect the cost of servicing accounts and upon the making, transfer, or assumption of a loan and for defaults and prepayments of a loan and, after July 1, 1977, for the establishment and maintenance of any Keogh or individual retirement account. Reasonable notice of the amount of and conditions relating to such charges shall be given to affected members.
(2)
Subject to such additional limitations, conditions, and provisions as may be promulgated in regulations of the commissioner, a savings and loan association required under a subpoena issued in a civil action to prepare disclosures of private records shall be reimbursed by the requesting party for such services as follows:
(a)
For reproduction costs, including copies produced by printer or reproduction processes, the amount provided in section
13-32-104(1)
, C.R.S. Costs of photographs, films, and other materials required shall be reimbursed at actual costs.
(b)
For travel expenses incurred as a result of compliance, the amount provided in section
13-33-103(1)
, C.R.S.;
(c)
For personnel costs incurred as a result of compliance, the amount of two dollars and fifty cents for each quarter hour, or fraction thereof.
L. 33: p. 354, § 8. CSA: C. 25, § 76. L. 39: p. 252, § 26. CRS 53: § 122-2-22. L. 59: p. 659, § 1. C.R.S. 1963: § 122-2-22. L. 77: Entire section amended, p. 572, § 1, effective June 4. L. 79: Entire section amended, p. 431, § 7, effective June 19. L. 83: Entire section amended, p. 494, § 3, effective July 1. L. 87: Entire section amended, p. 468, § 1, effective May 1. L. 2008: (2)(a) amended, p. 1881, § 15, effective August 5.
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 11-41-124 - Officers or directors to receive no commission

No officer or director of any savings and loan association shall take or receive for himself, directly or indirectly, any commission, compensation, remuneration, gift, speculative interest, or other thing of value as an inducement to the making of any loan by the association or the purchase of any securities for the association or for the sale of any of the stock of the association.
L. 33: p. 354, § 6. CSA: C. 25, § 74. CRS 53: § 122-2-24. C.R.S. 1963: § 122-2-24.
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 11-41-125 - Loans to officers and directors

No officer or director of any savings and loan association shall negotiate for or receive a mortgage loan from such association, except for the bona fide financing of the home of such officer or director, unless the commissioner has first approved such loan.
L. 33: p. 358, § 16. CSA: C. 25, § 84. CRS 53: § 122-2-25. L. 55: p. 761, § 4. C.R.S. 1963: § 122-2-25.
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 11-41-126 - [Effective Until 8/7/2024] Bonds of officers

Every officer, employee, and agent handling or having custody or charge of funds or securities belonging to a savings and loan association, before entering upon the discharge of his duties, shall give a good and sufficient bond in such sum as may be fixed by the board of directors of any such association. Such bond shall be in such form and provide such coverage as the commissioner may direct and shall be made by a surety corporation authorized to do business in this state. The amount of such bond as to each person shall be subject to the approval of the commissioner. In lieu of individual bonds, a blanket bond covering all active officers, agents, and employees of such association may be executed, subject to approval by the commissioner. Every such bond shall be in force until ten days after notice to such commissioner that the same is to be canceled.
L. 33: p. 362, § 22. CSA: C. 25, § 90. L. 39: p. 255, § 31. CRS 53: § 122-2-26. C.R.S. 1963: § 122-2-26.
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 11-41-126 - [Effective 8/7/2024] Bonds of officers

Every officer, employee, and agent handling or having custody or charge of funds or securities belonging to a savings and loan association, before entering upon the discharge of the officer's, employee's, or agent's duties, shall give a good and sufficient bond in the sum fixed by the board of directors of any such association. the bond must be in the form and provide coverage as the commissioner may direct and must be made by a surety corporation authorized to do business in this state. The amount of the bond as to each person is subject to the approval of the commissioner. In lieu of individual bonds, a blanket bond covering all active officers, agents, and employees of an association may be executed, subject to approval by the commissioner. Every bond is in force until ten days after notice is provided to the commissioner that the bond is to be canceled.
Amended by 2024 Ch. 350,§ 28, 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. 362, § 22. CSA: C. 25, § 90. L. 39: p. 255, § 31. CRS 53: § 122-2-26. C.R.S. 1963: § 122-2-26.
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 11-41-127 - Violations - penalties

