AR1 Appeal of a Material Supervisory Determination
[Section 11-102-203.5, C.R.S., Section
11-109-801, C.R.S.]
A. Definitions
1. "Appellant." The institution filing an
appeal of a material supervisory determination. Colorado state-chartered
commercial banks and trust companies, Colorado licensed money transmitters, and
Division of Banking regulated IT service providers are eligible institutions
and may appeal a material supervisory determination.
2. "Initial Appeal." The first appeal of a
material supervisory determination. The initial appeal is reviewed by the State
Bank Commissioner (Commissioner).
A determination may not be appealed until it has been received
in writing by the appellant. A decision related to formal enforcement action
may not be appealed under this Rule. A material supervisory determination
remains in effect while under appeal, and until such time as it is modified or
overturned through the appeal process.
3. "Subsequent Appeal." Any appeal of the
findings of a prior appeal. Subsequent appeals are reviewed by the Banking
Board.
B. Procedures for
Filing An Appeal
1. An appeal must be filed in
writing with the Commissioner at 1560 Broadway, Suite 975, Denver, Colorado
80202, within sixty (60) calendar days of the appellant's receipt of the
written material supervisory determination. In order to be determined complete
by the Commissioner, an appeal must include a certified copy of the minutes of
the meeting at which the appellant's board of directors approved filing the
appeal. If the appellant wishes to present oral testimony, a request to do so
should be contained in the appeal.
2. The written appeal must contain all the
facts and information the appellant intends to have considered in deciding the
appeal, but should not include information not available to the Division of
Banking at the time the material supervisory determination being appealed was
made.
3. An appellant may request
an extension of time for filing an appeal by sending a letter detailing the
reason(s) for the request to the Commissioner within the sixty (60) calendar
day period for filing appeals. The request shall indicate why a complete appeal
cannot be filed within sixty (60) calendar days from receipt of the material
supervisory determination, and shall indicate the date by which the appellant
will file the appeal. The Commissioner may grant requests for extensions as
circumstances warrant.
C.
Review by the Commissioner
1. The
Commissioner shall ensure that a letter acknowledging receipt of the appeal is
sent to the appellant within five (5) -calendar days of receipt of the appeal.
The letter will acknowledge receipt of the appeal and inform the appellant when
a determination as to completeness will be made. In addition, the Commissioner
will provide the appellant with a copy of this Rule.
2. The Commissioner shall notify the
person(s) who made the material supervisory determination under appeal of the
receipt of the appeal, and provide that person(s) with a copy of the appeal.
The person(s) who made the determination will be given ten (10) calendar days
to gather documentation related to the material supervisory determination under
appeal and to provide additional written clarification of the matter under
appeal.
3. Within five (5) calendar
days of receipt of the appeal, the Commissioner will review the appeal to
determine if it is complete, if it is clear as to the matter being appealed and
the basis for the appeal, and if it concerns a material supervisory
determination. If the Commissioner determines that minor deficiencies in
information or clarity exist in the appeal, he/she will contact the appellant
by letter and request that specific additional documentation be forwarded to
the Commissioner within ten (10) calendar days.
4. If the information is not received within
the stated timeframe, the Commissioner may return the appeal to the appellant
together with a letter notifying the appellant of the deficiencies and stating
that the appeal may be refiled within thirty (30) calendar days.
5. If the Commissioner determines that the
appeal is substantially deficient in terms of clarity or information or does
not concern a material supervisory determination, he/she will return the appeal
to the appellant together with a letter outlining the deficiencies and stating
that the appeal may be refiled within thirty (30) calendar days. If the
appellant made the request to provide oral testimony to the Commissioner, the
appeal will not be deemed complete until the later of either the business day
after all oral testimony has been heard or additional written information is
received from the appellant, if such information is requested by the
Commissioner.
6. When the
Commissioner determines that the appeal is complete, he/she will notify the
appellant that a complete appeal was received. Upon the determination that the
appeal is complete, the Commissioner shall notify the Banking Board of the date
of receipt of a complete appeal and the date a final written decision is due.
The Commissioner shall request that Division of Banking staff provide any views
on the matter under appeal within fifteen (15) calendar days.
