NOTE: The governor signed this measure on 5/11/2013.
      
      
      SENATE BILL 13-159
      
      
      BY SENATOR(S) Jahn;
      also REPRESENTATIVE(S) Court, Fields, Labuda, Pabon, Schafer,
      Williams.
      
      
      Concerning continuation of the division of financial services.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 11-44-101.5, amend
      (2) as follows:
      
           11-44-101.5.  Division subject to termination - repeal of article.
      (2)  This article is repealed, effective July 1, 2013 September 1, 2024.
      
           SECTION 2.  In Colorado Revised Statutes, 24-34-104, amend (44)
      introductory portion; repeal (44) (h); and add (55) as follows:
      
           24-34-104.  General assembly review of regulatory agencies and
      functions for termination, continuation, or reestablishment. (44)  The
      following agencies, functions, or both, shall terminate on July 1, 2013:
      
           (h)  The division of financial services, created by article 44 of title
      11, C.R.S.;
      
           (55)  The following agencies, functions, or both, terminate
      on September 1, 2024:
      
           (a)  The division of financial services created by article 44
      of title 11, C.R.S.
      
           SECTION 3.  In Colorado Revised Statutes, repeal 11-30-103.5 as
      follows:
      
           11-30-103.5.  Branches.  Any credit union with a common bond
      consisting of groups residing within a well-defined neighborhood,
      community, or rural district having a population of greater than one hundred
      thousand shall be limited to one additional branch office until January 1,
      1997.
      
           SECTION 4.  In Colorado Revised Statutes, 11-30-111, amend (1)
      (d) as follows:
      
           11-30-111.  Supervisory committee. (1)  The supervisory
      committee shall:
      
           (d)  Biennially verify, or cause to be verified, by a random sampling
      or by verification of all members' accounts, the members' share, deposit, and
      loan accounts. Such verification may be obtained by either calling in the
      passbooks, by sending or causing to be sent a statement of account to each
      member or by such means as may be specified by the commissioner.
      
           SECTION 5.  In Colorado Revised Statutes, 11-44-101.7, amend
      (3) (i) as follows:
      
           11-44-101.7.  Powers of the financial services board. (3)  The
      board has the power to:
      
           (i)  Issue subpoenas and require attendance of any and all officers,
      directors, and employees of any credit union, savings and loan association,
      small business development credit corporation, or life care institution or
      provider, and such other witnesses as the board may deem necessary in
      relation to its affairs, transactions, and conditions, and may require such
      witnesses to appear and answer such questions as may be put to them by the
      board, and may require such witnesses to produce such books, papers, or
      documents in their possession as may be required by the board. Upon
      application of the board and subject to any protective order which may be
      entered by a district court, any person served with a subpoena issued by the
      board may be required, by order of the district court of the county where the
      credit union, savings and loan association, small business development
      credit corporation, or life care institution or provider has its principal office,
      to appear and answer such questions as may be put to such person by the
      board and be required to produce such books, papers, or documents in such
      person's possession as may be required by the board.
      
           SECTION 6.  In Colorado Revised Statutes, 11-44-102, repeal (4)
      as follows:
      
           11-44-102.  Commissioner - duties - employees. (4)  Before
      entering upon their duties, the commissioner and deputy commissioner shall
      each give bond, executed by a responsible surety company, running to the
      people of the state of Colorado, in the penal sum of ten thousand dollars,
      conditioned upon the faithful and impartial discharge of their respective
      duties and the proper accounting for all funds which may come into their
      hands as such officers. Said bonds shall be approved by the governor, and
      the bonds, together with their oaths of office and the approval of the
      governor endorsed thereon, shall be filed with the secretary of state. The
      cost of such bonds shall be charged as an expense of the division of
      financial services. Suits may be maintained on such bonds in the name of
      the people of the state of Colorado for the use of the party injured by a
      breach of the conditions thereof.
      
           SECTION 7.  Safety clause. The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ____________________________  ____________________________
      John P. Morse                         Mark Ferrandino
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO