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Can you summarize 3 COCR 701-6 TC10?
TRUST COMPANIES > Reports of New Executive Officers, Directors, and Persons in Control and Related Late Filing Penalty [Section 11-109-402(5) and (6), C.R.S.]
Short Summary
This document governs the reporting requirements for new executive officers, directors, and persons in control of trust companies, as well as the related late filing penalty. Any person who assumes such a position must notify the Division of Banking within 90 days 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 trust company being chartered less than two years ago or undergoing a change in control. The term ‘director’ excludes advisory directors who do not meet specific criteria. The Banking Board or Division of Banking may require additional reporting, and failure to comply with the reporting requirements may result in a penalty of $25.00 per day. Filing an incorrect report form does not exempt one from the penalty.
Whom does it apply to?
Persons who become executive officers, directors, or persons responsible for the management, control, or operation of a trust company
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 general policy advice only
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
Jurisdiction
Colorado