Colorado § 7-49-107 - Restrictions on powers.
Full text of Colorado Colorado Revised Statutes § 7-49-107 — Restrictions on powers., with citation guidance and answers to common questions.
§ 7-49-107. Restrictions on powers.
(1) The powers of the corporation shall be subject to the following restrictions:
(a) It shall not approve any application for a loan until the applicant has shown that the applicant has applied to two or more financial institutions that could lawfully lend the amount of money sought and that the financial institutions have refused in writing to make the requested loan or would only make such loan under conditions substantially different from the prevailing rates and conditions available to persons borrowing for the purchase or remodeling of newer homes;
(b) It shall not give security for any loan made unless all loans are secured ratably in proportion to unpaid balances due.
(2) Nothing in this article shall be construed to empower the board of directors to adopt rules or regulations that are inconsistent with federal law governing financial institutions or any federal rules or regulations promulgated pursuant to such federal law.
Source: L. 75: Entire article added, p. 266, § 1, effective June 29. L. 2003: (2) amended, p. 2210, § 35, effective July 1, 2004. L. 2004: (1)(a) amended, p. 1404, § 19, effective July 1.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-49-107
What does Colorado Revised Statutes § 7-49-107 cover?
Section 7-49-107 ("Restrictions on powers.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-49-107?
A common citation format is "Colorado Revised Statutes § 7-49-107" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-49-107 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.