H.B. 04-1103 Securities board - continuation under sunset law. Limits the terms of the securities board members to 2 consecutive terms.
Repeals the reporting requirement for the securities board to submit a report to the department of regulatory agencies that evaluates the securities commissioner.
Extends the automatic termination date of the securities board within the division of securities until July 1, 2015, pursuant to the provisions of the sunset law.
APPROVED by Governor February 20, 2004
EFFECTIVE July 1, 2004
H.B. 04-1109 Division of securities - continuation of the division of securities under sunset law - annuities - powers of the commissioner - cease-and-desist orders - grounds for discipline - examinations - filing of registered securities information - rescission offers - municipal bond authority advisory committee. Continues the division of securities (division) until 2015. Specifies that only annuities with a fixed rate of return are exempted from the definition of securities. Revises the process by which the securities commissioner (commissioner) issues cease-and-desist orders; specifically:
● Allows the commissioner to issue a cease-and-desist order after a show-cause petition is filed by the division;
● Sets out the time frames to request the hearing and the period during which the hearing must be held;
● Allows for a panel of the securities board or an administrative law judge to conduct cease-and-desist hearings.
Requires a person who is registering securities with the U.S. securities and exchange commission to submit the same information to the commissioner. Allows the commissioner to discipline a person for a violation of a foreign securities law, or for a failure to demonstrate the necessary qualifications for the license applied for by the person.
Allows the commissioner to require that a person retake an examination if the person has not been licensed in Colorado within 2 years prior to the date of application with the division.
Clarifies the manner in which rescission offers must be structured in order to avoid civil liability under Colorado law.
Requires that the municipal bond authority advisory committee meet at least annually instead of quarterly.
APPROVED by Governor April 21, 2004
EFFECTIVE July 1, 2004
H.B. 04-1110 Division of banking - foreign capital depositories - investment deposit act repeal - continuation of division of banking under sunset law. Authorizes the bank commissioner to examine any relevant relationship between state banks, affiliates, and third parties when determining the safety and soundness of the state bank. Permits banks to have more than one loan production office. Raises the threshold for required real estate appraisals from $100,000 to $250,000, in parallel with federal law.
Repeals the Colorado investment deposit act. Requires principal officers of foreign capital depositories (FCDs) to furnish fingerprints in addition to other proof of identity. Effective June 1, 2004, establishes rules for the valuation of FCD assets for purposes of calculating fees payable to the state. Gives presumptive effect to valuations made by the department of revenue in disputed cases.
Extends the automatic termination of the division of banking in the department of regulatory agencies until July 1, 2013, pursuant to the provisions of the sunset law.
APPROVED by Governor April 7, 2004
EFFECTIVE April 7, 2004
H.B. 04-1111 Banking board - sunset review. Establishes the automatic termination of the banking board in the division of banking, department of regulatory agencies, on July 1, 2013, pursuant to the provisions of the sunset law. Increases the banking board by one member, requires 5 members to be from state banks and 2 members to represent banks with less than $150 million in total assets, and repeals the requirement that no more than 4 of its members be from the same political party. Defines a "material supervisory determination" and creates an administrative appeals process for such determinations.
APPROVED by Governor March 3, 2004
EFFECTIVE March 3, 2004
H.B. 04-1126 Department of regulatory agencies - continuation of the division of financial services under the sunset law - credit unions - nursing care facilities - assisted living residences - correction to federal law references. Extends the automatic termination of the financial services division (division) until 2013.
Clarifies that a credit union may submit an application for approval of a community field of membership instead of a community charter. Requires that a credit union send notice of a hearing on a community charter application to the principal office of each savings and loan association, bank, or industrial bank in the proposed community to be served. Clarifies that at the annual meeting credit union members elect membership of the board of directors.
Specifies that supervisory and credit committee representatives are elected by the members of the credit union pursuant to the bylaws of the credit union. Specifies that a credit union only participate with other credit unions, credit union organizations, or financial organizations in making loans when the borrower is a member of the credit union originating the loan or the credit union purchasing a participation interest in the loan.