(1)
Any officer, director, agent, or employee of any savings and loan association who, directly or indirectly or by indirection, commits or causes the commission of theft, abstraction, or misapplication of any of the funds or securities or other property of or under the control of any savings and loan association, with intent to deceive, injure, cheat, wrong, or defraud any person, commits a class 5 felony and shall be punished as provided in section
18-1.3-401
, C.R.S.
(2)
Any person who willfully and knowingly violates section
11-41-103
and sections
11-41-124
to
11-41-126
commits a petty offense, and each such violation shall constitute a separate offense.
Amended by 2021 Ch. 462, §124, eff. 3/1/2022.
L. 33: p. 362, § 23. CSA: C. 25, § 91. L. 39: p. 256, § 32. CRS 53: § 122-2-27. C.R.S. 1963: § 122-2-27. L. 77: (1) amended, p. 871, § 26, effective 7/1/1979. L. 89: (1) amended, p. 822, § 13, effective July 1. L. 2002: (1) amended, p. 1471, § 39, effective October 1.
(1) The effective date for amendments made to this section by chapter 216, L. 77, was changed from July 1, 1978, to April 1, 1979, by chapter 1, First Extraordinary Session, L. 78, and was subsequently changed to July 1, 1979, by chapter 157, § 23, L. 79. See People v. McKenna, 199 Colo. 452 , 611 P.2d 574 (1980).
(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.
For the legislative declaration contained in the 2002 act amending subsection (1), see section 1 of chapter 318, Session Laws of Colorado 2002.
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 11-41-128 - [Effective Until 8/7/2024] Acknowledgments

No notary public or other public officer qualified to take acknowledgments or proof of written instruments shall be disqualified from taking the acknowledgment or proof of an instrument in writing in which a savings and loan association is interested by reason of his employment by or his being a member or officer of the savings and loan association interested in such instrument.
L. 33: p. 353, § 5. CSA: C. 25, § 73. L. 51: p. 216, § 4. CRS 53: § 122-2-28. C.R.S. 1963: § 122-2-28.
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 11-41-128 - [Effective 8/7/2024] Acknowledgments

A notary public or other public officer qualified to take acknowledgments or proof of written instruments shall not be disqualified from taking the acknowledgment or proof of an instrument in writing in which a savings and loan association is interested by reason of the notary public's or other public officer's employment by, or the notary public or other public officer being a member or officer of, the savings and loan association interested in the instrument.
Amended by 2024 Ch. 350,§ 29, 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. 353, § 5. CSA: C. 25, § 73. L. 51: p. 216, § 4. CRS 53: § 122-2-28. C.R.S. 1963: § 122-2-28.
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 11-41-132 - [Effective Until 8/7/2024] Escheat proceedings

(1)
If the affairs of an association have been voluntarily liquidated as provided in articles
40
to
46
of this title and any liquidating dividends remain unclaimed after the approval of the final report of liquidation, the trustees for liquidation may transfer such unclaimed liquidating dividends to the commissioner. In case of such transfer or in case an association has been liquidated by the commissioner and any liquidating dividends remain unclaimed six years after the approval of the final report of such liquidation, the commissioner may elect to pay such unclaimed liquidating dividends to the state treasurer.
(2)
Due notice of such election shall be given by publication once a week for four successive weeks in some newspaper of general circulation in the county in this state where the last principal place of business of such association was located. Within fifteen days after the first publication, the commissioner shall mail a copy of the notice to each person whose liquidating dividends are to be paid to the state treasurer at the last address appearing on the books of the association.
(3)
After thirty days from the date of the last publication, the commissioner shall pay to the state treasurer any such liquidating dividends in his possession, less the costs of publication and mailing, and shall file with the state treasurer the affidavit of publication by the publisher and the affidavit of mailing by the commissioner, showing the dates of such publications and mailing. The state shall be answerable for such funds, without interest, anytime within twenty-one years after the same have been paid into the treasury, to such persons as shall be legally entitled thereto. After the lapse of twenty-one years from the time any such moneys have been paid into the state treasury, no claim therefor having been made and established by any person entitled thereto, said moneys shall become the property of the state and shall be transferred to the general fund.
(4)
Payment to the state treasurer shall discharge the commissioner from any further liability or responsibility for such moneys.
L. 51: p. 216, § 5. CSA: C. 25, § 99. CRS 53: § 122-2-32. C.R.S. 1963: § 122-2-32.
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 11-41-132 - [Effective 8/7/2024] Escheat proceedings

