C.R.S. Section 24-31-1102
Financial empowerment office

  • purpose
  • duties

(1)

The purpose of the financial empowerment office is to grow the financial resilience and well-being of Coloradans through community-derived goals and strategies, including but not limited to:

(a)

Expanding access to safe and affordable banking;

(b)

Increasing access to safe, affordable, low-cost credit offered at costs that do not exceed the finance charges permitted by Colorado law;

(c)

Expanding access to free individual financial counseling and coaching;

(d)

Expanding community wealth-building strategies; and

(e)

Identifying barriers to financial empowerment and financial stability.

(2)

The financial empowerment office may partner with state and federal agencies, local governments, tribal nations, community organizations, financial institutions, local service providers, philanthropic organizations, and other organizations as necessary to achieve the purposes of the office. In furtherance of achieving the purposes of the office, subject to available appropriations, the office may develop or promote new or existing:

(a)

Methods, programs, and policies to increase access to safe and affordable financial products;

(b)

Tools and resources that advance, increase, and improve Colorado residents’ financial management, including strategies for debt management and reduction, increasing savings, and creating and retaining assets that promote personal financial stability;

(c)

Community-informed strategies that dismantle systemic barriers to building ownership and wealth for all, especially low-income communities and communities of color; and

(d)

Tools that promote financial stability such as those that assist with service navigation, eviction avoidance, or connections to income supports.

(3)

The financial empowerment office shall, subject to available appropriations:

(a)

Support the organization of local community efforts to define and lead tailored financial resilience strategies based on local context, priorities, and expertise from those serving these communities. Stakeholders may include but are not limited to representatives of older adults, younger adults, communities of color, underbanked and unbanked Coloradans, immigrants, Coloradans of low income, banks, credit unions, local service providers, local government agencies, and philanthropic organizations.

(b)

Align, support, and build ties among the numerous and diverse efforts to build financial education and well-being in communities across Colorado;

(c)

Establish a council comprised of financial institutions, the office of the state treasurer, local and state officials, tribal nations, philanthropic and community organizations, and other organizations or persons determined by the director to assist the director in defining, identifying, creating, expanding, and increasing access to ownership, financial well-being, and safe and affordable banking and financial services that help improve the financial stability of unbanked and underbanked individuals and families and to assist the director in identifying products and practices that may undermine financial stability. At no point shall the majority of council members be representative of or have ties to the financial services industry and every effort shall be made to include representatives of under-represented communities.

(d)

Work with stakeholders to increase access to safe and affordable credit-building loans and financial products;

(e)

Work with state authorities and other stakeholders to expand access to safe and affordable banking products with low fees and easy account access, as well as safe and affordable credit-building loans offered by financial service providers licensed in Colorado at costs that do not exceed the finance charges permitted by Colorado law;

(f)

Work with stakeholders to identify products and practices that may undermine financial stability;

(g)

Develop technical assistance to launch or expand financial coaching and counseling efforts locally;

(h)

Track community feedback on consumer financial abuses permitting the accused business thirty days to respond prior to any public disclosure, and coordinate with the consumer protection division within the department of law and the department of regulatory agencies to connect consumers with existing resources and educate the public on their related consumer rights.

(4)

The financial empowerment office has no independent examination or regulatory authority, but nothing in this part 11 shall be construed to limit the authorities of the attorney general, the administrator designated in section 5-6-103, or the department of regulatory agencies.

(5)

The department of law shall annually report on the state of affordable banking access in Colorado, the activities of the office of financial empowerment, and local partnerships in implementing the objectives of the office as a part of its presentation to its committee of reference at a hearing held pursuant to section 2-7-203 (2)(a) of the “State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act”. The report shall address access to secure, safe, and affordable financial products, including:

(a)

Geographic and racial equity considerations;

(b)

An examination of existing financial products regulated by the state of Colorado and other financial products that are being offered within Colorado;

(c)

Recommendations for reforms that would encourage greater access to secure, safe, and affordable financial products or would provide better protections to consumers; and

(d)

An examination of local financial empowerment work and the impact on economic security and mobility of residents.

