Colorado § 11-103-809 Emergency grant of branch facility - legislative declaration

Colorado Statutes

§ 11-103-809 — Emergency grant of branch facility - legislative declaration

Colorado § 11-103-809

Title 11Financial

Art.Organization and

This text of Colorado § 11-103-809 (Emergency grant of branch facility - legislative declaration) 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. § 11-103-809 (2026).

Text

(1)The general assembly hereby finds, determines, and declares that the economy of this state and its communities and the public interest will be better served by permitting financial institutions, as defined in section 11-101-401 (35), to operate at the same location as a closed bank.

(2)(a) In addition to powers regarding liquidation or reorganization, the banking board, in the interest of protecting the public and the depositors of a closed bank or national banking association with its principal place of business in this state, may issue an emergency grant of authority to another financial institution, which financial institution has acquired assets and liabilities of the closed bank, to operate a branch facility at the same location as the closed bank, or within a one-hal

Free access — add to your briefcase to read the full text and ask questions with AI

(1)
The general assembly hereby finds, determines, and declares that the economy of
this state and its communities and the public interest will be better served by
permitting financial institutions, as defined in section 11-101-401 (35), to operate at
the same location as a closed bank.

(2) (a) In addition to powers regarding liquidation or reorganization, the
banking board, in the interest of protecting the public and the depositors of a
closed bank or national banking association with its principal place of business in
this state, may issue an emergency grant of authority to another financial
institution, which financial institution has acquired assets and liabilities of the
closed bank, to operate a branch facility at the same location as the closed bank, or
within a one-half mile radius of the location of the nearest point on the boundary of
the premises of the closed bank's place of business, contingent upon the bank
assuming full liability for the deposits of the closed bank as may be transferred to
it. Such branch facility shall not be located at any other location if the other
location is within three hundred feet of the boundary of the premises of another
bank unless the other bank consents to a closer location.

(b) Under such conditions, the authority to operate the branch facility may be
issued summarily without the publication of notice, without the holding of a public
hearing, and without complying with any of the other provisions and procedures
specified in this code.

(3) No financial institution may hold, acquire, control, or operate more than
two branch facilities pursuant to this section; however, if the banking board
determines that, because of this limitation, no qualified financial institution can bid
on the assets and liabilities of the closed bank, the banking board may authorize
and issue such an emergency grant to another financial institution, in excess of
such limit, but in no event more than two additional branch facilities.

(4) Notwithstanding any other provision of this section, a branch facility
operated pursuant to this section on or before August 1, 1991, may continue to
operate in perpetuity as a branch without being subject to any percentage
limitation on branches as set forth in section 11-105-602.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1108, � 3, effective July 1. L. 2013: (2)(a) amended, (SB 13-154), ch. 282, p. 1466, � 14, effective July 1.