Notice Filed with SOS |
12/23/2024 |
Rule |
ProposedRuleAttach2024-00637.pdf
|
Additional Information |
AddInfoAttach2024-00637.pdf
|
Statutory Authority |
11-101-102. Declaration of policy.
11-102-104. Powers and duties of the banking board.
11-110-111. Examination fee- financial statements and reports to commissioner - change in control.
11-110-114. Multiple locations.
11-110-116. Rules.
11-110-201. Agent information - rules. |
Description of Subjects/Issues |
The purpose of this rule is to set requirements for quarterly call reports, record retention, & agent reporting.
The purpose of this rulemaking is to amend Rule 3 CCR 701-7 MO3.
The Colorado Division of Banking (Division) finds that the proposed amendments to this rule are necessary:
● The 2023 Money Transmitter Sunset Review contained a recommendation to eliminate the submission of certain agent information submitted annually to the Banking Board. The passage of HB24-1328 repealed the requirement to send the name, address, & telephone number of each of the owners of the agent holding more than 10% interest in the business if the agent is a partnership or an entity created pursuant to Title 7. This amendment removes the requirement from Rule.
● Under federal law, money transmitters are already required to keep track of agent information & most of this information is already captured by the National Multistate Licensing System and Registry (NMLS). This amendment requires the submission of the agent information via the NMLS portal rather than directly to the Colorado State Banking Board. |
Purpose/Objective of Rule |
The purpose of this rule is to set requirements for quarterly call reports, record retention, and agent reporting. |
Basis And Purpose |
BasisAndPurposeAttachment2024-00637.pdf
|
Comments |
The 2023 Money Transmitter Sunset Review contained a recommendation to eliminate the submission of certain agent information submitted annually to the Banking Board. The passage of HB24-1328 repealed the requirement to send the name, address, & phone number of each of the owners of the agent holding more than ten percent interest in the business if the agent is a partnership or an entity created pursuant to Title 7. This amendment removes the requirement from Rule.
● Under federal law, money transmitters are already required to keep track of agent information & this information is already captured by the National Multistate Licensing System and Registry (NMLS). This amendment requires the submission of the agent information via the NMLS portal rather than directly to the Banking Board. |
Submitted in response to issues raised by COLS/OLLS? |
No
|
Is this rule adopted in response to recent legislation? |
Yes
|
Recent legislation bill number |
HB24-1328
|
Hearing Date |
02/20/2025 |
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 |