§ 11-47-101. Short Title
This article shall be known and may be cited as the “Savings and Loan Association Public Deposit Protection Act”. Source: L. 75: Entire article added, p. 399, § 1, effective July 1.
§ 11-47-102. Legislative Declaration
The general assembly declares that the purpose of this article is to provide protection of public moneys on deposit in state-chartered and federally chartered savings and loan associations in this state above and beyond the protection provided by the federal deposit insurance corporation or its successor and to ensure prompt payment of deposit liabilities to […]
§ 11-47-103. Definitions
As used in this article, unless the context otherwise requires: “Affected governmental unit” means any governmental unit whose deposits of public moneys are affected by an event of default. “Capital funds” means, with respect to any eligible public depository, the aggregate sum of its capital stock, surplus, and undivided profits and of all reserves required […]
§ 11-47-104. Administration – Powers of Commissioner and Financial Services Board
The provisions of this article shall be administered by the commissioner under the supervision of the financial services board. The financial services board and the commissioner shall have the authority to do all acts necessary and required to carry out the purpose of this article. To this end, the financial services board is empowered to […]
§ 11-47-105. Acceptance of Provisions – Designation as Eligible Public Depository
Every state-chartered savings and loan association and every federally chartered savings and loan association having an office in this state that is otherwise eligible to be an eligible public depository and that desires to accept and hold public deposits in an amount in excess of the amount insured by the federal deposit insurance corporation or […]
§ 11-47-108. Method of Securing Public Deposits
Except as provided in section 11-47-112 (6)(a), any eligible public depository shall secure public deposits accepted and held by it by pledging eligible collateral having a market value, at all times, equal to at least one hundred percent of the aggregate of said deposits not insured by the federal deposit insurance corporation or its successor. […]
§ 11-47-109. Where Collateral Held – Right of Substitution – Income Derived
The eligible collateral required to be pledged as provided in section 11-47-108 shall be held in escrow by another savings and loan association in Colorado, by a state or national bank in Colorado, or by any federal home loan bank or branch thereof or any federal reserve bank or branch thereof approved by the commissioner, […]
§ 11-47-111. Reports Required – When Filed – Contents
On a date specified by the commissioner, every eligible public depository shall file a report with the commissioner that contains such information as required by the commissioner. The commissioner may require more frequent reports from eligible public depositories. Source: L. 75: Entire article added, p. 403, § 1, effective July 1. L. 83: Entire section […]
§ 11-47-112. Power and Authority of Financial Services Board
The commissioner shall have specific power and authority to require any eligible public depository to furnish, at any time, such information as the commissioner may request or demand concerning the amount of public deposits held by it, the portion thereof that is insured by the federal deposit insurance corporation or its successor, the amount of […]
§ 11-47-113. Procedure When Event of Default Occurs
When the commissioner has determined that an event of default has occurred with respect to any eligible public depository and has determined and fixed the date of such occurrence, he or she shall proceed in the following manner: He shall forthwith seize and take possession of all eligible collateral, maintained or pledged, belonging to the […]
§ 11-47-118. Public Moneys to Be Deposited Only in Eligible Public Depositories – Penalty for Violation
It shall be unlawful for any public moneys to be deposited in any state-chartered savings and loan association, or in any federally chartered savings and loan association having its principal office in this state, other than one that has been designated by the commissioner as an eligible public depository, unless the entire amount of such […]
§ 11-47-119. Liability of Officials of Governmental Units
No official of a governmental unit who acted in good faith in selecting, designating, or approving any eligible public depository for the deposit of public moneys in his custody or under his control shall be liable for any loss of public moneys deposited therein by reason of the occurrence of an event of default with […]
§ 11-47-120. Authority to Accept Deposits – Acceptance of Insured Deposits
Any state-chartered savings and loan association, or any federally chartered savings and loan association having its principal office in this state that is authorized by the laws of this state or of the United States to accept deposit accounts or savings deposits, is authorized to accept and hold, and any governmental unit is authorized to […]