Colo. Rev. Stat. § 11-10.5-101
Short title
This article shall be known and may be cited as the "Public Deposit Protection Act".
Colorado Revised Statutes Title 11 — Financial Institutions
Colorado · statute · Colo. Rev. Stat. tit. 11 · 705 active provisions
Colo. Rev. Stat. § 11-10.5-102
Legislative declaration
(1) The general assembly hereby declares that the purpose of this article is to serve the taxpayers and the citizens of Colorado by establishing standards and procedures to ensure the preservation and protection of all public funds held on deposit by a bank that are either not insured by or are in excess of the insured…
Colo. Rev. Stat. § 11-10.5-103
Definitions
As used in this article, unless the context otherwise requires: (1) "Aggregate uninsured public deposits" means the total amount of cash, checks, or drafts on deposit at the close of a business day for credit to the official custodian accounts in an eligible public depository, and which are either not insured by or are…
Colo. Rev. Stat. § 11-10.5-104
Applicability of article
The provisions of this article shall apply to all banks which elect to become eligible public depositories. No bank shall hold any public funds unless such bank has been designated as an eligible public depository pursuant to the provisions of this article.
Colo. Rev. Stat. § 11-10.5-105
Authority of banking board
The banking board shall have the authority to implement any provision of this article by order and by rule and regulation and may obtain restraining orders and injunctions to prevent violation of or to enforce compliance with the provisions of this article and the orders and rules and regulations issued under such prov…
Colo. Rev. Stat. § 11-10.5-106
Designation as eligible public depository - acceptance of provisions
(1) No bank shall be a public depository or shall hold public funds without first being designated as an eligible public depository by the banking board pursuant to the provisions of this section. (2) No bank shall be designated an eligible public depository unless the bank meets the following criteria: (a) The deposit…
Colo. Rev. Stat. § 11-10.5-107
Eligible collateral - uninsured public deposits
(1) The banking board shall establish by rule and regulation a list of approved instruments and obligations to be used as eligible collateral by an eligible public depository in order to comply with the provisions of this section. As part of its findings, the banking board shall determine that each approved obligation…
Colo. Rev. Stat. § 11-10.5-108
Collateral - where held - right of substitution - income derived
(1) (a) Eligible collateral shall be held as provided in this article or by rules and regulations of the banking board. Eligible collateral shall be held in the custody of any bank, including a federal reserve bank, or any depository trust company which has been approved by the banking board to hold eligible collateral…
Colo. Rev. Stat. § 11-10.5-109
Verification of collateral held - reports required
(1) Each eligible public depository shall submit reports at least monthly to the banking board in such format as the banking board may prescribe. Such report shall demonstrate that the eligible public depository is in full compliance with the provisions of this article. In addition, each eligible public depository shal…
Colo. Rev. Stat. § 11-10.5-110
Procedures when event of default occurs
(1) When the banking board has determined that an eligible public depository has experienced an event of default, the banking board shall proceed in the following manner: (a) The board shall seize and take possession of all eligible collateral belonging to or held on behalf of the defaulting depository from wherever su…
Colo. Rev. Stat. § 11-10.5-111
Public funds to be deposited only in eligible public depositories - responsibilities of official custodians and eligible public depositories - penalty
(1) Any official custodian may deposit public funds in any bank which has been designated by the banking board as an eligible public depository. It is unlawful for an official custodian to deposit public funds in any bank other than one that has been so designated. (2) Each official custodian shall inform an eligible p…
Colo. Rev. Stat. § 11-10.5-112
Annual fees and assessments
(1) There is hereby created in the state treasury the public deposit administration fund. The fund shall consist of moneys required to be credited to the fund pursuant to subsection (2) of this section and all interest earned on the investment of the moneys in the fund. Any such interest shall be credited at least annu…
Colo. Rev. Stat. § 11-24-101
Short title
This article shall be known and may be cited as the "Uniform Common Trust Fund Act".
Colo. Rev. Stat. § 11-24-102
Common trust funds established and operated
Any bank or trust company qualified to act as fiduciary in this state may establish and operate, alone or jointly with another bank or trust company qualified to act as fiduciary in this state, common trust funds for the purpose of furnishing investments to itself as fiduciary, to itself and others as cofiduciaries, to…
Colo. Rev. Stat. § 11-24-103
Exclusive management and control
Any bank or trust company maintaining one or more common trust funds shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising same. Notwithstanding any other p…
Colo. Rev. Stat. § 11-24-104
Court accountings
Unless ordered by a court of competent jurisdiction, the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but, by application to the district court, it may secure approval of such an accounting on such conditions as the court may establish.
Colo. Rev. Stat. § 11-24-105
Uniformity of interpretation
This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Colo. Rev. Stat. § 11-24-106
Existing fiduciary relationships
This article became effective January 1, 1948, and applies to fiduciary relationships then in existence or thereafter established.
Colo. Rev. Stat. § 11-24-107
Fiduciary defined
The word "fiduciary", whenever used in this article, means a bank or trust company undertaking to act alone or jointly with others primarily for the benefit of another or others in all matters connected with its undertaking and includes personal representatives [including executors, administrators, administrators with…
Colo. Rev. Stat. § 11-30-101
Definitions - organization - charter - investigation
(1) (a) A credit union is a cooperative association, incorporated pursuant to this article for the twofold purpose of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest. (b) As used in this article: (I) "Board" means the financial services board, created…
Colo. Rev. Stat. § 11-30-101.7
Hearing procedures for community field of membership credit unions
(1) An application for a community field of membership shall be subject to approval by the board after the required notice and hearing requirements in this section are met. (2) Upon submission by the commissioner, pursuant to section 11-30-101 (3), of a community field of membership application, the board shall hold a…
Colo. Rev. Stat. § 11-30-102
Bylaws of credit unions
The commissioner shall cause to be prepared a standard form of bylaws, consistent with this article, to be issued to all credit unions. All credit unions shall operate under the standard bylaws; except that each such credit union, subject to the approval of the commissioner, shall propose its own name, its field of mem…
Colo. Rev. Stat. § 11-30-103
Membership
(1) Credit union membership shall consist of the incorporators and any other persons and organizations which are elected to membership and which pay any entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. A central c…
Colo. Rev. Stat. § 11-30-104
Powers
(1) A credit union has the following powers to: (a) Receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation clubs, and other such thrift organizations or plans within the membership; (b) Make loans to its members; (c) Make loans to other cr…
Colo. Rev. Stat. § 11-30-105
Exclusive right to use "credit union" in title - penalty
A credit union organized in accordance with the provisions of this article 30, or in accordance with the laws of the United States or the laws of another state or territory of the United States, has the exclusive right to use the words "credit union" in its name or title; but an association composed of credit unions tr…
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