Colorado § 11-35-101.5 - Irrevocable letter of credit permitted - requirements.

§ 11-35-101.5. Irrevocable letter of credit permitted - requirements.

(1) Where there is the requirement of either an irrevocable letter of credit or a bond as a condition to licensure in sections 35-36-216 and 35-36-304 or where an irrevocable letter of credit is permitted as an alternative to a surety bond, evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101, as a condition to licensure or authority to conduct business or perform duties in this state, provided in sections 33-4-101 (1), 33-12-104 (1), 35-36-216 (1)(a), 35-36-303 (5), 35-36-304 (1)(a), and 37-91-107 (2), the requirement shall be satisfied by an irrevocable letter of credit issued by a state or national bank or a state or federal savings and loan association doing business in this state. The requirement shall also be satisfied by an irrevocable letter of credit issued by the bank or banks for cooperatives that are organized pursuant to federal statutes and that serve the region in which the state of Colorado is located. Such letter of credit shall be in an amount specified by statute, if any, and shall name the appropriate state agency as beneficiary, in favor of the people of the state of Colorado.

(2) Each appropriate state agency required to accept such irrevocable letters of credit shall define the method of transferability, the required period of liability, and such other procedures as may be necessary.

(3) Repealed.

Source: L. 87: Entire section added, p. 473, § 6, effective May 8. L. 88: (1) amended, p. 446, § 1, effective March 31. L. 89: (1) amended, p. 1394, § 3, effective April 12. L. 92: (1) amended, p. 2168, § 9, effective June 2. L. 93: (1) amended, p. 1391, § 11, effective January 1, 1995. L. 94: (1) amended, p. 1630, § 33, effective May 31; (1) amended, p. 2545, § 34, effective January 1, 1995. L. 2000: (1) amended, p. 1937, § 17, effective October 1. L. 2002: (1) amended, p. 1013, § 9, effective June 1. L. 2009: (1) amended, (SB 09-151), ch. 89, p. 347, § 4, effective July 1. L. 2013: (3) repealed, (HB 13-1034), ch. 5, p. 15, § 9, effective September 1. L. 2017: (1) amended, (SB 17-225), ch. 262, p. 1245, § 3, effective August 9. L. 2020: (1) amended, (HB 20-1213), ch. 160, p. 753, § 4, effective June 29. L. 2026: (1) amended, (SB 26-169), ch. 311, p. 1799, § 8, effective August 12.

ARTICLE 36

Small Business Development Credit Corporations

11-36-101 to 11-36-118. (Repealed)

Editor's note: (1) This article was added in 1988. For amendments to this article prior to its repeal in 1994, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

(2) Section 11-36-117 provided for the repeal of this article, effective July 1, 1994. (See L. 94, p. 66.)

ARTICLE 37

Colorado Investment Deposits

11-37-101 to 11-37-105. (Repealed)

Source: L. 2004: Entire article repealed, p. 323, § 7, effective April 7.

Editor's note: This article was added in 1990 and was not amended prior to its repeal in 2004. For the text of this article prior to 2004, consult the 2003 Colorado Revised Statutes.

11-37.5 ARTICLE 37.5

Foreign Capital Depositories

11-37.5-101 to 11-37.5-503. (Repealed)

Source: L. 2009: Entire article repealed, (HB 09-1053), ch. 159, p. 687, § 1, effective August 5.

Editor's note: This article was added in 1999. For amendments to this article prior to its repeal in 2009, consult the Colorado statutory research explanatory note beginning on page vii in the front of this volume.

ARTICLE 38

Reverse Mortgages

11-38-101. Legislative declaration.

11-38-102. Definitions.

11-38-103. Prepayment.

11-38-104. Intervening liens.

11-38-105. Interest - periodic advances.

11-38-106. Lender default.

11-38-107. Repayment.

11-38-108. Inapplicability of related statutes.

11-38-109. Disclosure - total loan cost.

11-38-110. Treatment of reverse mortgage loan proceeds by public benefit programs.

11-38-111. Consumer information and counseling.

11-38-112. Application of article.