Ask Reggi Your Question Now
Can you summarize 3 COCR 701-1 CB101.47?
COMMERCIAL BANKS > Reports of New Executive Officers, Directors, and Persons in Control and Related Late Filing Penalty [Section 11-102-303(8) and (9), C.R.S.]
Short Summary
This document governs the reporting requirements for persons who become executive officers, directors, or persons responsible for the management, control, or operation of a bank. Within 90 days of assuming such positions, individuals must notify the Division of Banking in writing, including information on any civil or criminal offenses they have been found guilty or liable for. Additionally, a biographical report must be filed within 90 days if certain conditions are met, such as the bank being chartered less than two years ago, undergoing a change in control, or not being in compliance with minimum capital requirements. Advisory directors who meet specific criteria are exempt from reporting. Failure to comply with the reporting requirements may result in a penalty of $25.00 per day, which can be waived by the Banking Board.
Whom does it apply to?
Persons who become executive officers, directors, or persons responsible for the management, control, or operation of a bank
What does it govern?
Reports of new executive officers, directors, and persons in control and related late filing penalty
What are exemptions?
Advisory directors who are not elected by shareholders, not authorized to vote on board matters, and provide solely general policy advice to the board of directors
What are the Penalties?
The Banking Board may assess a $25.00 per day penalty for late filing of reports of new executive officers, directors, and persons in control. The penalty may be waived by the Banking Board.
Jurisdiction
Colorado