| Notice Filed with SOS |
08/30/2024 |
| Rule |
ProposedRuleAttach2024-00430.docx
|
| Additional Information |
AddInfoAttach2024-00430.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.
11-109-202. Offices of trust companies. |
| Description of Subjects/Issues |
The purpose of this rule is to establish specific guidelines and minimum standards for out-of-state trust companies for the establishment of trust offices and representative trust offices in Colorado.
The purpose of this rulemaking is to amend Rule 3 CCR 701-6 TC22.
The Colorado Division of Banking (Division) finds that the proposed amendments this rule are necessary
as follows:
Update the statutory citation.
Update the types of depository institutions. The regulation of industrial banks was repealed effective July 1, 2013 and thus should be removed from the Rule.
Remove the requirement for an out-of-state trust company to annually pay a fee to the Division of Banking for operating a representative trust office or trust office in Colorado to align with current Division practices.
Update Rule citations. |
| Purpose/Objective of Rule |
The purpose of this rule is to establish specific guidelines and minimum standards for out-of-state trust companies for the establishment of trust offices and representative trust offices in Colorado. |
| Basis And Purpose |
BasisAndPurposeAttachment2024-00430.pdf
|
| Comments |
The Colorado Division of Banking (Division) finds that the proposed amendments this rule are necessary as follows:
􀆔 Update the statutory citation.
􀆔 Update the types of depository institutions. The regulation of industrial banks was repealed
effective July 1, 2013 and thus should be removed from the Rule.
􀆔 Remove the requirement for an out-of-state trust company to annually pay a fee to the Division of Banking for operating a representative trust office or trust office in Colorado to align with current Division practices.
􀆔 Update Rule citations. |
| 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 |