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Can you summarize 3 COCR 701-1 CB101.55?
COMMERCIAL BANKS > Contractual Acceptance of Deposits [Section 11-105-604, C.R.S.]
Short Summary
This legal document, Section 11-105-604 of the Code of Colorado Regulations, pertains to the contractual acceptance of deposits by financial institutions. The document outlines the requirements and obligations for financial institutions when entering into deposit contracts. The board of directors of a financial institution is required to fully review and approve deposit contracts, with such review and approval being noted in the minutes. Financial institutions must also file a copy of the deposit contract with the State Bank Commissioner within 30 days of its effective date. The deposit contract must include certain provisions, such as notice requirements for extensions, amendments, and termination of the contract. It is important to note that any deposit contract entered into under this provision does not constitute a branch. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Financial institutions
What does it govern?
Contractual acceptance of deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Colorado