There is hereby created a division of financial services, within the department of regulatory agencies, which shall be administered by the state commissioner of financial services. When any law of this state refers to the savings and loan department of the state of Colorado, said law shall be construed as referring to the division of […]
As used in articles 30 and 40 to 46 of this title, unless the context otherwise requires, “board” means the financial services board, created in section 11-44-101.6. Source: L. 93: Entire section added, p. 1447, § 9, effective June 6.
The provisions of section 24-34-104, C.R.S., concerning the termination schedule for regulatory bodies of the state unless extended as provided in that section, are applicable to the division of financial services created by section 11-44-101. This article is repealed, effective September 1, 2024. Source: L. 76: Entire section added, p. 621, § 4, effective July […]
There is hereby established in the division the financial services board which shall consist of five members. There shall be three members who during their tenure are, and shall remain, executive officers of state credit unions and shall have not less than five years’ practical experience as an active executive officer of a credit union. […]
The board is the policy-making and rule-making authority for the division and has the power to: Regulate its own procedure and practice; and Make, modify, reverse, and vacate rules for the proper enforcement and administration of articles 30, 40 to 46, and 49 of this title 11. In addition to any other powers conferred on […]
Any credit union, savings and loan association, or life care institution or provider, or any officer, director, employee, agent, advisor, or volunteer thereof, may appeal to the board any actions taken pursuant to authority delegated by the board pursuant to section 11-44-101.7 (5) or as otherwise specifically provided by statute. Notice of such appeal shall […]
The head of the division of financial services shall be the state commissioner of financial services, referred to in this article as the “commissioner”. The commissioner shall have had at least five years’ practical experience in the operation or regulation of financial institutions or financial service operations. The commissioner shall be appointed by the executive […]
The commissioner has general supervision and control over all domestic and foreign savings and loan associations doing business in this state and has full power to grant, refuse, or revoke a permit or license to any association to do business in this state when such association is not conducting its business in conformity with the […]
The commissioner shall retain records pursuant to part 1 of article 80 of title 24, C.R.S., and may, in his or her discretion, destroy records pursuant to said part 1. Source: L. 2004: Entire section added, p. 139, § 23, effective July 1.
The commissioner may delegate such of his powers and authority to his deputies as he may deem necessary for proper administration of the division and may designate appropriate titles for his deputies and any of his employees. Any such delegation or designation made may be rescinded by the commissioner at any time. All such actions […]
The commissioner shall report to the attorney general, and he shall institute and prosecute suits and actions to enjoin violations of articles 40 to 46 of this title or violations of orders or decisions of the commissioner rendered pursuant to said articles and to enforce any civil penalties provided by said articles. The commissioner shall […]
The commissioner has the power to issue subpoenas and require attendance of any and all officers, directors, agents, salesmen, collectors, and employees of any association and such other witnesses as he may deem necessary in relation to its affairs, transactions, and conditions, and may require such witnesses to appear and answer such questions as may […]
The commissioner may suspend or remove any director, officer, or employee of an association who in the opinion of the commissioner has: Violated the savings and loan association laws or a lawful regulation or order issued thereunder; Engaged or participated in any unsafe or unsound practice in the conduct of savings and loan business; Committed […]
Neither the commissioner, the commissioner’s deputy, nor any other person appointed by the commissioner shall divulge any information acquired in the discharge of the person’s duties; except that: A person specified in the introductory portion to this subsection (1) may divulge information acquired in the discharge of the person’s duties if doing so is made […]
The commissioner, in person or by his deputy or one or more of his or her employees, at such intervals as the commissioner shall determine to be necessary or desirable in order to ascertain that each association is conducting its business in a safe and authorized manner, shall visit the home office and such branch […]
If the commissioner, as the result of any examination or from any report made to him, finds that any association doing business in this state is violating the provisions of its articles of incorporation or bylaws or of the laws of this state provided for its government or is conducting its business in an unsafe […]
As a condition to allowing an association to resume business, the commissioner may require the association to merge with a domestic, foreign, or federal savings and loan association. In the case of such a supervisory merger initiated by the commissioner or the federal deposit insurance corporation or its successor, the provisions of section 11-43-101 shall […]
When any association, of whose property, business, and assets the commissioner has taken possession, deems itself aggrieved thereby, it may appeal to the financial services board pursuant to section 11-44-101.8 and receive expedited consideration as soon as practicable, and if it has, within ten days after the commissioner took possession, served written notice on the […]
Upon application to the district court, the commissioner may be appointed the receiver to operate a savings and loan association when such appointment is necessary to avoid the association’s assets becoming impaired or when the association is operating in an unsafe manner. In lieu of the commissioner being appointed a receiver or liquidator, the federal […]
The commissioner may retain possession of any savings and loan association for the purpose of liquidating its affairs, but before doing so he shall furnish a bond, executed by some surety company authorized to do business in this state and running to the people of the state of Colorado, in a penal sum equal to […]
