Colorado § 11-41-122 Membership fees

Colorado Statutes

§ 11-41-122 — Membership fees

Colorado·Title 11 Financial·Art. Organization and Powers

(1)Savings and loan associations shall not, directly or indirectly, charge any membership, admission, repurchase, withdrawal, or other fee, fine, penalty, or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association or for any other cause, except as provided in subsection (2) of this section; except that reasonable charges may be made to reflect the cost of servicing accounts and upon the making, transfer, or assumption of a loan and for defaults and prepayments of a loan and, after July 1, 1977, for the establishment and maintenance of any Keogh or individual retirement account. Reasonable notice of the amount of and conditions relating to such charges shall be given to affected members.

(2)Subject to such additional limitations, condi

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(1) Savings and loan associations shall not,
directly or indirectly, charge any membership, admission, repurchase, withdrawal,
or other fee, fine, penalty, or sum of money for the privilege of becoming, remaining,
or ceasing to be a member of the association or for any other cause, except as
provided in subsection (2) of this section; except that reasonable charges may be
made to reflect the cost of servicing accounts and upon the making, transfer, or
assumption of a loan and for defaults and prepayments of a loan and, after July 1,
1977, for the establishment and maintenance of any Keogh or individual retirement
account. Reasonable notice of the amount of and conditions relating to such
charges shall be given to affected members.

(2) Subject to such additional limitations, conditions, and provisions as may
be promulgated in regulations of the commissioner, a savings and loan association
required under a subpoena issued in a civil action to prepare disclosures of private
records shall be reimbursed by the requesting party for such services as follows:

(a) For reproduction costs, including copies produced by printer or
reproduction processes, the amount provided in section 13-32-104 (1), C.R.S. Costs
of photographs, films, and other materials required shall be reimbursed at actual
costs.

(b) For travel expenses incurred as a result of compliance, the amount
provided in section 13-33-103 (1), C.R.S.;

(c) For personnel costs incurred as a result of compliance, the amount of two
dollars and fifty cents for each quarter hour, or fraction thereof.

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Legislative History

Source: L. 33: p. 354, � 8. CSA: C. 25, � 76. L. 39: p. 252, � 26. CRS 53: � 122-2-22. L. 59: p. 659, � 1. C.R.S. 1963: � 122-2-22. L. 77: Entire section amended, p. 572, � 1, effective June 4. L. 79: Entire section amended, p. 431, � 7, effective June 19. L. 83: Entire section amended, p. 494, � 3, effective July 1. L. 87: Entire section amended, p. 468, � 1, effective May 1. L. 2008: (2)(a) amended, p. 1881, � 15, effective August 5.