C.R.S. Section 11-102-506
Suspension of director, officer, or other person

(1)

The banking board may suspend an executive officer, director, employee, agent, or other person participating in the conduct of the affairs of a state bank who becomes ineligible to hold such position, or who after receipt of an order of the banking board to cease and desist violates this code or a lawful rule or order issued pursuant thereto, or who is dishonest, or who is reckless or grossly incompetent in the conduct of banking business, or who may be subject to removal under section 11-102-505. It shall be a criminal offense for any such person, after receipt of a suspension order, to perform any duty or exercise any power of any state bank until the banking board vacates such suspension order. A suspension order shall specify the grounds thereof. A copy of the order shall be sent to the bank concerned and to each member of its board of directors.

(2)

With respect to any action pursuant to this section, ten days’ notice, by certified mail, return receipt requested, and an opportunity for hearing shall be provided to the bank affected, in advance of any action taken by the banking board. In cases found by the banking board to involve extraordinary circumstances requiring immediate action, the banking board may take such action, without notice or hearing, but shall promptly afford a subsequent opportunity for hearing, upon application to rescind the action taken.

Source: Section 11-102-506 — Suspension of director, officer, or other person, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Dec. 24, 2024).

11‑102‑101
Division of banking - creation - subject to termination - repeal of article 11‑102‑102
Powers of commissioner 11‑102‑103
Banking board - repeal 11‑102‑104
Powers and duties of banking board - fees - rules 11‑102‑105
Roles and authority of banking board and commissioner - rules - exercise of powers 11‑102‑106
Nontraditional mortgages - consumer protections - rules - incorporation of federal interagency guidance 11‑102‑201
Hearing officers - powers - procedure - order final 11‑102‑202
Subpoenas - witnesses - production of records 11‑102‑203
Effect of good faith reliance on orders or rules of banking board 11‑102‑203.5
Independent administrative review of material supervisory determinations - rules 11‑102‑204
Court review 11‑102‑301
Examinations and examiner’s reports 11‑102‑302
Bank reports to banking board - generally 11‑102‑303
Bank reports to banking board - requirements for acquiring control 11‑102‑304
Commissioner’s annual report - publications 11‑102‑305
Records 11‑102‑306
Information confidential 11‑102‑307
Access to records 11‑102‑308
Bank records - preservation - reproduction 11‑102‑401
Assessments 11‑102‑403
Division of banking cash fund - creation 11‑102‑501
Banking interests of officers and employees - violation 11‑102‑502
Exemption from liability - when 11‑102‑503
Assessment of civil money penalties by banking board 11‑102‑504
No indemnification or insurance against civil money penalties 11‑102‑505
Removal of director, officer, or other person 11‑102‑506
Suspension of director, officer, or other person 11‑102‑507
Informal enforcement authority 11‑102‑508
Statements derogatory to state banks - penalty
Green check means up to date. Up to date

Current through Fall 2024

§ 11-102-506’s source at colorado​.gov