Colorado § 7-49-107 Restrictions on powers

Colorado Statutes

§ 7-49-107 — Restrictions on powers

Colorado § 7-49-107

Title 07Corporations

Art.Older Housing

This text of Colorado § 7-49-107 (Restrictions on powers) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 7-49-107 (2026).

Text

(1)The powers of the corporation shall be subject to the following restrictions:

(a)It shall not approve any application for a loan until the applicant has shown that the applicant has applied to two or more financial institutions that could lawfully lend the amount of money sought and that the financial institutions have refused in writing to make the requested loan or would only make such loan under conditions substantially different from the prevailing rates and conditions available to persons borrowing for the purchase or remodeling of newer homes;

(b)It shall not give security for any loan made unless all loans are secured ratably in proportion to unpaid balances due.

(2)Nothing in this article shall be construed to empower the board of directors to adopt rules or regul

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(1) The powers of the corporation shall be
subject to the following restrictions:

(a) It shall not approve any application for a loan until the applicant has
shown that the applicant has applied to two or more financial institutions that could
lawfully lend the amount of money sought and that the financial institutions have
refused in writing to make the requested loan or would only make such loan under
conditions substantially different from the prevailing rates and conditions available
to persons borrowing for the purchase or remodeling of newer homes;

(b) It shall not give security for any loan made unless all loans are secured
ratably in proportion to unpaid balances due.

(2) Nothing in this article shall be construed to empower the board of
directors to adopt rules or regulations that are inconsistent with federal law
governing financial institutions or any federal rules or regulations promulgated
pursuant to such federal law.

Legislative History

Source: L. 75: Entire article added, p. 266, � 1, effective June 29. L. 2003: (2) amended, p. 2210, � 35, effective July 1, 2004. L. 2004: (1)(a) amended, p. 1404, � 19, effective July 1.