(1)
If the affairs of an association have been voluntarily liquidated as provided in articles
40
to
46
of this title and any liquidating dividends remain unclaimed after the approval of the final report of liquidation, the trustees for liquidation may transfer such unclaimed liquidating dividends to the commissioner. In case of such transfer or in case an association has been liquidated by the commissioner and any liquidating dividends remain unclaimed six years after the approval of the final report of such liquidation, the commissioner may elect to pay such unclaimed liquidating dividends to the state treasurer.
(2)
Due notice of such election shall be given by publication once a week for four successive weeks in some newspaper of general circulation in the county in this state where the last principal place of business of such association was located. Within fifteen days after the first publication, the commissioner shall mail a copy of the notice to each person whose liquidating dividends are to be paid to the state treasurer at the last address appearing on the books of the association.
(3)
After thirty days from the date of the last publication, the commissioner shall pay to the state treasurer any liquidating dividends in the commissioner's possession, less the costs of publication and mailing, and shall file with the state treasurer the affidavit of publication by the publisher and the affidavit of mailing by the commissioner, showing the dates of the publications and mailing. The state shall be answerable for the money, without interest, anytime within twenty-one years after the money has been paid into the treasury, to persons that are legally entitled to the money. After twenty-one years from the time the money has been paid into the state treasury, if no claim for the money has been made and established by any person entitled to the money, the money becomes the property of the state and shall be transferred to the general fund.
(4)
Payment to the state treasurer shall discharge the commissioner from any further liability or responsibility for such moneys.
Amended by 2024 Ch. 350,§ 34, 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. 51: p. 216, § 5. CSA: C. 25, § 99. CRS 53: § 122-2-32. C.R.S. 1963: § 122-2-32.
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 11-41-134 - Indemnification and personal liability of directors, officers, employees, and agents - legislative declaration

(1)
The savings and loan association has the same powers, rights, and obligations and is subject to the same limitations as apply to corporations for profit as set forth in article
109
of title
7
. Savings and loan association directors, officers, employees, and agents have the same rights as directors, officers, employees, and agents, respectively, of corporations for profit as set forth in article
109
of title
7
. Savings and loan association directors and officers have the benefit of the same limitations on personal liability for any injury to person or property arising out of a tort as set forth in section
7-108-403
, for directors and officers, respectively, of corporations for profit. Any reference in said sections to shareholders shall be construed to refer to stockholders for the purposes of this section.
(2)
(a)
The general assembly hereby finds, determines, and declares that the following is enforceable and in conformity with the public policy of this state, as expressed in articles
40
to
46
of this title:
(I)
Any insurance policy, form, contract, endorsement, or certificate in effect or issued on or after April 30, 1993, which provides insurance coverage to directors or officers, or both, of a savings and loan association but which does not grant coverage or which excludes coverage for claims made by any depository insurance organization or any other state or federal corporation, organization, or entity acting as receiver, conservator, or liquidator of such savings and loan association, whether in its own name or in behalf of any other person or entity; or
(II)
Any fidelity bond, financial institution bond, or depository institution bond in effect or issued on or after April 30, 1993, that provides for termination of such bond upon the taking over of the savings and loan association by a receiver or other liquidator or by state or federal officials.
(b)
No provision of articles
40
to
46
of this title shall be construed to contravene or modify the expressed public policy set forth in this subsection (2).
Amended by 2019 Ch. 166, §68, eff. 7/1/2020.
L. 87: Entire section added, p. 371, § 16, effective May 20. L. 93: Entire section amended, p. 620, § 4, effective April 30; (1) amended, p. 862, § 30, effective 7/1/1994. L. 2019: (1) amended, (SB 19-086), ch. 1965, p. 1965, § 68, effective 7/1/2020.
Amendments to this section by House Bill 93-1154 and House Bill 93-1261 were harmonized.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-101 - Investment and savings shares

