Can you summarize Title 11 CORS, U.S. Agency Obligations?

Short Summary

This legal document provides definitions for terms used in the context of financial institutions and obligations. It applies to individuals, corporations, business trusts, estates, partnerships, associations, or legal entities other than public bodies or officers. The document defines terms such as ‘Bank for cooperatives’, ‘Debenture’, ‘Federal intermediate credit bank’, ‘Funds’, ‘Person’, and ‘Public bodies or officers’. The document also governs the acceptance of United States currency by retail establishments in Colorado. It requires retail establishments to accept United States currency, including federal reserve notes, from buyers for the purchase of goods or services, unless specific exemptions apply. The exemptions include retail transactions involving security deposits on credit cards or requiring credit card numbers for unforeseen damages or expenses, retail establishments using a device to convert cash into a prepaid card meeting specific conditions, banks and credit unions, and retail establishments primarily selling goods or services through automatic renewal contracts. Failing to accept United States currency as required is a civil infraction punishable by a fine of up to $250 per transaction or attempted transaction.

Whom does it apply to?

Individuals, corporations, business trusts, estates, partnerships, associations, or legal entities other than public bodies or officers

What does it govern?

Financial institutions and obligations

What are exemptions?

Retail transactions involving security deposits on credit cards or requiring credit card numbers for unforeseen damages or expenses, retail establishments using a device to convert cash into a prepaid card meeting specific conditions, banks and credit unions, and retail establishments primarily selling goods or services through automatic renewal contracts

What are the Penalties?

A civil infraction punishable by a fine of up to $250 per transaction or attempted transaction

Jurisdiction

Colorado

Source

Title 11 CORS, U.S. Agency Obligations [https://reggi.cloud.regology.com/regulations/US-CORS/US-CORS_T_11_P_605e5db1]

• Banking