HB 24-1351 CO

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Became Law

The act implements recommendations in the 2023 sunset report by the department of regulatory agencies by: Continuing the division of banking and the banking board (board) for 9 years, until 2033; Amending the board composition by repealing the requirement that 2 members represent state banks with less than $150 million in total assets and instead require 2 members to represent state banks in the fortieth percentile based on total asset size; Extending the authority for the board and the state bank commissioner to share information regarding state bank and trust company compliance with money laundering and other financial crime laws with the United States secretary of the treasury and agencies specified; Clarifying that any change of any executive officer, director, or other person who is responsible for the management, control, or operations of a state bank or trust company must be reported to the board within 60 days after the change; Modernizing the penalty for failing to report a change of any executive officer, director, or other person who is responsible for the management, control ,or operations of a state bank or trust company to the board; Modernizing the board's authority to issue civil money penalties; Clarifying that a trust company may discontinue its trust business if it provides evidence of its release and discharge of all trust-related obligations prior to surrendering its trust charter; Codifying requirements related to the review of fiduciary accounts to ensure that the assets are appropriate for the accounts as described in the trust agreement and requiring the board to adopt a rule to clarify what "appropriate" means in this context; and Making technical amendments to the "Colorado Banking Code" to remove gender-specific language; replace the term "data processing center" with the more modern terms "information technology function" and "third-party service provider", as applicable; repeal requirements that certain reports must be mailed; and repeal the requirement that a charter application be filed in triplicate. APPROVED by Governor June 6, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

• Judy Amabile Democratic · primary
• William Lindstedt Democratic · primary
• Paul Lundeen · primary
• Kevin Priola · primary

1. Jun 6, 2024 Governor Signed · executive
2. May 23, 2024 Sent to the Governor · executive
3. May 23, 2024 Signed by the President of the Senate · upper
4. May 23, 2024 Signed by the Speaker of the House · lower
5. May 8, 2024 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 7, 2024 House Considered Senate Amendments - Result was to Laid Over Daily · lower
7. May 3, 2024 Senate Third Reading Passed - No Amendments · upper
8. May 2, 2024 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
9. May 2, 2024 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
10. Apr 30, 2024 Senate Committee on Business, Labor, & Technology Refer Amended to Appropriations · upper
11. Apr 15, 2024 Introduced In Senate - Assigned to Business, Labor, & Technology · upper
12. Apr 14, 2024 House Third Reading Passed - No Amendments · lower
13. Apr 12, 2024 House Third Reading Laid Over to 04/14/2024 - No Amendments · lower
14. Apr 11, 2024 House Second Reading Special Order - Passed - No Amendments · lower
15. Apr 10, 2024 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
16. Mar 27, 2024 House Committee on Business Affairs & Labor Refer Unamended to Appropriations · lower
17. Feb 28, 2024 Introduced In House - Assigned to Business Affairs & Labor · lower