§ 11-44-102 — Commissioner - duties - employees

(1) The head of the division
of financial services shall be the state commissioner of financial services, referred
to in this article as the commissioner. The commissioner shall have had at least
five years' practical experience in the operation or regulation of financial
institutions or financial service operations. The commissioner shall be appointed by
the executive director of the department of regulatory agencies, pursuant to
section 13 of article XII of the state constitution.

(2) The commissioner may appoint, pursuant to section 13 of article XII of the
state constitution, a deputy commissioner of financial services, a secretary, and
such other employees as deemed necessary for the proper conduct of the division.

(3) The deputy commissioner, the secretary, and all other employees of the
division are under the direct supervision of the commissioner. Neither the
commissioner nor any officer or employee of the division is personally liable for any
act performed in good faith if the commissioner, officer, or employee performed the
act while in the performance of the commissioner's, officer's, or employee's duties
as prescribed by law.

(4) Repealed.

(5) (Deleted by amendment, L. 2004, p. 138, � 22, effective July 1, 2004.)

(6) The commissioner, the deputy commissioner, the secretary, and all
employees shall be reimbursed for all necessary expenses of their office, including
all traveling expenses necessarily incurred in the performance of their duties, upon
vouchers therefor properly itemized and filed in accordance with law.

(7) Repealed.

(8) (a) Neither the commissioner nor any employee of the division shall:

(I) Be an officer, director, committee member, attorney for, or stockholder in
any credit union or savings and loan association; or

(II) Receive, directly or indirectly, any payment, gratuity, or compensation
from any institution over which the division has regulatory authority.

(b) The provisions of paragraph (a) of this subsection (8) shall not prohibit the
commissioner or any employee of the division from being a depositor, account
holder, borrower, or user of other available financial services on the same terms as
are available to the general public or membership.

(c) Notwithstanding any provision of this subsection (8) to the contrary, this
subsection (8) shall not prohibit the credit union or savings and loan members of
the financial services board pursuant to section 11-44-101.6 (2)(a) or (2)(b) from:

(I) Being executive officers in credit unions or savings and loan associations;
and

(II) Receiving bona fide compensation as such officers.

Legislative History

Source: L. 33: p. 332, � 2. CSA: C. 25, � 48. L. 43: p. 207, � 6. L. 47: p. 315, � 1. CRS 53: � 122-6-2. C.R.S. 1963: � 122-5-2. L. 68: p. 125, � 127. L. 89: (1), (2), and (4) amended, p. 616, � 3, effective July 1. L. 91: (7) added, p. 674, � 3, effective May 1. L. 2004: (1), (2), and (5) amended and (8) added, p. 138, � 22, effective July 1. L. 2013: (4) repealed, (SB 13-159), ch. 193, p. 791, � 6, effective May 11. L. 2024: (3) amended, (HB 24-1381), ch. 350, p. 2379, � 41, effective August 7.