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Can you summarize CORS 11-107-102?
CRIMINAL OFFENSES > Receipt of deposits while insolvent.
Short Summary
According to the Colorado Banking Code, it is a criminal offense for a state bank to receive any deposit while insolvent. This applies to state banks, as well as their officers, directors, and employees. If any of these individuals know or should know of the bank’s insolvency and still receive or authorize the receipt of a deposit, it is considered a violation. Additionally, if the bank or any person knowingly conceals or misstates material facts regarding the bank’s insolvency from the banking board, commissioner, or division of banking, it is also a violation. The penalties for non-compliance or violation of these provisions are not specified in the document.
Whom does it apply to?
State banks, officers, directors, and employees
What does it govern?
Receipt of deposits while insolvent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Criminal offense
Jurisdiction
Colorado