| Notice Filed with SOS |
08/30/2024 |
| Rule |
ProposedRuleAttach2024-00413.docx
|
| Additional Information |
AddInfoAttach2024-00413.pdf
|
| Statutory Authority |
11-101-102. Declaration of policy.
11-102-104. Powers and duties of the banking board.
11-109-908. Fiduciary accounts - duties of trust companies - rules |
| Description of Subjects/Issues |
The purpose of this rulemaking is promulgate Rule 3 CCR 701-6 TC1 to define what “assets are
appropriate” as the term pertains to fiduciary accounts for which a trust company has investment
discretion.
The Colorado Division of Banking (Division) finds that the proposed promulgation of this rule is necessary as follows:
The 2023 Banking Sunset Review contained a recommendation to enact a new Section within Title 11, Article 109 - Section 11-109-908, C.R.S. Fiduciary accounts - duties of trust companies - rules. Section 11-109-908(4), C.R.S. requires the Banking Board to promulgate a new rule to define what “assets are appropriate” as the term pertains to fiduciary accounts for which a trust company has investment discretion.
Rule 3 CCR 701-6 TC1 will establish that definition. |
| Purpose/Objective of Rule |
The purpose of this rulemaking is promulgate Rule 3 CCR 701-6 TC1 to define what “assets are appropriate” as the term pertains to fiduciary accounts for which a trust company has investment discretion. |
| Basis And Purpose |
BasisAndPurposeAttachment2024-00413.pdf
|
| Comments |
The Colorado Division of Banking (Division) finds that the proposed promulgation of this rule is necessary as follows:
􀆔 The 2023 Banking Sunset Review contained a recommendation to enact a new Section within Title 11, Article 109 - Section 11-109-908, C.R.S. Fiduciary accounts - duties of trust companies - rules. Section 11-109-908(4), C.R.S. requires the Banking Board to promulgate a new rule to define what “assets are appropriate” as the term pertains to fiduciary accounts for which a trust company has investment discretion.
􀆔 Rule 3 CCR 701-6 TC1 will establish that definition. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
10/17/2024 |
| Hearing Time |
10:00 AM |
| Hearing Location |
1560 Broadway, Suite 100D, Denver, Colorado |
| Contact Name |
Charles Siler |
| Contact Title |
Banking Board Administrator |
| Contact Telephone |
3038947584 |
| Contact email |
charles.siler@state.co.us |