Ask Reggi Your Question Now
Can you summarize Title 11 CORS, Credit Unions?
Financial Institutions > Credit Unions
Short Summary
The legal documents found in the Colorado Revised Statutes govern various aspects related to credit unions. They cover the organization and charter of credit unions, requirements for organizing a credit union, filing process with the commissioner, role of the board, commissioner, and division, hearing procedures for community field of membership credit unions, bylaws governing credit unions’ operations, credit union membership, powers granted to credit unions, use of the term ‘credit union’ in names or titles, supervision and examination of credit unions, assessment of civil money penalties for violations, fiscal year and annual meeting requirements, election of board members and committees, compensation of directors and officers, credit committees and credit officers, supervisory committee, capital and shares, loans and borrowing, reserves, insurance requirements, payment of dividends, expulsion or withdrawal of members, suspension and liquidation procedures, conversion between state and federal credit unions, change in place of business, merger, taxation, transfer of functions, notice of branch opening and closing, and transactions with credit unions involving trustees and trust accounts. These documents apply to credit unions, their members, officials and employees, and individuals or entities involved in transactions with credit unions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, their members, officials and employees, and individuals or entities involved in transactions with credit unions
What does it govern?
Organization and charter of credit unions, requirements for organizing a credit union, filing process with the commissioner, role of the board, commissioner, and division, hearing procedures for community field of membership credit unions, bylaws governing credit unions' operations, credit union membership, powers granted to credit unions, use of the term 'credit union' in names or titles, supervision and examination of credit unions, assessment of civil money penalties for violations, fiscal year and annual meeting requirements, election of board members and committees, compensation of directors and officers, credit committees and credit officers, supervisory committee, capital and shares, loans and borrowing, reserves, insurance requirements, payment of dividends, expulsion or withdrawal of members, suspension and liquidation procedures, conversion between state and federal credit unions, change in place of business, merger, taxation, transfer of functions, notice of branch opening and closing, and transactions with credit unions involving trustees and trust accounts
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Colorado