H.B. 02-1092 Trust companies - offices - locations - authorized activities - transactions with affiliates - investments. Requires trust companies to have and maintain principal offices in Colorado. Requires any executive officer of a trust company to be the trust company's agent for the purpose of service of process. Allows a trust company to relocate its principal office to other locations within the state upon filing notice with the banking board. Clarifies when relocation of a principal office takes effect. Sets out when a trust company may and may not act as a fiduciary. Sets out when a trust company may acquire trust offices. Clarifies when trust offices may commence business. Allows the banking board to deny approval of additional trust offices for a trust company. Allows a trust company that is chartered in a different state to maintain an office in Colorado if the establishment and operation of the office is in compliance with the rules of the banking board.
Outlines activities of a trust company that require a charter. Repeals obsolete provisions related to federal deposit insurance.
Outlines how and when transactions with affiliates may occur. Allows the banking board to promulgate rules to exempt transactions or relationships from requirements governing transactions with affiliates.
Allows a trust company, under specific circumstances, to acquire or retain an equity investment in a subsidiary in which the trust company is the majority owner.
Clarifies extension-of-credit conditions for trust companies.
Defines "act as a fiduciary", "representative trust office", "transaction account", "trust business", "trust institution", and "trust office".
APPROVED by Governor March 26, 2002
EFFECTIVE March 26, 2002
H.B. 02-1111 Mortgages - future advances. Makes the law regarding mortgage lending more consistent with current law for other secured transactions. Provides that any mortgage may secure future advances up to a total maximum principal amount expressly set forth in the mortgage. Grants priority from the date of recording to all advances made up to the stated maximum amount set forth in the mortgage. Specifies that this law does not apply to subsequent advances against a mortgage instrument after a mortgage has advanced principal up to the maximum amount stated in the mortgage unless the mortgage instrument clearly states that it was made pursuant to a revolving credit arrangement. Provides that this law does not apply to the determination of the priority of mechanics' liens, which priority is established under the law governing general mechanics' liens.
APPROVED by Governor April 25, 2002
EFFECTIVE August 7, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
H.B. 02-1254 Public securities information reporting - repeal of nonrated public securities cash fund. In connection with the "Public Securities Information Reporting Act" (Act):
Repeals statutory provisions requiring establishment of a committee to develop and recommend a standard and uniform report for nonrated public securities, the establishment of fees to be paid by the holders for receipt of such reports, and the creation of the nonrated public securities cash fund in the state treasury for the collection of such fees. Specifies that, upon abolition of the nonrated public securities cash fund, all unexpended and unencumbered moneys in said fund as of such date shall be transferred to the general fund.
APPROVED by Governor May 24, 2002
EFFECTIVE October 1, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
H.B. 02-1280 Banks - regulation - statewide concern - prohibition on local regulations. States that the regulation of banking is a matter of statewide concern. Prohibits a political subdivision from regulating deposits, lending, and other services or products provided by banks. Does not preclude a political subdivision from enacting and enforcing laws or rules of general applicability concerning public health, safety, or welfare.
APPROVED by Governor April 3, 2002
EFFECTIVE August 7, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see page vi
of this digest.
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