The short title of this article 110 is the “Money Transmitters Act”. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 575, § 2, effective August 9. Editor’s note: This section is similar to former § 12-52-101 as it existed prior to 2017.
It is declared to be the policy of this state that checks, drafts, money orders, or other instruments for the transmission or payment of credit or money are widely used by the people of this state as a process of settling accounts or debts and that sellers and issuers of the instruments receive, in the […]
As used in this article 110, unless the context otherwise requires: “Banking board” or “board” means the banking board created in section 11-102-103. “Commissioner” means the state bank commissioner appointed and serving pursuant to section 11-102-101 (2). “Control” means: Ownership of, or the power to vote, directly or indirectly, twenty-five percent or more of a […]
The powers, duties, and functions of the banking board and the commissioner contained in article 102 of this title 11 and the declaration of policy contained in section 11-101-102 shall apply to the provisions of this article 110. For the purposes of this section and section 11-102-104, the banking board shall have the same powers, […]
A person shall not engage in the business of money transmission without first procuring a license from the board; except that an agent, subagent, or representative of a licensee or an employee of an agent, subagent, or representative who acts on behalf of a licensee in the transmission of money by the licensee is not […]
Nothing in this article 110 shall apply to: Departments or agencies of the United States of America, or to any state or municipal government, or to corporations organized under the general banking, savings and loan, or credit union laws of this state or of the United States, or to the receipt of money by an […]
Application for a license shall be made in writing, under oath, to the banking board on such form as it may prescribe. The application shall: State the name of the applicant and the address of his or her principal office; Contain evidence that the applicant possesses qualifications and experience as required by the banking board […]
When the results of a fingerprint-based criminal history record check of an applicant performed pursuant to section 11-110-107 (1)(e) reveal a record of arrest without a disposition, the banking board shall require that applicant to submit to a name-based criminal history record check, as defined in section 22-2-119.3 (6)(d). The applicant shall pay the actual […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 § […]
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 […]
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 […]
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 […]
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 […]
Any person who violates any provision of this article 110 is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than ten thousand dollars. Each such violation shall constitute a separate offense. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 585, § […]
If the board has cause to believe that a person has sold or issued exchange or transmitted money without a license issued under this article 110, the board may obtain from the district court of the city and county of Denver a temporary restraining order or a preliminary or permanent injunction prohibiting the person from […]
