3 CCR 703-1-9 - TRUST POWERS APPLICATIONS
9-1.
Definition. "Trust powers" means the power to act in any fiduciary
capacity authorized by C.R.S.
11-41-112(1) (l)
or by the general fiduciary laws of this state.
9-2. An association desiring to exercise
trust powers shall file with the Commissioner an application indicating which
trust services it wishes to offer and providing sufficient information to
enable the Commissioner to make the evaluations under Section 9-3.
9-3. The following factors will be evaluated
by the Commissioner in acting on a trust powers application:
(a) The financial condition of the
association.
(b) The degree of
compliance with applicable laws and regulations and the existence of serious
problems which have not been corrected by management or the board of
directors.
(c) The organizational
and operational plan for providing trust services, including the availability
of legal counsel and the qualifications, experience and character of the
proposed officer or officers supervising the trust function.
9-4. Failure of an association to
exercise trust powers in a lawful and sound manner shall be grounds for the
suspension or revocation of its authority to engage in trust
services.
Notes
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