Colorado § 11-110-403 Supervision

Colorado Statutes

§ 11-110-403 — Supervision

Colorado·Title 11 Financial·Art. Money Transmitters

(1)The banking board may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this article 110 or by a rule adopted or order issued under this article 110 as reasonably necessary or appropriate to administer and enforce this article 110, rules implementing this article 110, and other applicable law, including the bank secrecy act and the federal USA PATRIOT Act, Pub.L. 107-56. The banking board may:

(a)Conduct an examination either on site or off site as the board may reasonably require;

(b)Conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;

(c)Accept the examination report of another

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(1) The banking board may conduct an examination
or investigation of a licensee or authorized delegate or otherwise take independent
action authorized by this article 110 or by a rule adopted or order issued under this
article 110 as reasonably necessary or appropriate to administer and enforce this
article 110, rules implementing this article 110, and other applicable law, including
the bank secrecy act and the federal USA PATRIOT Act, Pub.L. 107-56. The
banking board may:

(a) Conduct an examination either on site or off site as the board may
reasonably require;

(b) Conduct an examination in conjunction with an examination conducted by
representatives of other state agencies or agencies of another state or of the
federal government;

(c) Accept the examination report of another state agency or an agency of
another state or of the federal government, or a report prepared by an independent
accounting firm, which, upon being accepted, is considered for all purposes as an
official report of the board; and

(d) Summon and examine under oath a key individual or employee of a
licensee or authorized delegate and require the key individual, employee, or
authorized delegate to produce records regarding any matter related to the
condition and business of the licensee or authorized delegate.

(2) A licensee or authorized delegate shall provide, and the banking board
shall have full and complete access to, all records the board may require to conduct
a complete examination. The records must be provided at the location and in the
format specified by the board; however, the board may utilize multistate record
production standards and examination procedures when such standards will
reasonably achieve the requirements of this subsection (2).

(3) Unless otherwise directed by the banking board, a licensee shall pay all
costs reasonably incurred in connection with an examination of the licensee or the
licensee's authorized delegates.

Colorado § 11-110-403 (Supervision) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.