§ 11-102-102 — Powers of commissioner

Colorado § 11-102-102

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Division of Banking

Text

(1) The commissioner shall be the
administrative head of the division, shall set administrative policy therefor, and
shall be responsible for the internal administration thereof, including personnel
matters, records, reports, systems, and procedures.

(2) The commissioner shall be the appointing authority for employees of the
division under the state personnel system.

(3) The commissioner shall be responsible for all examination and
enforcement functions of the division of banking subject to the policy-making and
rule-making authority of the banking board. In carrying out the responsibilities for
examinations and enforcement, in addition to other powers conferred by this code
and delegated by the banking board, the commissioner has the power to require a
bank to:

(a) Comply with the standards that the banking board may prescribe for
determining the value of various types of assets;

(b) Charge off the whole or any part of an asset that, at the time of the
commissioner's action, could not lawfully be acquired;

(c) Write down an asset to its market value;

(d) File, record, or otherwise make effective liens and other interests in
property;

(e) Obtain a financial statement from a person with present or prospective
liability to the bank to the extent that the bank can do so;

(f) Obtain insurance against damage to real estate taken as security;

(g) Obtain title insurance for real estate taken as security;

(h) Maintain adequate insurance against such other risks as the
commissioner or the banking board may determine to be necessary and appropriate
for the protection of depositors and the public.

(4) The commissioner shall have primary responsibility for the preparation of
the preliminary budget draft for the division for review and comment by the banking
board prior to its submission to the department of regulatory agencies.

(5) The commissioner shall have the power to perform any acts and to make
any decisions incidental to or necessary for carrying out any functions specified by
this code or delegated by the banking board pursuant to this code.

(6) The commissioner has the power, subject to the approval of the banking
board and subject to the laws and state constitution, to appoint a chief deputy
commissioner and such other deputy commissioners as shall be necessary to
efficiently perform the duties of the commissioner. All such officers and employees
shall receive such compensation for their services as shall be fixed under general
provisions of law relating to the compensation of state officers and employees.

(7) The commissioner, the deputies, and all other employees of the division
shall, before entering upon the discharge of their duties, in addition to any oath
required by the state constitution, take and subscribe an oath to keep secret all
information acquired by them in the discharge of their duties, except as may be
otherwise required by this code or by law. Willful violation of this oath is declared to
be a criminal offense. The commissioner, all deputies, and all other employees of
the division shall be subject to article 18 of title 24, C.R.S.

(8) The commissioner may delegate to any officer or employee of the division
any of the commissioner's powers and may designate any officer or employee of
the division to perform any of the commissioner's duties.

(9) The commissioner, and such other officers and employees handling
money or securities in the course of their duties as the banking board may
determine, shall be bonded in such amount as the banking board may fix. The cost
thereof shall be charged as an expense of the division.

(10) The commissioner, all deputies, and all the employees, except special
deputies and assistants employed in liquidating failed banks, shall devote their
entire time and attention to the duties of their several positions and shall not,
during their terms of service, receive any salary or compensation whatsoever from
any bank.

(11) In the case of a vacancy in the office of the commissioner for any cause,
and until such vacancy is filled, the chief deputy commissioner shall have and
exercise all the powers and duties conferred by law or by the banking board upon
the commissioner, with the same authority as if those powers and duties were
exercised and performed by the commissioner. If there is no chief deputy at the
time of such vacancy, a chief deputy shall be appointed.

(12) The commissioner shall have a seal of office containing the words
Commissioner of Banking of Colorado in the form of a circle and the word seal
within the circle.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1060, � 3, effective July 1.