(1)(a) (I)
After notice and a hearing as provided in article 4 of title 24 and after making a
determination that no other appropriate governmental agency has taken similar
action against such person for the same act or practice, the banking board may
assess against and collect a civil penalty from:
(A)Any person who has violated any final cease-and-desist order issued by
the banking board pursuant to section 11-102-104 (7); and
(B)A state bank that, or any executive officer, director, employee, agent, or
other person participating in the conduct of the affairs of such bank who, violates or
knowingly permits any person to violate any of the provisions of this code or any
rule promulgated pursuant to this code or engages or participates in any unsafe or
unsound practice in con
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(1) (a) (I)
After notice and a hearing as provided in article 4 of title 24 and after making a
determination that no other appropriate governmental agency has taken similar
action against such person for the same act or practice, the banking board may
assess against and collect a civil penalty from:
(A) Any person who has violated any final cease-and-desist order issued by
the banking board pursuant to section 11-102-104 (7); and
(B) A state bank that, or any executive officer, director, employee, agent, or
other person participating in the conduct of the affairs of such bank who, violates or
knowingly permits any person to violate any of the provisions of this code or any
rule promulgated pursuant to this code or engages or participates in any unsafe or
unsound practice in connection with a bank. The civil money penalty must not
exceed five thousand dollars per day for each day such violation continues. This
provision shall include, but not be limited to, the following violations: Making, or
causing to be made, delinquent payment of assessments under section 11-102-401;
submitting, or causing to be submitted, delinquent reports, including but not limited
to call reports; or knowingly submitting, or causing to be submitted, to the banking
board any report or statement that contains materially false or misleading
information.
(II) The banking board may, in extraordinary circumstances, at its option, and
upon waiver of the right to a public hearing by a respondent, close to the public any
hearing concerning an assessment of a civil money penalty, an order of suspension
or removal from office, an order to cease and desist from any unlawful or unsafe
and unsound practices, or any other formal enforcement action by the banking
board. Such extraordinary circumstances occur when specific concern arises about
prompt withdrawal of moneys from or the safety and soundness of the institution.
(b) For the purposes of this section, a violation shall include, but is not
limited to, any action, by any person alone or with another person, that causes,
brings about, or results in the participation in, counseling of, or aiding or abetting of
a violation.
(2) Civil money penalties shall be assessed by written notice of assessment
of a civil money penalty served upon the person to be assessed. The notice of
assessment of a civil money penalty shall state the amount of the penalty, the
period for payment, the legal authority for the assessment, and the matters of fact
or law constituting the grounds for assessment. The notice of assessment of a civil
money penalty shall constitute a final order for purposes of judicial review pursuant
to section 24-4-106, C.R.S.
(3) The banking board shall have authority to determine the amount of any
civil money penalty assessed against any executive officer, director, employee,
agent, or other person participating in the affairs of a bank, except as expressly
limited by this code. In determining the amount of the civil money penalty to be
assessed, the banking board shall consider the good faith of the person assessed,
the gravity of the violation, any previous violations by the person assessed, the
nature and extent of any past violations, and such other matters as the banking
board may deem appropriate; except that the civil money penalty must not exceed
five thousand dollars per day for each day the person assessed remains in violation.
(4) Civil money penalties assessed pursuant to this section shall be due and
payable and collected within thirty days after the notice of assessment of a civil
money penalty is issued by the banking board; except that the banking board may,
in its discretion, compromise, modify, or set aside any civil money penalty. Any civil
money penalty collected pursuant to this section shall be transmitted to the state
treasurer, who shall credit it to the general fund.