Colorado § 11-110-504 - Information requirements for certain individuals - background check - name-based judicial record check.

§ 11-110-504. Information requirements for certain individuals - background check - name-based judicial record check.

(1) An individual in control of a licensee or applicant, an individual that seeks to acquire control of a licensee, and each key individual shall furnish to the banking board through NMLS the following items:

(a) The individual's fingerprints for submission to the federal bureau of investigation and the board for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last ten years; and

(b) Personal history and experience in a form and in a medium prescribed by the board to obtain the following:

(I) Information related to any criminal convictions or pending charges; and

(II) Information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of money, breach of fiduciary duty, or breach of contract.

(2) If the individual described in subsection (1) of this section has resided outside of the United States at any time in the last ten years, the individual shall also provide to the banking board an investigative background report prepared by an independent search firm that meets the following requirements:

(a) At a minimum, the search firm shall:

(I) Demonstrate that it has sufficient knowledge and resources and employs accepted and reasonable methodologies to conduct the research of the background report; and

(II) Not be affiliated with or have an interest with the individual it is researching.

(b) At a minimum, the investigative background report must be written in the English language and must contain the following:

(I) Criminal records information for the past ten years, including but not limited to felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked;

(II) Employment history;

(III) Media history, including an electronic search of national and local publications, wire services, and business applications; and

(IV) Financial services-related regulatory history, including but not limited to money transmission, securities, banking, insurance, and mortgage-related industries.

(3) When the results of a criminal history record check performed pursuant to this section reveal a record of arrest without a disposition, the board shall require the individual to submit to and pay the required cost for a name-based judicial record check, as defined in section 22-2-119.3 (6)(d).

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 390, § 1, effective August 6.