Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-1 - RULES AND REGULATIONS OF THE COLORADO DIVISION OF FINANCIAL SERVICES PERTAINING TO SAVINGS AND LOAN ASSOCIATIONS
Section 6 - NEW CHARTER APPLICATIONS
Universal Citation: 3 CO Code Regs 703-1 ยง 6
Current through Register Vol. 47, No. 17, September 10, 2024
6-1. In addition to the items set forth in C.R.S. 11-41-107(1) (c), as comprising an application for certificate of approval for a domestic savings and loan association to incorporate in this state, the following information is required and will be considered by the Commissioner:
(a) A business plan pursuant to Section 14-1,
including an itemized statement of estimated receipts and expenditures for the
proposed association covering consecutive annual periods from the estimated
opening date through the annual period in which the association is estimated to
operate at a profit. Such itemized statement must be supported by estimates of
the volumes of savings deposits or other sources of funds and loans to be
generated by the association.
(b) A
statement of initial capitalization, including a list by name and amount of
written withdrawable savings pledges or, if applicable, written subscriptions
for permanent stock. A certified statement of total funds on deposit from cash
receipts for permanent stock or withdrawable savings must be submitted by the
financial institution holding such funds in escrow.
(c) A description of proposed office facility
arrangements, including the following factors: leased or owned office space,
freestanding building or inline space, floor space, space to be leased to
others, staffing, and an estimate of initial fixed asset investment.
(d) Evidence of compliance with the
applicable provisions of state securities laws.
(e) Evidence that any solicitation of
withdrawable savings pledges includes full disclosure of the status of the
proposed association with regard to incorporation under state law and insurance
of accounts by the Federal Deposit Insurance Corporation or its
successor.
(f) Other information
deemed necessary by the Commissioner.
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