| Notice Filed with SOS |
08/30/2024 |
| Rule |
ProposedRuleAttach2024-00425.docx
|
| Additional Information |
AddInfoAttach2024-00425.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.
11-109-104. Powers - banking board - commissioner. |
| Description of Subjects/Issues |
The purpose of this rule is to require trust companies to hold $250,000 in eligible securities for the Division of Banking (Division) to use, in the event of liquidation of the company, to cover Division expenses.
The purpose of this rulemaking is to amend Rule 3 CCR 701-6 TC17.
The Division finds that the proposed amendments this rule are necessary as follows:
􀆔 Clarify the Rule requirement is only applicable to non-depository trust companies as depository trust companies are insured by the FDIC and the FDIC serves as the receiver/liquidator in the case of closure.
Update the definition of “Eligible Securities” by removing the reference to “Liquid Capital” and replacing it with updated verbiage.
Make minor, grammatical corrections. |
| Purpose/Objective of Rule |
The purpose of this rule is to require trust companies to hold $250,000 in eligible securities for the Division of Banking (Division) to use, in the event of liquidation of the company, to cover Division expenses. |
| Basis And Purpose |
BasisAndPurposeAttachment2024-00425.pdf
|
| Comments |
The Division finds that the proposed amendments this rule are necessary as follows:
􀆔 Clarify the Rule requirement is only applicable to non-depository trust companies as depository trust companies are insured by the FDIC and the FDIC serves as the receiver/liquidator in the case of closure.
􀆔 Update the definition of “Eligible Securities” by removing the reference to “Liquid Capital” and replacing it with updated verbiage.
􀆔 Make minor, grammatical corrections. |
| 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 |