(1)
Every association may issue and sell an unlimited number of shares of the following types, as described in this section:
(a)
"Investment shares" are shares on which the full payment has been made and on which dividends shall be paid in cash.
(b)
"Savings shares" are shares on which an initial payment has been made, and upon which further payments are to be made at such times and in such amounts as are optional with the member, and on which dividends shall be credited unless otherwise agreed that all or part shall be paid in cash.
(c)
"Short-term savings shares" are shares which are to be withdrawn in less than twenty-four months from the date on which such share account is opened, or a share account established for the purpose of accumulating funds to pay taxes or insurance premiums, or both, in connection with a loan on the security of a lien on real estate. No association shall be required to distribute earnings on short-term savings shares.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-1. L. 55: p. 761, § 5. L. 59: p. 659, § 2. C.R.S. 1963: § 122-3-1.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-102 - Preliminary requirements

Shares may be purchased and held absolutely by or in trust for any person, partnership, association, corporation, or trustee. Certificates shall be issued to each purchaser of shares at the time of making full or initial payment thereon, and at the same time share account books shall be issued to purchasers of savings shares.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-2. L. 55: p. 761, § 6. C.R.S. 1963: § 122-3-2.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-103 - Contents of certificate - accounts

A share account shall be kept on the books of the association with each certificate holder showing the aggregate of all payments made, plus dividends paid in cash or credited. The aggregate of all payments made, plus dividends credited, less withdrawals, shall be termed the "certificate value" or "withdrawal value" of the account.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-3. L. 55: p. 762, § 7. C.R.S. 1963: § 122-3-3.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-104 - Participating and limited dividend shares

Shares may be issued to participate fully or to a limited extent in the net earnings of the association if the articles of incorporation so provide, and such participation shall be specified in the body of the certificate. All shares participating fully in net earnings shall be entitled to an equal rate of dividend, if earned, as fixed by the board of directors. Shares participating to a limited extent shall be entitled to such rate of dividend, if earned, as fixed by the board of directors for the semiannual periods ending June thirtieth and December thirty-first of each year; but, if the rate is decreased, the shareholders thus affected shall be given written notice of the new rate, within thirty days after date of declaration, by mailing such notice to their last known addresses.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-4. L. 55: p. 762, § 8. C.R.S. 1963: § 122-3-4.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-105 - Responsibility for losses - extent

The members of an association shall not be responsible for any losses which its invested capital is not sufficient to satisfy, except to the extent provided in sections
11-42-108
to
11-42-110
, and the shares shall not be subject to assessment, nor shall certificate holders be liable for any unpaid installment on their shares. Except as provided in article
47
of this title, no preference between certificate holders shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association. Shareholders in mutual associations shall participate in the distribution of all assets, and in permanent stock associations they shall participate first, but only to the extent of their share investments.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-5. C.R.S. 1963: § 122-3-5. L. 75: Entire section amended, p. 406, § 2, effective 1/1/1976.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-106 - Transfer of shares

Share certificates are transferable on the books of the association by the holder thereof, in person or by a duly authorized attorney, upon surrender of the certificate properly endorsed. The association may treat the holder of record thereof as the owner for all purposes without being affected by any notice to the contrary until the certificate is transferred on the books of the association. A transfer charge of not to exceed fifty cents may be charged for each certificate transferred on its books.
L. 33: pp. 312-317, §§ 1-6. CSA: C. 25, § 19. L. 39: p. 248, § 19. L. 43: p. 202, § 4. CRS 53: § 122-3-6. L. 55: p. 762, § 9. C.R.S. 1963: § 122-3-6.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-108 - [Effective Until 8/7/2024] Assessment to restore impaired permanent stock

(1)
Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock issued on or after July 1, 1981, except as provided by this section. If the commissioner, as a result of any examination or from any report made to him, finds that the permanent stock of any association is impaired, he shall notify the association that such impairment exists. In the event the amount of the impairment, as determined by the commissioner, is questioned by the association, then, upon application filed within ten days, the value of the assets in question shall be determined by appraisals made by independent appraisers acceptable to the commissioner and the association.
(2)
If the bylaws of an association expressly give the directors the authority to levy an assessment on permanent stock, then, subject to any limitations contained in the bylaws, the directors may levy and collect assessments upon permanent stock. The directors of an association which has received such notice may levy a pro rata assessment upon the permanent stock thereof to make good such impairment and shall cause notice of the finding of the commissioner and such levy to be given in writing to each stockholder of such association and the amount of assessment which the stockholder must pay for the purpose of making good such impairment; but, in lieu of making such assessment, the impairment may be made good, without the consent of the commissioner, by the reduction of the permanent stock in the manner provided in section
11-42-107
.
L. 33: p. 317, § 1. CSA: C. 25, § 25. L. 43: p. 204, § 5. L. 51: p. 212, § 2. CRS 53: § 122-3-8. C.R.S. 1963: § 122-3-8. L. 81: Entire section amended, p. 623, § 3, effective May 18.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-108 - [Effective 8/7/2024] Assessment to restore impaired permanent stock

