Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-4 - SMALL BUSINESS DEVELOPMENT CREDIT CORPORATION REGULATIONS
Section I - Definitions

Universal Citation: 700 CO Code Regs I

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

Definitions, as used in these regulations:

A. "Associate" means, if used with respect to a licensee:

1. A controlling person, director, officer, agent, or advisor of that licensee.

2. A director, officer, or partner of a person referred to in paragraph (1).

3. A person who controls, is controlled by, or is under common control with a person referred to in paragraph (1) directly through one or more intermediaries.

4. Any relative of any person referred to in paragraph (1).

5. A person of which a person referred to in paragraphs (1) to (4) is a director or officer.

6. A person of which a person referred to in paragraphs (1) to (4), or any combination of those persons acting in concert, owns or controls, directly or indirectly, a 20% or greater equity interest.

B. "Control," including "controlling," "controlled by," or "under common control with," means the possession, directly or indirectly, of the power to direct of cause the direction of the management and policies of a person, whether through ownership, by contract or otherwise.

C. "Director" means any member of the board of directors of a corporation or any other person performing similar functions with respect to any entity, whether incorporated or unincorporated.

D. "Good character" means a person, as defined in section 11-36-103(4), Colorado Revised Statutes, who has not been convicted of, nor pleaded nolo contendre to, a crime involving fraud or dishonesty, and who may reasonably be believed to be likely to comply with the act if licensed.

E. "Officer" means a president, vice president, secretary, treasurer or principal financial officer, comptroller or principal accounting officer, or any person routinely performing corresponsding functions with respect to any entity, whether incorporated or unincorporated.

F. "Relative" means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter in law, sister-in-law, grandparent, grandchild, nephew, niece, uncle, aunt, or cousin.

G. "SBA" means the United States Small Business Administration.

H. "Undue Influence" means any improper or wrongful constraint, misuse of position of confidence, or exercise of such dominion and control over the volition of another person that that person's freedom of action or volition is destroyed, and that person's actions then conform to the will of another.

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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