§ 11-110-502 — Consistent state licensing - rules

(1) To establish consistent
licensing between Colorado and other states, the banking board may:

(a) Implement all licensing provisions of this article 110 in a manner that is
consistent with other states that have adopted laws regulating money transmission
that are similar to the provisions of this article 110 or multistate licensing processes;
and

(b) Participate in nationwide protocols for licensing cooperation and
coordination among state regulators if such protocols are consistent with this
article 110.

(2) In order to fulfill the purposes of this article 110, the banking board may
establish relationships or contracts with NMLS or other entities designated by
NMLS to enable the board to:

(a) Collect and maintain records;

(b) Coordinate multistate licensing processes and supervision processes;

(c) Process fees; and

(d) Facilitate communication between Colorado and licensees or other
persons subject to this article 110.

(3) The banking board may utilize NMLS for all aspects of licensing in
accordance with this article 110, including but not limited to license applications,
applications for acquisitions of control, surety bonds, reporting, criminal history
background checks, credit checks, fee processing, and examinations.

(4) The banking board may utilize NMLS forms, processes, and
functionalities in accordance with this article 110. In the event NMLS does not
provide forms, processes, or functionalities for a provision of this article 110, the
board may implement this article 110 in a manner that facilitates uniformity with
respect to licensing, supervision, reporting, and regulation of licensees that are
licensed in multiple jurisdictions.

(5) Waive or modify requirements. For the purpose of participating in NMLS,
the banking board may waive or modify, in whole or in part, by rule or order, any or
all of the requirements and establish new requirements as reasonably necessary to
participate in NMLS.

Legislative History

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 387, � 1, effective August 6.