§ 11-51-702.5 — Securities board - creation - duties - repeal

Colorado § 11-51-702.5

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Securities

Text

(1) There is hereby
created the securities board within the department of regulatory agencies which
shall consist of five persons appointed by the governor, subject to the consent and
approval of the senate, as follows:

(a) Two persons who are licensed by the state supreme court to practice law
in the state of Colorado and who are conversant in securities law;

(b) One person certified as a certified public accountant pursuant to article
100 of title 12; and

(c) Two persons who are members of the public at large.

(2) (a) One of the members of the securities board shall reside west of the
continental divide.

(b) The members shall serve terms of three years with each term ending on
July 1 of the year in which the term expires.

(c) Any vacancy on the securities board occurring before the expiration of
the term shall be filled by the governor for the remainder of the term.

(d) Securities board members may be removed for cause.

(e) Securities board members shall be reimbursed for actual and necessary
expenses, not to include out-of-state travel expenses.

(f) Members of the board shall not serve more than two consecutive terms on
the board.

(2.5) The securities board is a type 1 entity, as defined in section 24-1-105.

(3) Securities board members shall be subject to the conflict of interest
limitations placed on other employees of the division of securities pursuant to
section 11-51-703 (2).

(4) The securities board shall provide oversight to the securities
commissioner and shall be available to advise the securities commissioner at the
request of the securities commissioner on issues affecting the division of securities
and securities regulations in the state.

(5) The securities board shall meet as often as is necessary, but no less than
quarterly. Meetings may be called by the chairperson of the securities board at the
request of the securities commissioner or any member of the securities board.

(6) (a) The securities board shall aid and advise the securities commissioner
at the request of the securities commissioner in connection with the duties of the
securities commissioner under articles 51, 53, and 59 of this title and part 7 of
article 75 of title 24, C.R.S., including but not limited to the promulgation of rules,
issuance of orders, formulation of policies, and the setting of fees under such
articles and other issues affecting the division of securities and securities
regulation in the state.

(b) (Deleted by amendment, L. 2004, p. 15, � 1, effective July 1, 2004.)

(c) The securities board shall hear the matters described in section 11-51-606
(1.5)(d), (3)(e), and (4)(d) and issue the initial decisions as provided therein. The
chairperson of the securities board shall determine the date and place for such
hearings and may appoint a panel of the securities board consisting of no less than
three board members to conduct such hearings. Any hearing held regarding an
order issued by the securities commissioner under section 11-51-606 (3) or (4) shall
be heard by the securities board.

(7) (a) This section is repealed, effective September 1, 2026.

(b) Prior to such repeal, the functions of the securities board shall be
reviewed as provided for in section 24-34-104, C.R.S.

Legislative History

Source: L. 94: Entire section added, p. 1845, � 10, effective July 1. L. 96: (6)(c) amended, p. 1467, � 6, effective June 1. L. 2001: (6)(c) amended, p. 802, � 2, effective July 1. L. 2004: (2)(f) added and (6)(b) and (7)(a) amended, p. 15, �� 2, 1, effective July 1. L. 2015: (2)(b), (2)(f), and (7)(a) amended, (SB 15-102), ch. 249, p. 910, � 2, effective May 29. L. 2019: (1)(b) amended, (HB 19-1172), ch. 136, p. 1660, � 61, effective October 1. L. 2022: (2.5) added, (SB 22-162), ch. 469, p. 3391, � 107, effective August 10.