(1)
Stockholders, after their stock has been fully paid, are not liable to creditors or for assessments upon their stock issued on or after July 1, 1981, except as provided by this section. If the commissioner, as a result of any examination or from any report made to the commissioner, finds that the permanent stock of an association is impaired, the commissioner shall notify the association that the impairment exists. In the event the amount of the impairment, as determined by the commissioner, is questioned by the association, then, upon application filed within ten days, the value of the assets in question shall be determined by appraisals made by independent appraisers acceptable to the commissioner and the association.
(2)
If the bylaws of an association expressly give the directors the authority to levy an assessment on permanent stock, then, subject to any limitations contained in the bylaws, the directors may levy and collect assessments upon permanent stock. The directors of an association which has received such notice may levy a pro rata assessment upon the permanent stock thereof to make good such impairment and shall cause notice of the finding of the commissioner and such levy to be given in writing to each stockholder of such association and the amount of assessment which the stockholder must pay for the purpose of making good such impairment; but, in lieu of making such assessment, the impairment may be made good, without the consent of the commissioner, by the reduction of the permanent stock in the manner provided in section
11-42-107
.
Amended by 2024 Ch. 350,§ 36, 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. 317, § 1. CSA: C. 25, § 25. L. 43: p. 204, § 5. L. 51: p. 212, § 2. CRS 53: § 122-3-8. C.R.S. 1963: § 122-3-8. L. 81: Entire section amended, p. 623, § 3, effective May 18.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-109 - [Effective Until 8/7/2024] Sale of delinquent stock

(1)
If any stockholder refuses or neglects to pay the assessment specified in such notice within sixty days from the date of mailing, the directors of such association shall have the right to sell to the highest bidder at public auction any part or all of the stock necessary to pay the assessment of such stockholder, after giving a previous notice of such sale for ten days in a newspaper of general circulation published in the county where the principal office of such association in this state is located, and a copy of such notice of sale shall also be served on such stockholder by mailing a copy of the notice to his last known address ten days before the day fixed for such sale, or such stock may be sold at a private sale and without public notice; but, before making such private sale thereof, an offer in writing shall first be obtained and a copy thereof served upon the owner of record of the stock to be sold by mailing a copy of such offer to his last known address, and, if, after service of such offer, such owner still refuses or neglects to pay such assessment within thirty days from the time of the service of such offer, the directors may accept the offer and sell such stock to the person making such offer or to any other person making a larger offer than the amount named in the offer submitted to the stockholder, but such stock in no event shall be sold for less than the amount of such assessment so called for and the expense of the sale.
(2)
Out of the proceeds of the stock sold, the directors shall pay the amount of assessment levied thereon and the necessary cost of sale, and the balance, if any, shall be paid to the person whose stock has been sold. A sale of stock as provided in this section shall effect an absolute cancellation of the outstanding certificate evidencing the stock sold and shall make the same null and void, and a new certificate shall be issued by the association to the purchaser thereof.
L. 33: p. 317, § 1. CSA: C. 25, § 25. L. 43: p. 204, § 5. L. 51: p. 212, § 2. CRS 53: § 122-3-9. C.R.S. 1963: § 122-3-9.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-109 - [Effective 8/7/2024] Sale of delinquent stock