7. If the appeal involves a joint material
supervisory determination with another regulatory agency, the Commissioner
shall provide a copy of the complete appeal to that agency upon determination
that the appeal is complete. The Commissioner will indicate the date of receipt
of a complete appeal and the date a final decision is required. The other
agency will be provided an opportunity to comment on the appeal in advance of a
final decision.
8. Within sixty
(60) calendar days of receipt of a complete appeal, the Commissioner may, at
his/her sole discretion, solicit the views of the appellant, any Division of
Banking staff involved in the determination under appeal, Attorney General
staff, and the staff of other supervisory agencies. In addition, the
Commissioner may conduct other forms of independent research or investigation
as he/she deems necessary to decide the matter under appeal.
9. The Commissioner shall issue written
findings within ninety (90) calendar days of receiving the complete appeal,
unless the appellant and the Commissioner jointly agree to extend the time for
a decision. The written decision shall set forth the basis for the
Commissioner's conclusions, including the scope of the review, and appropriate
citations to legal authority, to Banking Board Rules, to Division of Banking
policies, and to documentation provided by the appellant or the Division of
Banking staff.
10. The Commissioner
shall send the written decision to the appellant by certified mail and will
provide copies to the person(s) who made the material supervisory
determination.
D. Review
by the Colorado State Banking
Board
1. An
appellant may appeal an adverse determination by the Commissioner within thirty
(30) calendar days of the appellant's receipt of the adverse decision. This
subsequent appeal shall include a certified copy of the minutes of the board of
directors' meeting at which the subsequent appeal was authorized.
2. The appeal shall be filed with the
Colorado State Banking Board at 1560 Broadway, Suite 975, Denver, Colorado
80202, and must include all facts and information that the appellant intends
for the Banking Board to consider. The Banking Board Administrator shall
forward a copy of the appeal to the Chairman of the Banking Board within five
(5) calendar days after receipt of the appeal.
3. The Chairman of the Banking Board shall
review the appeal for informational completeness and clarity as to the matter
under appeal and shall notify the appellant of any deficiencies, consistent
with the procedures for initial appeals.
4. The Chairman of the Banking Board shall
obtain the record of the initial appeal from the Commissioner and provide the
Commissioner with a copy of the subsequent appeal. If the appeal raises issues
not addressed in the initial appeal, the person(s) who made the material
supervisory determination under appeal shall notify the Chairman of the Banking
Board. The Chairman of the Banking Board shall provide fifteen (15) calendar
days for the person(s) who made the material supervisory determination to
provide a written response to the new material.
5. When the Chairman of the Banking
Board
determines that the subsequent appeal is complete, he/she shall:
a. Notify the appellant of receipt of a
complete subsequent appeal and of the due date for a final written
determination;
b. Notify the
Banking Board members of the date of the Banking Board meeting at which the
subsequent appeal will be discussed and decided;
c. Send a copy of the complete subsequent
appeal file and the complete initial appeal file to each member of the Banking
Board, and
d. Provide a copy of the
subsequent appeal file to any other regulatory agency that may have
participated in the underlying material supervisory determination, along with
notice of the date a final determination is required, and the due date for
receipt of that agency's comments.
6. The Banking Board shall hear oral
testimony from the appellant, if the appellant intends to present such
testimony, within ninety (90) calendar days of receipt of the complete
subsequent appeal; and shall issue written findings within one hundred eighty
(180) calendar days of receiving the complete subsequent appeal, unless the
appellant and the Banking Board jointly agree to extend the time for
decision.
7. The Banking Board
shall send the written decision to the appellant by certified mail and will
provide a copy to the Commissioner.
E. Failure to comply with the procedures of
this Rule shall result in a waiver of subsequent appeal rights and judicial
review of a material supervisory determination.
F. Protection of Appellant from Retaliation
1. Regardless of the outcome of an appeal,
the person(s) who directly participated in the supervisory determination
subject to appeal shall not participate in matters affecting the appellant for
at least one examination cycle, but in no case for a period less than one year
after the final decision of an appeal filed by the appellant. In addition, in
cases where the material supervisory determination is overturned on appeal, the
person(s) materially participating in the determination shall not participate
in matters affecting the appellant for one year, or such longer period as the
Commissioner determines to be appropriate. The Commissioner, at his/her
discretion, may extend further the recusal period whenever such an extension is
determined to be appropriate.