Source: Section 24-31-1102 — Financial empowerment office - purpose - duties, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑31‑101
Powers and duties of attorney general
24‑31‑102
Offices, boards, and divisions
24‑31‑103
Chief deputy attorney general - powers
24‑31‑103.5
Solicitor general - creation - powers
24‑31‑104.5
Funding for insurance fraud investigations and prosecutions - creation of fund
24‑31‑106
Rights of crime victims - victims’ services coordinator
24‑31‑107
Applications for licenses - authority to suspend licenses - rules
24‑31‑108
Receipt of money - subject to appropriation - exception for custodial money - legal services cash fund - creation - definition
24‑31‑108.5
Use of funds for unanticipated legal needs
24‑31‑111
Legal services to state agencies - definitions
24‑31‑112
No limitations on common law authority
24‑31‑113
Public integrity - patterns and practices
24‑31‑115
Housing unit - powers of attorney general or district attorney - subpoenas - document production - remedies - injunctive relief - penalties
24‑31‑301
Definitions
24‑31‑302
Creation of board
24‑31‑303
board - definition
24‑31‑304
Applicant for training - fingerprint-based criminal history record check
24‑31‑305
Certification - issuance - renewal - revocation - rules - definition
24‑31‑307
Enforcement
24‑31‑308
Reciprocity - provisional certificate
24‑31‑309
Profiling - officer identification - training - definition
24‑31‑310
Resources for the training of peace officers - peace officers in rural jurisdictions - legislative declaration
24‑31‑311
DNA evidence - collection - retention
24‑31‑312
School resource officer training
24‑31‑313
Training concerning abuse and exploitation of at-risk elders
24‑31‑313.5
Training concerning abuse and exploitation of at-risk adults with intellectual and developmental disabilities
24‑31‑314
Advanced roadside impaired driving enforcement training
24‑31‑315
Annual in-service training requirements
24‑31‑316
Attorney general to provide identification cards to retired peace officers upon request - definitions
24‑31‑317
Training requirements concerning peace officer interactions with persons with disabilities
24‑31‑318
Administrative law judge appointment
24‑31‑319
Training related to missing indigenous persons - development - basic and in-service training required
24‑31‑320
Persons with deferred action for childhood arrivals status - rules - definition
24‑31‑401
Definitions
24‑31‑402
Enforcement by attorney general
24‑31‑403
Funding
24‑31‑601
Short title
24‑31‑602
Legislative declaration
24‑31‑603
Definitions
24‑31‑604
Administration of article
24‑31‑605
Delegation of duties
24‑31‑606
Safe2tell program - creation - duties
24‑31‑607
In camera review - confidentiality of materials - criminal penalty
24‑31‑608
Transfer of property
24‑31‑609
License of intellectual property
24‑31‑610
Safe2tell cash fund - creation
24‑31‑611
Annual report
24‑31‑701
Definitions
24‑31‑702
Colorado domestic violence fatality review board - creation - membership - purpose - duties
24‑31‑703
Local and regional domestic violence fatality review teams - creation - membership - purpose - duties
24‑31‑704
Access to records - confidentiality - public access - immunity
24‑31‑706
Repeal of part
24‑31‑801
Definitions
24‑31‑802
Medicaid fraud control unit - creation - duties
24‑31‑803
Medicaid fraud reporting
24‑31‑804
Medicaid fraud control unit - displayed information
24‑31‑805
Medicaid fraud control unit authority and responsibilities
24‑31‑806
Civil investigative demands and subpoenas
24‑31‑807
Provider applications - false statements - penalties
24‑31‑808
Medicaid fraud and waste - penalties - definition
24‑31‑809
Unlawful remuneration - penalties
24‑31‑810
Other remedies available
24‑31‑811
Limitation of action - three years
24‑31‑901
Definitions
24‑31‑902
Incident recordings - release - tampering - fine
24‑31‑903
Division of criminal justice report
24‑31‑904
Peace officer certification discipline
24‑31‑905
Prohibited law enforcement action in response to protests
24‑31‑906
Retaliation against whistleblower officers prohibited
24‑31‑1001
Definitions
24‑31‑1002
Commission - membership - duties
24‑31‑1003
Study of training concerning interactions with persons with disabilities - report
24‑31‑1004
Recommend training curriculum for peace officers
24‑31‑1005
Report
24‑31‑1006
Funding
24‑31‑1007
Repeal of part
24‑31‑1101
Financial empowerment office - creation - director
24‑31‑1102
Financial empowerment office - purpose - duties
24‑31‑1201
Short title
24‑31‑1202
Definitions
24‑31‑1203
False claims - civil liability for certain acts - penalty - exception
24‑31‑1204
Civil actions for false claims - claims for retaliation - definitions
24‑31‑1205
False claims action procedures - limitation on action - standard of proof
24‑31‑1206
Jurisdiction
24‑31‑1207
False claims civil investigation demands
24‑31‑1208
Rule-making
24‑31‑1209
Use of recoveries - false claims recovery cash fund - creation
24‑31‑1210
No limitations on common law authority - medicaid fraud control
24‑31‑1211
False claims act report
24‑31‑1301
Definitions
24‑31‑1302
Worker and employee protection unit - creation - duties
24‑31‑1303
Worker misclassification - wage determinations - investigation and enforcement by the unit - coordination with department of labor and employment
Green check means up to date. Up to date

Current through Fall 2024

§ 24-31-1102’s source at colorado​.gov