C.R.S. Section 11-109-203
Activities not requiring a charter

(1)

Notwithstanding any other provision of this article 109 to the contrary, a company does not engage in the trust business, or in any other business in a manner requiring a charter, under this article 109 or in an unauthorized trust activity by:

(a)

Acting in the scope of authority as an agent of a trust institution;

(b)

Rendering a service customarily performed by an attorney or law firm in a manner approved and authorized by the Colorado supreme court;

(c)

Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;

(d)

Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the real estate commission pursuant to article 10 of title 12;

(e)

Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor, or registered representative of an investment advisor, if the activity is regulated by the securities commissioner or the federal securities and exchange commission;

(f)

Engaging in the sale and administration of an insurance product as an insurance company or agent licensed by the division of insurance to the extent that the activity is regulated by the division of insurance;

(g)

Acting as trustee for a public, private, or independent institution of higher education or a university system, including an institution of higher education’s or university system’s affiliated foundations or corporations, with respect to endowment funds or other funds owned, controlled, provided to, or otherwise made available to such institution or system with respect to its educational or research purposes;

(h)

Rendering services customarily performed by a certified public accountant in a manner authorized by article 100 of title 12;

(i)

If the company is a trust institution and is not otherwise prohibited from engaging in a trust business in this state:

(I)

Marketing or soliciting in this state through the mails, telephone, any electronic means, or in person with respect to acting or proposing to act as a fiduciary outside of this state;

(II)

Delivering money or other intangible assets and receiving the money or other intangible assets from a client or other person in this state; or

(III)

Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client.

Source: Section 11-109-203 — Activities not requiring a charter, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑109‑101
Definitions 11‑109‑102
Use of words “trust” or “trust company” 11‑109‑103
Applicability of powers of banking board and bank commissioner to trust companies 11‑109‑104
Powers - banking board - commissioner 11‑109‑105
No private right of action 11‑109‑201
Powers of trust companies 11‑109‑202
Offices of trust companies 11‑109‑203
Activities not requiring a charter 11‑109‑204
Federal deposit insurance required 11‑109‑205
Transactions with affiliates 11‑109‑206
Trust company organized as a limited liability company 11‑109‑301
Incorporators 11‑109‑302
Application fee 11‑109‑303
Assessments 11‑109‑304
Capital 11‑109‑305
Application for charter 11‑109‑306
Procedure for granting or denying charter 11‑109‑401
Acquisition of majority control over an existing trust company - definitions 11‑109‑402
Reports to the banking board and to the commissioner 11‑109‑501
Directors’ meetings - duties 11‑109‑502
Director and officer insurance and fidelity bonds - legislative declaration 11‑109‑601
Penalty for noncompliance with the law 11‑109‑602
Assessment of civil money penalties by banking board 11‑109‑603
No indemnification or insurance against civil money penalties 11‑109‑604
Removal of director, officer, or other person 11‑109‑605
Suspension of director, officer, or other person 11‑109‑606
Informal enforcement authority 11‑109‑607
Receipt of deposits while insolvent 11‑109‑701
Discontinuance of trust business - voluntary liquidation and dissolution 11‑109‑702
Involuntary liquidation 11‑109‑703
Emergency grant of new charter 11‑109‑704
Liquidation by commissioner - procedure 11‑109‑801
Appeals procedure 11‑109‑802
Injunctions - appeals 11‑109‑901
Reserves against deposits 11‑109‑902
Investments 11‑109‑903
Substitution of trust companies 11‑109‑904
Laws governing individuals apply 11‑109‑905
Separation of fiduciary funds 11‑109‑906
Funds awaiting investment or distribution 11‑109‑907
Extensions of credit
Green check means up to date. Up to date

Current through Fall 2024

§ 11-109-203’s source at colorado​.gov