S.B. 94-22 Securities - regulation - continuation under sunset law - appropriation. Sets the effective period at one year after the effective date for a registration statement filed on behalf of an investment company which is registered under the federal "Investment Company Act of 1940". Requires such investment companies to pay a registration renewal fee in an amount set by the securities commissioner.
Empowers the securities commissioner to issue consent orders and sets forth what types of provisions may be included in any such order. Empowers the securities commissioner to issue summary orders suspending or revoking a license, denying a license, or postponing or suspending the effectiveness of a registration statement or an exemption from securities registration based upon a finding of sufficient evidence, as presented in a petition, that certain enumerated acts have occurred. Specifies the process by which such an order may be issued. Outlines the remedies available to any person to whom an order has been issued. Specifies when such summary orders become final orders.
Allows the securities commissioner to apply to the district court for relief if a person to whom the securities commissioner has issued an order willfully violates or willfully refuses to comply with such order. States that if the securities commissioner establishes by a preponderance of the evidence that such violation or noncompliance was willful, the court may impose legal and equitable sanctions which are the equivalent of the sanctions imposed for contempt of court.
Creates the securities board within the department of regulatory agencies to review orders issued by the securities commissioner to persons to show cause why their licenses should not be suspended for conduct which violates the act. Sets forth the requirements for a hearing conducted by the securities board.
Changes the court which conducts any appellate review of an administrative decision by the securities division from the district court of the city and county of Denver to the court of appeals.
Defines confidential documents received by the securities division as criminal justice records for purposes of treatment of such records under the public records law. Specifies that the securities division shall be treated as a criminal justice agency for purposes of the public records law.
Allows the securities commissioner to respond to interpretive questions concerning the "Colorado Commodity Code".
Deletes the prohibition on districts to refinance bonds without prior written approval from the securities commissioner pursuant to the "Colorado Municipal Bond Supervision Act". Modifies the exemptions for bonds of districts where the initial total obligation is for up to $2,000,000 to exclude such bonds from general oversight by the securities commission while not exempting such bonds from certain specific oversight provisions. Empowers the securities commissioner to issue rules, forms, and orders as necessary for such bonds.
Extends the automatic termination date of the function of regulating securities through the division of securities and the securities board to July 1, 2004, pursuant to the provisions of the sunset law.
Appropriates $8,093 from the division of securities cash fund to the department of regulatory agencies for allocation to the division of securities, of which $3,432 shall be appropriated to the department of law for the provision of legal services.
APPROVED by Governor June 1, 1994
EFFECTIVE July 1, 1994
S.B. 94-36 Debt management - regulation - continuation under sunset law. Clarifies that the banking board has the power to promulgate rules for the execution of the provisions governing debt management. Requires any person claiming an exemption from the licensure requirement for debt management companies or debt adjusters to bear the burden of proving the exemption. Specifies that an application for licensure or license renewal is valid for all offices of a licensee, including branch offices. Requires that debtor funds collected by a licensee be held in trust for the debtor in the event of licensee bankruptcy. Changes the length of term of a written contract between a debtor and a licensee from a maximum of 24 months to a maximum of 60 months. Removes the 5-day notice requirement that the state bank commissioner must give to a licensee before examination and specifies that an examination may be conducted when necessary. Specifies that all moneys collected by the banking board or the state bank commissioner pursuant to the regulation of debt management be deposited in the division of banking cash fund.
Includes limited liability companies in the group of entities which may be licensed as debt management companies.
Makes any violation of the laws regulating debt management companies and debt adjusters a deceptive trade practice. Clarifies that the time period in which an action, whether criminal or civil, may be brought under the provisions regulating debt management companies and debt adjusters be pursuant to the applicable statutes of limitations.
Extends the automatic termination date of the licensing functions of the banking board and the state bank commissioner to July 1, 2000, subject to review pursuant to the provisions of the sunset law.
APPROVED by Governor April 20, 1994
EFFECTIVE April 20, 1994
S.B. 94-120 Annuity contracts - sale. Authorizes banks and bank holding companies to sell fixed and variable annuity contracts. Prohibits banks, bank holding companies, and their employees from extending any service or varying the consideration for any service on the condition that the customer obtain a fixed or variable annuity contract from their institution. Requires bank and bank holding companies that sell fixed or variable annuities to receive a written acknowledgment from the purchaser that the annuity involves investment risk and is not insured by the FDIC. States that such acknowledgment be clear and conspicuous and be provided before or contemporaneously with the purchase of the annuity. Includes an acknowledgment form which, if substantially complied with, meets these requirements.
APPROVED by Governor May 25, 1994
PORTIONS EFFECTIVE July 1, 1994; January 1, 1995; July 1,
1995
H.B. 94-1007 Banking - division of banking - continuation under sunset law. Requires that at least one and not more than 2 members of the banking board be from any one congressional district, that no more than 4 members be from the same major political party, and that at all times one member of the banking board reside west of the continental divide. Eliminates the current distinction between banker members and nonbanker members.
Requires the state bank commissioner to publish annually a report containing such information as the commissioner deems necessary to summarize the operations of the division of banking during such year. Deletes the existing list of details to be covered in the report. Clarifies provisions of law governing the furnishing of public documents of the division of banking to persons upon request, the certification of such records, and the admissibility of such records in evidence.
Adds to the grounds on which the banking board may assess civil penalties a prohibition on engaging in or participating in any unsafe or unsound practice in connection with a bank, an industrial bank, or a trust company. Authorizes the banking board to establish by rule the qualifications and experience required of persons to be directors or officers of state banks. Relaxes directors' residency requirements, allowing a simple majority rather than 2/3rds of the board to be Colorado residents if the bank is organized solely to do business with other financial institutions, is owned primarily by the financial institutions with which it does business, and does not do business with the general public.
Authorizes the banking board to set by rule and regulation the capital requirements for out-of-state bank holding companies to acquire Colorado bank holding companies or Colorado banks. Amends provisions governing the involuntary liquidation of trust companies to reflect that action may be taken by the banking board if serious losses to "customers", rather than the prior "depositors", of the company have occurred or will occur.
Extends the automatic termination date of the division of banking in the department of regulatory agencies to July 1, 2004, pursuant to the provisions of the sunset law.
APPROVED by Governor March 15, 1994
EFFECTIVE March 15, 1994
H.B. 94-1017 Financial services - continuation of division under sunset law - repeal of the small business development credit corporation - additional authorization for the commissioner - financial services board - immediate revocation of credit union charters - eligible public depositories. Requires the state commissioner of financial services to investigate whether incorporators and organizers of credit unions are qualified, including whether they have been convicted of criminal activity. Authorizes the commissioner to determine if investigations by other agencies may be treated as substantially equivalent to those conducted by the commissioner. Authorizes the commissioner to establish reporting dates for certain reports required of credit unions and savings and loan associations.
States that a person directly affected by a final order of the commissioner or the financial services board may obtain judicial review by filing an action with the Colorado court of appeals.
Authorizes the commissioner to suspend or remove any director, officer, or employee of a credit union or savings and loan association if he or she believes such person received financial gain by violating the law, if such violation demonstrated dishonesty or the willful disregard for the soundness of the institution. States that a suspension or removal order may be issued if the commissioner finds that a person has entered a plea of guilty or nolo contendere, has been convicted of a felony, or was disciplined or fined for a violation of state law. Requires that suspension and removal orders include a description of the grounds therefor, and that copies of such orders be sent to the institution and its board of directors.
Clarifies that the maximum civil penalty that may be assessed against a credit union shall be based on the number of days it has violated a cease and desist order or an order of suspension or removal.
Clarifies when credit unions that issue interest refunds on loans shall pay such refunds.
Authorizes the financial services board, without notice or a hearing, to revoke the charter of a credit union and immediately appoint a liquidating agent, whenever it determines that an emergency exists. Requires that notice of the board's determination be posted on the premises of the affected credit union. States that the credit union may file an application to have the board's determination rescinded if its application is filed within 10 days of the emergency determination. Specifies that such an application shall not operate to stay the board's action. Requires the board to grant an application if it finds that its action was unauthorized, and upon so finding to restore the credit union to its board of directors.
Eliminates the requirement that a savings and loan association obtain the prior approval of the commissioner before servicing loans not held or originated by it.
Eliminates the requirements that the commissioner and the board have a seal of office. Removes the requirement that a savings and loan association must have its principal office in this state to be treated as an "eligible public depository", and provides instead that it must only have an office in this state. Eliminates the requirement that depositories file their report with the commissioner within 20 days after each valuation date, and requires instead that the report be filed on a date specified by the commissioner.
Extends the automatic termination date of the division of financial services to July 1, 2004, pursuant to the provisions of the sunset law. Repeals the small business development credit corporation provisions effective July 1, 1994, instead of July 1, 1995.
APPROVED by Governor March 15, 1994
EFFECTIVE July 1, 1994
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