(1) The
banking board is the policy-making and rule-making authority for the division of
banking and has the power to:
(a) Make, modify, reverse, and vacate rules for the proper enforcement and
administration of this code and the Public Deposit Protection Act, article 10.5 of
this title;
(b) Make, promulgate, alter, amend, or revise reasonable rules as may be
necessary for the enforcement and execution of the Money Transmitters Act,
article 110 of this title 11; and
(c) Regulate procedure and practice of the banking board.
(1.5) The banking board is a type 1 entity, as defined in section 24-1-105.
(2) In addition to any other powers conferred on it by this code, the banking
board has the power to:
(a) Make all final decisions with respect to ownership including, but not
limited to:
(I) Chartering and conversions;
(II) Mergers;
(III) Acquisitions; and
(IV) Change of control;
(b) Make all final decisions with respect to certification pursuant to section
11-104-202;
(c) Make all final decisions with respect to the taking of possession,
liquidation, or reorganization of banks and the emergency grant of new charters
and branch facilities;
(d) Make all final decisions with respect to requests to exercise trust,
fiduciary, and agency powers.
(3) The banking board has the power to prohibit the taking of deposits or to
restrict the withdrawal of deposits, or both, from any one or more state banks when
the banking board finds that extraordinary circumstances make such a restriction
necessary for the proper protection of depositors in the affected state bank.
(4) The banking board has the power to authorize state banks under
circumstances in which state banks are not given authority under this code to act
without the approval of the banking board; to participate in any public agency
created after July 1, 1957, under the laws of this state or the United States, the
purpose of which is to afford advantages or safeguards to banks or depositors; and
to authorize compliance with all requirements and conditions imposed upon such
participants.
(5) The banking board has the power to authorize such banks to engage in
any banking activity in which state banks could engage were they operating as
national banks at the time such authority is granted, so long as such activity is not
prohibited elsewhere in this code and to the extent permissible under rules of the
banking board promulgated pursuant to subsection (1) of this section consistent
with the policies set forth in section 11-101-102, or under any other provision of this
code. State banks may engage in interstate branching to the same extent as if they
were operating as national banks so long as such activity is in accordance with the
rules of the banking board.
(5.5) (a) The banking board has the power to issue a state bank charter to a
limited liability company, as that term is defined in section 7-80-102, C.R.S., so long
as the limited liability company meets the requirements of this code. In the event of
a conflict between the requirements of the provisions of this code and the
Colorado Limited Liability Company Act, article 80 of title 7, C.R.S., a state bank
organized as a limited liability company shall be subject to the requirements of this
code.
(b) Repealed.
(c) The banking board has the power to issue a trust company charter to a
limited liability company, as that term is defined in section 7-80-102, C.R.S., so long
as the limited liability company meets the requirements of article 109 of this title. In
the event of a conflict between the requirements of article 109 of this title and the
Colorado Limited Liability Company Act, article 80 of title 7, C.R.S., a trust
company organized as a limited liability company is subject to the requirements of
article 109 of this title.
(d) The banking board shall promulgate rules to effectuate the provisions of
this subsection (5.5).
(6) The banking board has the power to affirm, modify, reverse, vacate, or
stay the enforcement of any order or ruling made by a hearing officer acting
pursuant to section 11-102-201 or the commissioner acting pursuant to authority
delegated by the banking board.
(7) The banking board has the power to order any person to cease violating a
provision of this code or a rule issued pursuant to this code or to cease engaging in
any unsound banking practice, to impose civil money penalties pursuant to section
11-102-503, to suspend or remove a director or officer pursuant to section 11-102-505, and to take such other enforcement action as is authorized by sections 11-102-506 to 11-102-508 and any other provision of this code.
(8) With respect to any action pursuant to subsection (3) or (7) of this
section, ten days' notice by certified mail, return receipt requested, and the
opportunity for a hearing shall be provided to the bank, the directors of the bank,
and any person ordered to cease violating provisions of this code pursuant to
subsection (7) of this section in advance of any action taken by the banking board.
In cases found by the banking board to involve extraordinary circumstances
requiring immediate action, the banking board may take such action without notice
or hearing but shall promptly afford a subsequent opportunity for hearing upon
application by the bank or directors of the bank to rescind the action taken. With
respect to any authorization requested pursuant to subsection (4) or (5) of this
section, the banking board may, on its own motion, or shall if requested by the
applicant, hold a hearing on such request.
(9) The banking board has the power to issue a declaratory order with
respect to the applicability of this code or a rule issued by the banking board to any
person, property, or state of facts under this code.
(10) The banking board has the power to review and comment on the
preliminary budget draft for the division prior to its submission to the department of
regulatory agencies.
(11) The banking board shall annually establish such fees and assessments
and the percentages thereof as are necessary to generate the moneys appropriated
by the general assembly for the division.
(12) The banking board has the power to comment on who shall be the bank
commissioner and to recommend the termination of the commissioner for cause.
The banking board's comments and recommendations shall be given to the
appropriate office or officer of the state having appointment or termination powers
with regard to the commissioner.
(13) The banking board has the power to perform any acts and make any
decisions incidental to or necessary for carrying out its functions as set forth in this
code.
(14) The banking board shall not delegate to the commissioner any of its
powers under subsections (1) to (12) of this section except informal enforcement
powers arising under section 11-102-507, which powers shall be delegable pursuant
to subsection (15) of this section.
(15) Except as provided in subsection (14) of this section, the banking board
may, in its discretion, delegate to the commissioner any of its powers, duties, and
functions; except that all powers under this code vest in the banking board unless
delegated to the commissioner by statute.
(16) The banking board may, in its discretion, require the commissioner to
report to the banking board periodically with respect to any powers delegated
pursuant to subsection (15) of this section.
(17) The banking board shall have a seal of office containing the words
Banking Board of Colorado in the form of a circle and the word seal within the
circle.
(18) Repealed.