H.B. 98-1119 Banks - "Bank Electronic Funds Act" - operation of ATMs - repeal of selected provisions. Repeals statutory controls on "communication facilities", including automated teller machines (ATMs), that may be preempted under recent federal legislation. Such controls include a prohibition on certain forms of advertising and signage and a requirement for 30 days' advance notice to state regulators before communication facilities can be placed in operation.
APPROVED by Governor March 23, 1998
EFFECTIVE August 5, 1998
NOTE: This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final
adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section
1 (3) of the state constitution; except that, if a referendum petition is filed against this act or an item, section, or part of
this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date
of the official declaration of the vote thereon by proclamation of the governor.
H.B. 98-1235 Industrial banks - guarantee corporation - officer and director loans - limited securities powers. Repeals provisions relating to the Industrial Bank Guarantee Corporation which has been dissolved.
Permits the term "industrial bank" to appear in smaller font in public advertising by industrial banks. Deletes the prohibition on advertising of guarantee corporation coverage.
Grants parity to industrial banks by allowing industrial banks to extend loans to officers, directors, and principal shareholders if the loan is made pursuant to a program that is available to employees of the bank and is not an increased risk.
Allows industrial banks to engage in limited securities activities.
APPROVED by Governor April 20, 1998
EFFECTIVE April 20, 1998
H.B. 98-1244 Regulation of investment advisers. Includes persons who offer investment advisory services as a main component of a business in the laws regulating the sale and distribution of securities for purposes of regulating investment advisory services. Exempts certain persons and transactions from regulation under the securities laws if the profession of such persons or the service offered in conjunction with such transactions is closely tied to another more dominant profession or if the service or the service provider is regulated by federal securities laws.
Requires investment advisers and investment adviser representatives to be licensed with the securities commissioner before offering investment advisory services. Empowers the securities commissioner to impose examinations, set fees, require the filing of certain forms and information, and require other information deemed necessary by the commissioner for persons seeking to be licensed as investment advisers or investment adviser representatives. Sets parameters on the scope of an investment adviser representative's license. Requires investment advisers to Colorado local government investment pool trust funds to notify the securities commissioner unless otherwise qualified.
Mandates that certain informational disclosures be made to potential clients before a licensee is allowed to offer services. Sets forth requirements for handling and possessing customer securities or funds by licensees.
Grants necessary powers to the securities commissioner to examine records of licensees to ensure compliance with the securities laws. Defines certain conduct as fraudulent, unlawful, or otherwise prohibited. Sets out disciplinary provisions to be used on licensees who violate the securities laws or regulations promulgated by the securities commissioner. Allows civil penalties for certain unlawful or fraudulent acts.
Specifies procedures for the determination of whether a licensee has withdrawn or abandoned a license.
APPROVED by Governor April 30, 1998
PORTIONS EFFECTIVE January 1, 1999
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