1999
BY SENATOR Anderson;
also REPRESENTATIVE Spradley.
Concerning the authority of nonbank subsidiaries of bank holding companies to underwrite insurance in Colorado.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 10-2-601 (1) (e), Colorado Revised Statutes, is amended to read:
10-2-601. Financial institutions may sell insurance - where - regulation. (1) For the purposes of this part 6:
(e) "Financial institution" means a state bank, including an industrial bank, or a bank and trust company chartered by a state, a trust company, a savings and loan association, a credit union, a bank holding company as defined by 12 U.S.C. sec. 1841, or a national bank and the financial institution is located in this state. "Financial institution" includes federally chartered savings and loan associations and credit unions located in this state.
SECTION 2. 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.
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Ray Powers Russell George
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
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Patricia K. Dicks Judith M. Rodrigue
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
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Bill Owens
GOVERNOR OF THE STATE OF COLORADO