Colorado § 11-43-101 - Restrictions on foreign associations.

§ 11-43-101. Restrictions on foreign associations.

No foreign savings and loan association which conducts a savings and loan business as defined in section 11-40-103 shall operate an office in this state in order to sell its shares or accounts or make new loans in this state. Violation of this section is a class 2 misdemeanor which shall subject the offender and its officers, agents, and representatives, upon conviction thereof, to the penalties which are authorized in section 18-1.3-501 (1), C.R.S., and each separate business transaction in violation of this section shall constitute a separate offense; but nothing in this section shall be construed to prohibit a foreign association from transacting business in respect to executory contracts in force on May 17, 1939.

Source: L. 33: p. 324, § 1. CSA: C. 25, § 35. L. 39: p. 242, § 15. CRS 53: § 122-4-1. C.R.S. 1963: § 122-4-1. L. 88: Entire section amended, p. 455, § 2, effective March 18. L. 2002: Entire section amended, p. 1471, § 40, effective October 1.

Cross references: For the legislative declaration contained in the 2002 act amending this section, see section 1 of chapter 318, Session Laws of Colorado 2002.

ANNOTATION

Law reviews. For article, "Foreign Savings and Loan Associations Not Doing Business in Colorado", see 16 Colo. Law. 43 (1987).

Section applies to a foreign corporation, authorized by its charter to raise a fund by small periodical payments from which loans may be made to those who contributed to such funds, and which is conducting a business of this character, even though not technically a building and loan association. People ex rel. Griffith v. Standard Home Co., 59 Colo. 355, 148 P. 869 (1915) (decided prior to L. 33, p. 324, § 1, the earliest source of this section).

This section is a "doing business law". Even though this section regulates foreign savings and loan associations by prohibitions rather than by conditions, it is still a "doing business law". In addition, imposition of criminal sanctions, such as those in this section, is not atypical of a "doing business law". Title Ins. Co. of Minn. v. Am. Sav. & Loan Assn., 866 F.2d 1284 (10th Cir. 1989).

ARTICLE 44

Division of Financial Services

11-44-101. Division of financial services created.

11-44-101.4. Definitions.

11-44-101.5. Division subject to termination - repeal of article. (Repealed)

11-44-101.6. Financial services board - creation - penalty.

11-44-101.7. Powers of the financial services board.

11-44-101.8. Review of commissioner actions by financial services board - judicial review.

11-44-102. Commissioner - duties - employees.

11-44-103. Powers of commissioner.

11-44-103.5. Record retention by the commissioner.

11-44-104. Commissioner may delegate powers.

11-44-105. Commissioner may institute suits.

11-44-106. Issuance of subpoenas.

11-44-106.5. Suspension or removal of directors, officers, or employees - penalty.

11-44-107. Confidentiality.

11-44-108. Seal of commissioner. (Repealed)

11-44-109. Examination by commissioner - procedure - penalty.

11-44-110. Power to take possession of association.

11-44-110.5. Supervisory mergers.

11-44-111. Appeal from commissioner's action.

11-44-112. Appointment of commissioner as receiver - assignment for benefit of creditors prohibited.

11-44-113. Procedure under court order.

11-44-114. Noncompliance with orders - penalty.

11-44-115. Officers to furnish schedule of property.

11-44-116. Liquidation powers of commissioner.

11-44-117. Setoffs.

11-44-118. Commissioner and deputy not to accept gifts.

11-44-119. Association's right to resort to court.

11-44-120. Records of commissioner.

11-44-121. Commissioner may destroy records. (Repealed)

11-44-122. Waiver of membership or stockholder voting.

11-44-123. Assessment of civil money penalties.

11-44-124. Repeal of article - review of functions.