2.
Eligible institutions that believe that they have suffered retaliation as the
result of an Appeal may contact the Chairman of the Banking Board at 1560
Broadway, Suite 975, Denver, Colorado 80202.
AR2 Repealed and reserved for future use.
AR3 Application Procedure. [Section
11-103-302, C.R.S., Section
11-103-303, C.R.S., Section
11-109-301, C.R.S., Section
11-109-302, C.R.S., Section
11-110-107, C.R.S., Section
11-110-110, C.R.S., Section
11-10.5-106, C.R.S.]
A. Persons desiring to organize a state bank,
Colorado state-chartered trust company, or obtain licensure as a Colorado money
transmitter, or certification as an eligible public depository or escrow
institution, or submit any other application listed on the Colorado Division of
Banking fee schedule shall complete and submit such application forms as may be
required by the Commissioner from time to time. The Commissioner shall not
accept for filing any application that is not complete in accordance with the
instructions thereon. The Commissioner shall not accept for filing any
application that does not have attached thereto the filing fee in the amount
and in the manner prescribed by Paragraph (B) of this Rule.
B. Applicants for institutions described in
Paragraph (A) of this Rule, and applicants submitting applications listed on
the Colorado Division of Banking fee schedule must pay a filing fee in the
amount set forth on the Colorado Division of Banking fee schedule as
established by the Banking Board pursuant to Section
11-102-104 (11),
C.R.S., at the time of filing each application. The filing fee shall be
remitted to the Colorado Division of Banking in a form approved by the Colorado
Division of Banking. If the application is withdrawn by the applicant prior to
the date set for public hearing by the Banking Board, the Commissioner shall
refund the filing fee to the applicant in a form approved by the Colorado
Division of Banking.
AR4 Protests to Applications for Charter, Service Area
Definition, and Economic Feasibility Studies [Section
11-102-201, C.R.S., Section
11-103-304, C.R.S., Section
11-109-306, C.R.S.]
A. Any person, firm, or corporation desiring
to protest an application for charter for a proposed state bank or trust
company shall file with the Commissioner a notice of protest in accordance with
the following schedule:
|
Notice of Hearing on Application for Charter Given
Prior to Hearing
|
Notice of Protest Due to be Filed with Commissioner
Prior to Hearing
|
Motion to Dismiss Due to be Filed with Commissioner
Prior to Hearing
|
|
30-60 days
|
20 days
|
15 days
|
|
60-90 days
|
40 days
|
30 days
|
|
90 days or more
|
60 days
|
45 days
|
B. Any
protest desiring to file a motion to dismiss a charter application based upon
defects in the application or in the notice of filing pursuant to Section
11-103-303(3),
C.R.S. shall file such motion within the time provided in the schedule in
Paragraph (A) of this Rule.
C. Any
de novo state bank, conversion to a state bank, or trust company granted
preliminary approval subsequent to the published notice of hearing shall not be
barred by this Rule from protesting an application for charter if the
requirements of this Rule are not met in a timely manner.
D. Failure to comply with either of the
requirements of this Rule may result in the denial of the right to appear, be
heard, and introduce testimony at a charter application hearing.
E. Each applicant for charter shall file with
the Commissioner and deliver to each person, firm, or corporation that has
filed a notice of protest, at least sixty (60) calendar days prior to the
hearing on the application, a definition of the primary service area for the
proposed bank and a definition of the secondary service area, if any, that the
proposed bank or trust company intends to serve.
F. If the applicant for charter intends to
offer a study of the economic feasibility of the proposed bank or trust company
at the hearing, it shall be filed in the office of the Commissioner and
delivered to each person, firm, or corporation that has filed a notice of
protest at least thirty (30) calendar days prior to the hearing.
G. If the protestant intends to offer a study
of the economic feasibility of the proposed bank or trust company at the
hearing, such study shall be filed in the office of the Commissioner and
delivered to the applicant twenty (20) calendar days prior to the
hearing.
