| Notice Filed with SOS |
08/30/2024 |
| Rule |
ProposedRuleAttach2024-00418.docx
|
| Additional Information |
AddInfoAttach2024-00418.pdf
|
| Statutory Authority |
11-101-102. Declaration of policy.
11-102-104. Powers and duties of the banking board.
11-109-103. Applicability of powers of banking board and bank commissioner to trust companies.
11-109-402. Reports to the banking board and to the commissioner. |
| Description of Subjects/Issues |
The purpose of this rule is to provide information and requirements pertaining to notification to the Colorado Division of Banking (Division) of new or changes in executive officers, directors, persons in control and outlines penalties for late filing of said notices.
The purpose of this rulemaking is to amend Rule 3 CCR 701-6 TC10.
The Colorado Division of Banking (Division) finds that the proposed amendments to this rule are necessary as follows:
The 2023 Banking Sunset Review contained a recommendation that the penalty for the late filing of these notifications should be modernized as the amount to be assessed was not meaningful and does not deter a trust company from failing to submit the notifications to the Colorado State Banking Board. The passage of HB24-1351, which included the aforementioned 2023 Banking Sunset Review recommendation, amended the late filing penalty to $100 per day. In order to reflect the new late filing penalty, Banking Board Rule TC10 must be amended to change the late filing penalty from $25 per day to $100 per day. |
| Purpose/Objective of Rule |
The purpose of this rule is to provide information and requirements pertaining to notification to the Colorado Division of Banking (Division) of new or changes in executive officers, directors, persons in control and outlines penalties for late filing of said notices. |
| Basis And Purpose |
BasisAndPurposeAttachment2024-00418.pdf
|
| Comments |
The Colorado Division of Banking (Division) finds that the proposed amendments to this rule are necessary as follows:
􀆔 The 2023 Banking Sunset Review contained a recommendation that the penalty for the late filing of these notifications should be modernized as the amount to be assessed was not meaningful and does not deter a trust company from failing to submit the notifications to the Colorado State Banking Board. The passage of HB24-1351, which included the aforementioned 2023 Banking Sunset Review recommendation, amended the late filing penalty to $100 per day. In order to reflect the new late filing penalty, Banking Board Rule TC10 must be amended to change the late filing penalty from $25 per day to $100 per day. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
Yes
|
| Recent legislation bill number |
HB24-1351
|
| 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 |