§ 11-110-108. Bond – Condition – Amount – Rules
Each approved applicant shall furnish a corporate surety bond in the principal sum of one million dollars, except as otherwise provided in this subsection (1), by a bonding company or insurance company authorized to do business in this state, in which the applicant is named as obligor, to be approved by the banking board, that […]
§ 11-110-109. Issuance of License
Upon the filing of an application, the commissioner shall investigate the applicant. The applicant shall pay for the cost of the investigation. If the board finds that the applicant is of good moral character and financially responsible and can comply with this article 110, the board shall approve the application and notify the applicant in […]
§ 11-110-110. Issuance of License – Renewal – Fee
Before any license is issued, and annually thereafter on or before January 1 of each succeeding year, the applicant or licensee shall pay to the banking board a license fee in an amount set by the banking board pursuant to section 11-102-104 (11). For each license originally issued between July 1 and December 31 of […]
§ 11-110-111. Examination – Fee – Financial Statements and Reports to Commissioner – Change in Control
The commissioner may examine the books and records of a licensee using risk-based criteria and considering other available regulatory mechanisms as directed by the banking board; shall make and file in the office of the commissioner a correct report in detail disclosing the results of the examination; and shall mail a copy of the report […]
§ 11-110-112. Change in Control – Rule
Except as specified in subsection (1)(b) or (1)(c) of this section, when a licensee proposes a change of control, the licensee shall: Give the commissioner written notice of the proposed change of control within fifteen days after learning of the proposed change of control; Request approval of the change of control; and Submit a nonrefundable […]
§ 11-110-113. Compliance With Federal Law
Each licensee shall comply with state and federal money laundering laws, including, but not limited to, the federal “Bank Secrecy Act”, 12 U.S.C. sec. 1951 et seq. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 584, § 2, effective August 9. Editor’s note: This section is similar to former § […]
§ 11-110-114. Multiple Locations
Each licensee may conduct business at locations within this state the licensee may desire and through agents and subagents the licensee may from time to time appoint. Each licensee shall notify the board by certified mail of any increase in the number of locations at which it conducts its business and shall provide proof that […]
§ 11-110-115. Revocation or Surrender of License
The banking board may, upon ten days’ notice served personally upon the licensee stating the contemplated action and the grounds therefor, hold a hearing at which the licensee shall have a reasonable opportunity to be heard, for the purpose of determining whether a license should be revoked. After the hearing the banking board may revoke […]
§ 11-110-116. Rules
The banking board may make, promulgate, alter, amend, or revise reasonable rules as may be necessary for the enforcement and execution of this article 110. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § 2, effective August 9. Editor’s note: This section is similar to former § 12-52-113 as […]
§ 11-110-117. Review
Any person aggrieved and directly affected by an order of the banking board issued under this article 110 may seek a review in the district court of Colorado in and for the county in which the principal place of business of the licensee or applicant is located. The filing of such a petition for review […]