H. If the applicant for
charter has any rebuttal economic feasibility material on which the applicant
intends to rely, that is made necessary by a protestant's economic feasibility
study, such rebuttal economic feasibility material shall be filed in the office
of the Commissioner and delivered to each person, firm, or corporation that has
filed a notice of protest at least ten (10) calendar days prior to the
hearing.
I. Mailing, with proof of
mailing, three (3) calendar days prior to a delivery date shall be deemed to
constitute delivery on the required date.
J. Failure to comply with this Rule may cause
the Commissioner to exclude the study, and testimony based thereon, from the
hearing or to continue the hearing to another date.
AR5 Repealed and reserved for future use.
AR6 Repealed and reserved for future use.
AR7 Prehearing Conference. [Section
11-103-304, C.R.S.]
A. The Commissioner may, on his or her own
initiative, or at the request of any party, direct all parties and their
counsel to meet with him or her at a specified time and place prior to any
hearing:
1. To determine the necessity or
desirability of amendments to an application;
2. To determine the names of witnesses and a
general statement of the testimony expected of each witness;
3. To determine the number, description and
purpose of exhibits intended to be offered at hearing and require the offering
party to produce exhibits for inspection and marking at prehearing
conference;
4. To determine
matters, if any, of which the Banking Board will be requested to take
administrative notice;
5. To
consider any other matters that will simplify the issues and further aid in
expeditious conduct at the hearing.
B. The Commissioner may require all parties
to list, in writing, witnesses, exhibits and any matters that might expedite
the hearing. A conference may, if requested in advance by any party, be
recorded. If no verbatim transcript is taken, the Commissioner shall prepare a
summarized report reciting the results of the conference. The report may be
received into evidence by the Banking Board during open hearing.
C. Failure to comply with this Rule may cause
the Commissioner to continue a hearing to another date, or to preclude an
offering party from introducing exhibits into evidence or from calling
witnesses at the time of hearing.
AR8 Repealed and reserved for future use.
AR9 Nature of Hearings [Section
11-102-103(8),
C.R.S.]
A. All hearings and the
taking of testimony before the Banking
Board shall be open to the public.
The Banking Board may, at any time, retire into executive
session to consult with the Colorado Attorney General's office or to discuss
any records deemed confidential under Section
11-102-306, C.R.S.
AR10 Transcripts [Section
24-4-105(13),
C.R.S.]
A. Hearings shall be
recorded.
B. All testimony taken at
hearings shall be transcribed.
C.
Copies of transcripts of hearings shall be made available to any person upon
payment to the reporter of the costs thereof.
D. Upon the filing of transcripts by the
reporter, all parties shall be provided an opportunity to file motions to
correct the record. The Banking Board shall rule upon such motions prior to its
deliberations upon the facts introduced at hearing.
AR11 Order of Procedure
A. Parties to hearings shall, unless
otherwise ordered by the Banking
Board, be limited to the following orders of
procedure:
1. Primary party in interest. The
primary party in interest shall present his case by calling witnesses and
submitting other evidence;
2. Other
parties in interest. Other persons admitted as parties to the hearing may
thereupon present witnesses and other evidence;
3. Joint hearings. In the event that the
Banking Board conducts a single hearing to consider more than one application,
then the party first perfecting its application shall first present its case,
followed by the party that was second in perfecting its application.
B. Thereafter, other parties in
interest may present witnesses and other evidence. If the parties applying for
a charter intend to introduce evidence for the purpose of rebuttal, they shall
do so in the order that they presented their cases.
1. Further evidence. The Banking Board may,
of its own initiative, call for the production of further evidence upon any
issue. It may also produce independent evidence through the Attorney General
that is material to the issues or necessary to complete the record;
2. Examination of witnesses. As may be
permitted by the Banking Board, any witness shall be subject to cross,
re-direct and re-cross examination;
3. Time allocation. The primary party in
interest shall be permitted three and one-half (3-1/2) hours within which to
present his/her case and within which to cross-examine adverse witnesses.
