§ 11-30-106.5 — Assessment of civil money penalties

Colorado § 11-30-106.5

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Credit Unions - General Provisions

Text

(1) (a) After notice and a
hearing as provided in article 4 of title 24, C.R.S., 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 commissioner may assess and collect
a civil money penalty from any person who has violated any final cease-and-desist
order issued by the commissioner pursuant to section 11-30-106 (7) or any
suspension order issued pursuant to section 11-30-120.

(b) For the purposes of this section, a violation includes, but is not limited to,
any action, by any person alone or with another person, which causes, brings about,
or results in the participation in, counseling of, or aiding or abetting of a violation.

(c) In extraordinary circumstances, upon order of the commissioner, any
hearing conducted pursuant to this section shall be exempt from any provision of
law requiring that proceedings of the commissioner be conducted publicly. Such
extraordinary circumstances occur when specific concern arises about prompt
withdrawal of moneys from the institution.

(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 may be appealed to the financial services board pursuant to section
11-44-101.8. On appeal, the board may consider, among other matters, whether the
civil money penalty assessed by the commissioner is appropriate considering the
financial resources of the person assessed.

(3) In determining the amount of a civil money penalty to be assessed, the
commissioner shall consider the good faith of the person against whom the penalty
is assessed, the gravity of the violation, any previous violations by the person
against whom the penalty is assessed, and other matters that the commissioner
may deem appropriate. The amount of the civil money penalty must not exceed five
thousand dollars per day for each day the person assessed is determined by the
commissioner to be in violation of a cease-and-desist order or an order of
suspension or removal. Alternatively, the commissioner may assess a civil money
penalty for a violation in a lump-sum amount not to exceed fifty thousand dollars.

(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 commissioner; except that the commissioner may, in
the commissioner's discretion, compromise, modify, or set aside any civil money
penalty. If any person fails to pay an assessment after it has become due and
payable, the commissioner may refer the matter to the attorney general, who shall
recover the amount assessed by action in the district court for the city and county
of Denver. Any civil money penalty collected pursuant to this section shall be
transmitted to the state treasurer, who shall credit it to the general fund.

Legislative History

Source: L. 89: Entire section added, p. 610, � 3, effective April 19. L. 93: (2) amended, p. 1445, � 6, effective June 6. L. 94: (3) amended, p. 64, � 3, effective July 1. L. 99: Entire section amended, p. 1008, � 1, effective August 4. L. 2024: (3) amended, (HB 24-1381), ch. 350, p. 2363, � 5, effective August 7.