Colorado § 11-35-101.5 Irrevocable letter of credit permitted - requirements

Colorado Statutes

§ 11-35-101.5 — Irrevocable letter of credit permitted - requirements

Colorado § 11-35-101.5

Title 11Financial

Art.Surety Bond Alternatives

This text of Colorado § 11-35-101.5 (Irrevocable letter of credit permitted - requirements) 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. § 11-35-101.5 (2026).

Text

(1)Where there is the requirement of either an irrevocable letter of credit or a bond as a condition to licensure in sections 35-36-216 and 35-36-304 or where an irrevocable letter of credit is permitted as an alternative to a surety bond, evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101, as a condition to licensure or authority to conduct business or perform duties in this state, provided in sections 33-4-101 (1), 33-12-104 (1), 35-36-216 (1)(a), 35-36-303 (5), 35-36-304 (1)(a), 37-91-107 (2), and 39-27-104 (2.1)(c), the requirement shall be satisfied by an irrevocable letter of credit issued by a state or national bank or a state or federal savings and loan association doing business in this state. The requirement

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(1)
Where there is the requirement of either an irrevocable letter of credit or a bond as
a condition to licensure in sections 35-36-216 and 35-36-304 or where an
irrevocable letter of credit is permitted as an alternative to a surety bond, evidence
of a savings account, deposit, or certificate of deposit meeting the requirements of
section 11-35-101, as a condition to licensure or authority to conduct business or
perform duties in this state, provided in sections 33-4-101 (1), 33-12-104 (1), 35-36-216 (1)(a), 35-36-303 (5), 35-36-304 (1)(a), 37-91-107 (2), and 39-27-104 (2.1)(c), the
requirement shall be satisfied by an irrevocable letter of credit issued by a state or
national bank or a state or federal savings and loan association doing business in
this state. The requirement shall also be satisfied by an irrevocable letter of credit
issued by the bank or banks for cooperatives that are organized pursuant to federal
statutes and that serve the region in which the state of Colorado is located. Such
letter of credit shall be in an amount specified by statute, if any, and shall name the
appropriate state agency as beneficiary, in favor of the people of the state of
Colorado.

(2) Each appropriate state agency required to accept such irrevocable
letters of credit shall define the method of transferability, the required period of
liability, and such other procedures as may be necessary.

(3) Repealed.

Legislative History

Source: L. 87: Entire section added, p. 473, � 6, effective May 8. L. 88: (1) amended, p. 446, � 1, effective March 31. L. 89: (1) amended, p. 1394, � 3, effective April 12. L. 92: (1) amended, p. 2168, � 9, effective June 2. L. 93: (1) amended, p. 1391, � 11, effective January 1, 1995. L. 94: (1) amended, p. 1630, � 33, effective May 31; (1) amended, p. 2545, � 34, effective January 1, 1995. L. 2000: (1) amended, p. 1937, � 17, effective October 1. L. 2002: (1) amended, p. 1013, � 9, effective June 1. L. 2009: (1) amended, (SB 09-151), ch. 89, p. 347, � 4, effective July 1. L. 2013: (3) repealed, (HB 13-1034), ch. 5, p. 15, � 9, effective September 1. L. 2017: (1) amended, (SB 17-225), ch. 262, p. 1245, � 3, effective August 9. L. 2020: (1) amended, (HB 20-1213), ch. 160, p. 753, � 4, effective June 29.