Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-3 - RULES AND REGULATIONS OF THE COLORADO DIVISION OF FINANCIAL SERVICES PERTAINING TO CREDIT UNIONS
Section 3 CCR 703-3-6.4 - Fixed Assets

Universal Citation: 3 CO Code Regs 703-3, ยง 6.4

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

(a) The definitions of terms used in this regulation are as follows:

(1) "Premises" means any office, branch office, service center, parking lot, other facility, or real estate where the credit union transacts or intends to transact business.

(2) "Furniture, fixtures, and equipment" means all office furnishings, office machines, computer hardware and software, automated terminals, automated teller machines, heating and cooling equipment.

(3) "Fixed assets" means premises and furniture, fixtures, and equipment as those terms are defined above.

(4) "Investment in fixed assets" means:
(i) Any investment in real property improved or unimproved which is being used or is intended to be used as premises;

(ii) Any leasehold improvement on premises;

(iii) The aggregate of all capital lease payments pursuant to lease agreements for fixed assets;

(iv) Any investment in the bonds, stock, debentures, or other obligations of a partnership or corporation, including a credit union service organization, holding any fixed assets used by the credit union and any loans to such partnership or corporation; or

(v) Any investment in furniture, fixtures and equipment.

(5) "Immediate family" means the same as set forth in C.R.S. 11-30-103(2).

(6) A credit union shall not acquire or lease premises or acquire or lease furniture, fixtures or equipment, without the prior written approval of the Commissioner, from any of the following parties:
(1) Elected or appointed officials of the credit union.

(2) Officers or employees of the credit union.

(3) Immediate family members of any of the foregoing individuals.

(4) A corporation, partnership, or other business in which any of the foregoing individuals have, directly or indirectly, an ownership interest of 10% or more, or are officers or directors thereof. C.R.S. 11-30-106(1) and (3)

Disclaimer: These regulations may not be the most recent version. Colorado may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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