Likewise, any other person admitted as a party to the hearing shall be allotted
three and one-half (3-1/2) hours. When there is more than one such other person
admitted as a party to the hearing, these parties in interest collectively
shall be allotted three and one-half (3-1/2) hours and shall apportion such
time among themselves. The Banking Board for good cause shown, may, upon
motion, enlarge or diminish the times prescribed by this Rule.
AR12 Oral Argument-Briefs-Reopening [Section
24-4-105(4),
C.R.S.]
A. The Banking Board may
permit oral argument and submission of briefs at the hearing. In addition, the
Banking Board may, upon appropriate notice to all parties and other interested
persons, reopen any hearing at any time prior to the public announcement of its
findings, conclusions, and order. Proceedings that have been reopened shall be
conducted pursuant to the Rules established herein for hearings.
AR13 Repealed and reserved for future use.
AR14 Declaratory Orders [Section
11-102-104(9),
C.R.S.]
A. Any person may
petition the Banking Board for a declaratory order to terminate controversies
or to remove uncertainties as to the applicability to the petitioner of any
statutory provision or of any Rule or order of the Banking Board.
B. The Banking Board will determine, in its
discretion, whether to rule upon any such petition. If the Banking Board
determines that it will not rule upon such a petition, the Banking Board shall
promptly notify the petitioner of its action and state the reasons for such
action.
C. In determining whether
to rule upon a petition filed pursuant to this Rule, the Banking
Board will
consider the following matters among others:
1. Whether a ruling on the petition will
terminate a controversy or remove uncertainties as to the applicability to
petitioner of any statutory provision or Rule or order of the Banking
Board.
2. Whether the petition
involves any subject, question or issue that is the subject of a formal or
informal matter or investigation currently pending before the Banking Board or
a court involving one or more of the petitioners.
3. Whether the petition involves any subject,
question, or issue that is the subject of a formal or informal matter or
investigation currently pending before the Banking Board or a court but not
involving any petitioner.
4.
Whether the petition seeks a ruling on a moot or hypothetical question or will
result in an advisory ruling or opinion.
5. Whether the petitioner has some other
adequate legal remedy, other than an action for declaratory relief pursuant to
Rule 57, Colorado Rules of Civil Procedure, that will terminate the controversy
or remove any uncertainty as to the applicability to the petitioner of the
statute, Rule, or order in question.
D. Any petition filed pursuant to this Rule
shall set forth the following:
1. The name and
address of the petitioner and whether the petitioner is licensed pursuant to
Section 11-103-101, C.R.S., et
seq.
2. The statute, Rule or order
to which the petition relates.
3. A
concise statement of all of the facts necessary to show the nature of the
controversy or uncertainty and the manner in which the statute, Rule or order
in question applies, or potentially applies, to the
petitioner.
E. If the
Banking
Board determines that it will rule on the petition, the following
procedures shall apply:
1. The Banking
Board
may rule upon the petition based solely upon the facts presented in the
petition. In such a case:
a. Any ruling of
the Banking Board will apply only to the extent of the facts presented in the
petition and any amendment to the petition.
b. The Banking Board may order the petitioner
to file a written brief, memorandum or statement of position.
c. The Banking Board may set the petition,
upon due notice to petitioner, for a non-evidentiary hearing.
d. The Banking Board may dispose of the
petition on the sole basis of the matters set forth in the petition.
e. The Banking Board may request the
petitioner to submit additional facts, in writing. In such event, such
additional facts will be considered as an amendment to the petition.
f. The Banking Board may take administrative
notice of facts pursuant to the State Administrative Procedure Act, Section
24-4-105 (8),
C.R.S., and may utilize its experience, technical competence, and specialized
knowledge in the disposition of the petition.
g. If the Banking Board rules upon the
petition without a hearing, it shall promptly notify the petitioner of its
decision.
2. The Banking
Board may, in its discretion, set the petition for hearing, upon due notice to
petitioner, for the purpose of obtaining additional facts or information or to
determine the truth of any facts set forth in the petition or to hear oral
argument on the petition. The notice to the petitioner setting such hearing
shall set forth, to the extent known, the factual or other matters into which
the Banking Board intends to inquire. For the purpose of such a hearing, to the
extent necessary, the petitioner shall have the burden of proving all of the
facts stated in the petition, all of the facts necessary to show the nature of
the controversy or uncertainty and the manner in which the statute, Rule or
order in question applies or potentially applies to the petitioner, and any
other facts the petitioner desires the Banking Board to
consider.
