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Code of Colorado Regulations eDocket
Official Publication of the State Administrative Rules (24-4-103(11) C.R.S.)

Details of Tracking Number   2024-00637


CCR details

Tracking Number 2024-00637
Type of Filing Permanent Rule
Department 700 Department of Regulatory Agencies
Agency 701 Division of Banking
CCR Number 3 CCR 701-7
CCR Title MONEY TRANSMITTERS

Proposed rule

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 The passage of HB24-1328 repealed the requirement to send the name, address, & telephone number of each of the owners of the agent holding more than 10% interest in the business if the agent is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 The passage of HB24-1328 repealed the requirement to send the name, address, & phone number of each of the owners of the agent holding more than ten percent interest in the business if the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

Adopted rule

Adopted Rules AdoptedRules02024-00637.docx
Redline Redline2024-00637.pdf
Adopted Date 02/20/2025
AGO requested date 02/21/2025
Attorney General Opinion 03/12/2025
Colorado Register publication date 03/25/2025
Effective Date 04/14/2025
Inserted into CCR 04/07/2025
  
  
  
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