APPROVED by Governor March 28, 2001
EFFECTIVE March 28, 2001
S.B. 01-125 Foreign capital depositories. Extends the protection of the appellation "foreign capital depository" to include any person, not corporations only.
Prohibits the sale or transfer of a charter issued to a foreign capital depository without prior approval of the banking board. Subjects the sale of control of an existing foreign capital depository to the provisions of the "Colorado Banking Code of 1957".
Reduces the semiannual fee paid by a foreign capital depository to the department of revenue from 3/4 of 1% to 1/4 of 1%.
Aligns the appeal process for assessments of the fee with the way other appeals are handled by the department of revenue. Allows the department of revenue to examine tax returns showing the tax or fee imposed pursuant to the provisions on fees and taxes for foreign capital depositories to determine if the correct fee has been remitted. Adds to the definition of "taxes" to ensure that no other states can gain access to tax information about the foreign capital depository.
APPROVED by Governor June 1, 2001
EFFECTIVE June 1, 2001
H.B. 01-1016 Investment adviser registration depository. Permits an applicant for a license as a broker-dealer, sales representative, investment adviser, or investment adviser representative to file an application with either the securities commissioner or the commissioner's designee.
Allows the license application requirement for an investment adviser or an investment adviser representative to be met by filing and maintaining current information with the existing investment adviser registration depository, operated by the national association of securities dealers, so long as the depository provides such information to the securities commissioner. Directs the commissioner not to require any additional information from an applicant unless such additional information is material to understanding the information provided by the investment adviser registration depository. Allows license fees to be paid through a designee of the securities commissioner.
Allows the securities commissioner to enter into an agreement or other working relationship with regulatory entities whereby public documents may be initially filed and maintained in the investment adviser registration depository.
APPROVED by Governor March 9, 2001
EFFECTIVE March 9, 2001
H.B. 01-1031 Securities regulation - securities commissioner - cease-and-desist authority. Amends the "Colorado Securities Act" by allowing the securities commissioner to issue an order to show cause and convene a hearing before the securities board concerning whether to order a person to cease and desist from certain acts and practices involving the sale of securities. Provides for service by first-class mail, facsimile, or personal service. Requires hearings to be held before the securities board rather than an administrative law judge.
Inserts similar provisions by cross reference into the "Colorado Commodity Code".
APPROVED by Governor June 1, 2001
EFFECTIVE July 1, 2001
H.B. 01-1228 Credit unions - expulsion of members - grounds - procedure. Changes the reasons for which a credit union's board of directors may expel a member from the credit union. Allows the board to expel a member for failing to comply with the written rules and policies of the credit union as adopted and made available to the membership. Requires written notice of the grounds for the expulsion and an opportunity to be heard before expulsion.
APPROVED by Governor March 28, 2001
EFFECTIVE September 1, 2001
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
H.B. 01-1230 Industrial banks - names. Deletes the current requirement that industrial banks use only names that contain the phrase "industrial bank" in their articles of incorporation and on all advertising and publicity.
APPROVED by Governor March 20, 2001
EFFECTIVE August 8, 2001
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
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