(1)
If a stockholder refuses or neglects to pay the assessment specified in a notice provided pursuant to section 11-42-108 (2) within sixty days after the date of mailing, the directors of the association may sell to the highest bidder at public auction any part or all of the stock necessary to pay the assessment of the stockholder, after giving a previous notice of the sale for ten days in a newspaper of general circulation published in the county where the principal office of the association is located. a copy of the notice of sale shall also be served on the stockholder by mailing a copy of the notice to the stockholder's last known address ten days before the day fixed for the sale. the stock may also be sold at a private sale without public notice; except that, before making a private sale, the board of directors shall obtain an offer in writing and serve a copy of the offer upon the owner of record of the stock by mailing a copy of the offer to the owner's last known address. If, after service of the offer, the owner still refuses or neglects to pay the assessment for thirty days, the directors may accept the offer and sell the stock to the person making the offer or to any other person making an offer in a larger amount. The board of directors shall not sell the stock for less than the amount of the assessment and the expense of the sale.
(2)
Out of the proceeds of the stock sold, the directors shall pay the amount of assessment levied thereon and the necessary cost of sale, and the balance, if any, shall be paid to the person whose stock has been sold. A sale of stock as provided in this section shall effect an absolute cancellation of the outstanding certificate evidencing the stock sold and shall make the same null and void, and a new certificate shall be issued by the association to the purchaser thereof.
Amended by 2024 Ch. 350,§ 37, 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. 317, § 1. CSA: C. 25, § 25. L. 43: p. 204, § 5. L. 51: p. 212, § 2. CRS 53: § 122-3-9. C.R.S. 1963: § 122-3-9.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-110 - Forfeiture of delinquent stock

(1)
If no bid or offer is received equal to or more than the amount of such assessment and the expense of sale, such stock shall be declared forfeited to the association and accepted in full satisfaction of such assessment, and such stock shall not be reissued except in accordance with a permit thereafter obtained from the commissioner pursuant to section
11-42-112
.
(2)
The proceeds from any assessment, less the cost of any sales and any forfeiture of delinquent stock, shall be credited to the contingent reserve account.
L. 33: p. 317, § 1. CSA: C. 25, § 25. L. 43: p. 204, § 5. L. 51: p. 212, § 2. CRS 53: § 122-3-10. C.R.S. 1963: § 122-3-10.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-112 - [Effective Until 8/7/2024] Requirements for sale of permanent stock

(1)
No association shall sell, offer for sale, negotiate for the sale of or take subscriptions for, or issue any of its permanent stock until it has first applied for and secured from the commissioner a permit authorizing it so to do. Such application shall be in writing, verified, and filed with the commissioner. In such application, the association shall set forth the names and addresses of its officers, the location of its office, an itemized account of its financial condition, the amount and character of its stock and shares, a copy of any prospectus or advertisement or other description of its stock to be distributed or published, a copy of all minutes of any proceedings of its directors, shareholders, or stockholders relating to or affecting the issue of such stock, and such additional information concerning the association, its condition, and its affairs as the commissioner may require. Upon the filing of such application, it shall be the duty of the commissioner to examine it and the other papers and documents filed therewith.
(2)
If he finds that the proposed issue is such as will not mislead the public as to the nature of the investment or will not work a fraud upon the purchaser thereof, the commissioner shall issue to the association a permit authorizing it to issue and dispose of its stock in such amounts as the commissioner may in such permit provide; otherwise he shall deny the application and notify the association in writing of his decision.
(3)
Every permit shall recite in bold type that the issuance thereof is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued. The commissioner may impose conditions requiring the impoundment of the proceeds from the sale of such stock and limiting the expense in connection with the sale thereof and such other conditions as he may deem reasonable and necessary or advisable to insure the disposition of the proceeds from the sale of such stock in the manner and for the purposes provided in such permit. The commissioner from time to time may amend, alter, or revoke any permit issued by him or temporarily suspend the rights of such association under such permit. The commissioner has the power to establish such rules and regulations as may be reasonable or necessary to carry out the purposes and provisions of this section.
L. 33: p. 318, § 2. CSA: C. 25, § 26. CRS 53: § 122-3-12. C.R.S. 1963: § 122-3-12.
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 42 - SHARES AND STOCK (§§ 11-42-101 — 11-42-125) › Section 11-42-113 - Redemption of shares or stock

Every savings and loan association may redeem its shares or stock and repay the funds acquired thereby with such earnings as the same may be entitled to according to the terms of the issue thereof if the same are no longer required for the purposes of the association upon giving thirty days' written notice in the manner provided in the bylaws of the association, but the association cannot redeem permanent stock. The method of redemption shall be prescribed in the bylaws of the association.
L. 33: p. 355, § 9. CSA: C. 25, § 77. CRS 53: § 122-3-13. C.R.S. 1963: § 122-3-13.