Clarifies how mergers of 2 or more credit unions may occur. Requires credit unions to provide notice to the division when the credit union opens or closes a branch office. Repeals subjective language concerning the authority of the commissioner of the financial services division (commissioner) to remove members of a board of directors.
Allows the financial services board to promulgate rules concerning record retention. Repeals the requirement regarding reserve transfers to conform with federal law. Allows credit union information to be shared with a federal home loan bank, a federal reserve bank, the division of banking, and the executive director of the department of regulatory agencies.
Authorizes a cemetery authority of an endowment care cemetery to establish an endowment care fund in a state or federally charted savings and loan association authorized to act as a fiduciary.
Revises the record retention system for records in the possession of the commissioner in accordance with the state's public records laws.
Includes certain nursing care facilities and assisted living residences under the financial oversight of the commissioner.
Repeals obsolete language. Corrects references to federal law.
APPROVED by Governor March 17, 2004
EFFECTIVE July 1, 2004
H.B. 04-1226 Banking practices - trust account requirements - limited documentation - certificate of trust. On and after July 1, 2004, authorizes a bank to establish a deposit account for a trustee under a written trust agreement by using a certificate of trust, rather than the complete written trust agreement, to evidence the trust relationship and establish the deposit account. Specifies minimum requirements for a certificate of trust. Authorizes a bank to withhold disposition of any funds on deposit in the trust account upon the death, resignation, or adjudication of incompetence of all named trustees and successor trustees noted on the certificate of trust until the bank receives specified information necessary to satisfy the bank concerning the manner in which the funds are to be administered or distributed. States that a bank shall not be liable for administering a deposit account as provided by a certificate of trust as long as the bank has no actual knowledge that the terms of the written trust agreement are contrary to the terms of the certificate of trust. Specifies that a bank is not obligated to establish a deposit account for any trustee who refuses to furnish a copy of the written trust agreement.
APPROVED by Governor April 13, 2004
EFFECTIVE July 1, 2004
H.B. 04-1404 Investment of public funds - refunds - limitations - investments by local governments. Amends the definition of "act of issuance" under the "Supplemental Public Securities Act" to include an amendment to an ordinance, resolution, or decision to issue a security pursuant to delegated authority adopted by the issuing authority or officer of a public entity for the purpose of issuing a security. Changes the definition of "public entity" to include a nonprofit corporation organized under the law of this state and created solely for the purpose of issuing securities on behalf of another public entity.
Allows the determination of the securities to be refunded, and of whether a security will be secured by an assurance of payment by a 3rd party, to be delegated to a member of an issuing authority or to the chief financial officer or chief executive officer of the authority.
Changes the statute of limitations with respect to a legislative act or proceeding in connection with the authorization or issuance of securities by a public entity to 30 days after the authorization of the securities. Repeals certain limitations on investments by a public entity.
Allows the investment of public funds in certain contracts, including forward delivery contracts, if, at the time the contract is entered into, the long-term credit rating, financial obligations rating, claims paying ability rating, or financial strength rating of the party or guarantor of the party with whom the public entity is investing is in one of the 2 highest rating categories rather than only the highest category. Allows such a contract to be purchased if the contract is purchased with revenues pledged to the payment of the sale of securities of a public entity.
In statutes governing interest rate exchange agreements, includes in the definition of "public securities" instruments secured by a pledge of ad valorem tax revenues. Allows public funds to be invested in securities subject to repurchase agreements even if they do not have a fixed coupon rate, so long as they are marketable. Allows public funds that are not needed for current operating expenses to be invested in accordance with specific conditions.
Gives municipal improvement districts the right to acquire, construct, and maintain improvements later authorized by voters of the district rather than only those improvements listed in the district's original petition of organization.
APPROVED by Governor May 21, 2004
EFFECTIVE May 21, 2004
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