Division of Banking
Fred J. Joseph
State Bank Commissioner	

July 18, 2013

STATE BANKING BOARD

	John W. Hickenlooper
	Governor

	Barbara J. Kelley
	Executive Director

RULES IB2, IB3, IB4, IB6, IB9, IB14, IB17, IB26, IB29, IB30, IB35, IB36, IB37,
IB40, IB42, IB43, IB44, IB45, IB46, IB47, IB48, IB49, IB50, IB51, IB52, IB54,
IB55, IB56, IB57, IB58, IB59, IB60, IB61, IB64, AND IB65
PERTAINING TO TITLE 11, ARTICLE 108, SECTION 101 – 803
COLORADO REVISED STATUTES

STATEMENT OF BASIS, SPECIFIC PURPOSE, AND AUTHORITY

Statement of Basis

Effective July 1, 2013, the Industrial Bank provision of the Colorado Banking code have been repealed in their entirety. Section 4 of Senate Bill 13-154 – Concerning Continuation of the Division of Banking, and, in Connection Therewith, Implementing the Recommendations of the 2012 Sunset Report by the Department of Regulatory Agencies repealed Title 11, Article 108 of the Colorado Revised Statutes.

Specific Purpose of this Rulemaking

The purpose of this rulemaking is to repeal Banking Board Industrial Bank Rules IB2 through IB65 inclusive, due to the repeal of Title 11, Article 108 in Section 4 of Senate Bill 13-154.

Rulemaking Authority

11-101-102, C.R.S. Declaration of policy. (1) It is hereby declared to be the policy of the state of Colorado that, to protect the public interest, the business of all state banks be supervised and regulated in such manner as to: 
(a) Preserve and promote: 
(I) Sound and constructive competition among financial services institutions; 
(II) A dual federal and state banking system; 
(III) The security of deposits; 
(IV) The safe and sound conduct of the business of state banks; and 
(V) A statewide safe and sound banking system; 
(b) Seek: 
(I) Regulatory coordination and cooperation; and 
(II) Regulatory parity among financial services institutions; and 
(c) Encourage diversity in financial products and services.

11-102-104, C.R.S. Powers and duties of banking board. (1) The banking board is the policy-making and rule-making authority for the division of banking and has the power to: 
(a) Make, modify, reverse, and vacate rules for the proper enforcement and administration of this code and the "Public Deposit Protection Act", article 10.5 of this title;

Section 4, SB 13-154. In Colorado Revised Statutes, repeal article 108 of title 11.
Colorado Division of Banking
Repeal of Industrial Bank Rules

RULES TO BE REPEALED:

IB2	Purpose
IB3	Papers Filed with Commissioner
IB4	Application for Charter
IB6	Application Documents Confidential
IB9	Economic Feasibility Studies
IB14	Decision and Order
IB17	Application for Conversion to State Banks
IB26	Fidelity Bonds
IB29	Procedures for merger of Two or More Industrial Banks
IB30	Procedures for Industrial Bank Participation in the Colorado Guaranteed Student Loan Program (CGSLP)
IB35	Generally Accepted Accounting Principles
IB36	Dividends
IB37	Loans
IB40	Investment in Stock of a Banker’s Bank
IB42	Transactions With Affiliates and Loans to Executive Officers, Directors, and Principal Shareholders
IB43	Investment in Federal Home Loan Bank
IB44	Scope of Directors’ Examination
IB45	Qualifications for Independent Person(s) Assuming Responsibility for Due Care of Directors' Examinations
IB46	Minimum Capital Ratios
IB47	Risk-Based Capital Definitions and Adequacy
IB48	Loan Production Office
IB49	Loans Secured by Corporate Stock
IB50	Branching Practices
IB51	Contractual Acceptance of Deposits
IB52	Investment in Tax Lien Sale Certificates of Purchase
IB54	Reporting Criminal Referrals
IB55	Investment in Subsidiary
IB56	Investment Powers
IB57	Investment in Community Development Projects
IB58	Appraisal of Other Real Estate
IB59	Lease Financing
IB60	Messenger Service
IB61	Pledging Assets
IB64	Lending Limits
IB65	Marketing Nontraditional Mortgage Loans