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 9 - TRUST POWERS APPLICATIONS

Universal Citation: 3 CO Code Regs 703-1 ยง 9

Current through Register Vol. 47, No. 17, September 10, 2024

9-1. Definition. "Trust powers" means the power to act in any fiduciary capacity authorized by C.R.S. 11-41-112(1) (l) or by the general fiduciary laws of this state.

9-2. An association desiring to exercise trust powers shall file with the Commissioner an application indicating which trust services it wishes to offer and providing sufficient information to enable the Commissioner to make the evaluations under Section 9-3.

9-3. The following factors will be evaluated by the Commissioner in acting on a trust powers application:

(a) The financial condition of the association.

(b) The degree of compliance with applicable laws and regulations and the existence of serious problems which have not been corrected by management or the board of directors.

(c) The organizational and operational plan for providing trust services, including the availability of legal counsel and the qualifications, experience and character of the proposed officer or officers supervising the trust function.

9-4. Failure of an association to exercise trust powers in a lawful and sound manner shall be grounds for the suspension or revocation of its authority to engage in trust services.

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