F. The parties
to any proceeding pursuant to this Rule shall be the Banking Board and the
petitioner. Any other person may seek leave of the Banking Board to intervene
in such a proceeding, and leave to intervene will be granted at the sole
discretion of the Banking Board. A petition to intervene shall set forth the
same matters as required by Paragraph (D) of this Rule. Any reference to a
"petitioner" in this Rule also refers to any person who has been granted leave
to intervene by the Banking Board.
G. Any declaratory order or other order
disposing of a petition pursuant to this Rule shall constitute agency action
subject to judicial review pursuant to Section
24-4-106, C.R.S.
AR15 Records Retention [Section
11-102-104, C.R.S.]
A. Every state financial institution shall
retain records for at least the minimum periods of time as outlined under
Paragraph (B) and (C) of this Rule. If other records with similar information,
not enumerated in this Rule, are maintained by a financial institution, the
retention period for the equivalent record should be followed. Record
maintenance may include the use of automated or electronic records provided the
records are easily retrievable, readily available for inspection, and capable
of being reproduced in a hard copy.
B. Each depository institution shall
permanently retain the following records:
RECORDS THAT REQUIRE PERMANENT RETENTION
|
Audit Reports to Directors
|
Permanent
|
|
Charged Off Asset Records
|
Permanent
|
|
Articles of Incorporation or Other Association,
Bylaws and Other Records of Organization, Amendments, etc.
|
Permanent
|
|
Bank Charter
|
Permanent
|
|
Bank Examiner's Report
|
Permanent
|
|
Directors' Examination Reports
|
Permanent
|
|
Surety Bonds
|
Permanent
|
|
Minute Books of Meetings (Stockholders,
Directors)
|
Permanent
|
|
Required Reports to Supervisory Agencies
|
Permanent
|
|
Canceled Capital Stock Certificates
|
Permanent
|
|
Capital Stock Certificates
|
Permanent
|
|
Capital Stock Certificate Records of/or Stubs
|
Permanent
|
|
Capital Stock Ledger
|
Permanent
|
|
Capital Stock Transfer Ledger
|
Permanent
|
|
Capital Stock Transfer Register
|
Permanent
|
|
Receipts for Stock Certificates
|
Permanent
|
|
Receipts for Canceled Stock Certificates, Canceled
Bonds, and Coupons
|
Permanent
|
|
Records of Stock Issuance and Transfer
|
Permanent
|
|
Shareholder List
|
Permanent
|
|
Statements of Beneficial Ownership
|
Permanent
|
|
Stock Certificate Book
|
Permanent
|
|
Stock Register Book
|
Permanent
|
|
Surety Bond for Lost Certificate
|
Permanent
|
|
Charged-off Loan Ledger
|
Permanent
|
|
Charged-off Records and Loan Ledger
|
Permanent
|
|
Daily Statement of Condition
|
Permanent
|
|
Affidavits of Lost Passbooks and Records of
Transactions Based Thereon
|
Permanent
|
|
Savings Ledger Card or Sheet on Unclaimed or Dormant
Deposits
|
Permanent
|
|
Bonds of Indemnity
|
Permanent
|
|
Dividend and Coupon Ledger
|
Permanent
|
|
Minutes of Investment and Trust Committee
Meetings
|
Permanent
|
C. All
other records, reports, or evidence of transactions shall be retained for a
minimum period as required by taxing authorities, other state or federal
regulations, and consistent with prudent business practices, unless the Banking
Board deems it necessary to prescribe a longer period of time. The following is
a list of suggested retention periods:
SUGGESTED RECORD RETENTION PERIODS
ACCOUNTING AND AUDITING
|
Bank Call, Income, and Dividend Reports
|
5 Years
|
|
Certified Checks
|
7 Years
|
|
Certified Statements (FDIC)
|
5 Years
|
|
Debit and Credit Tickets (If Source of Original
Entry)
|
1 Year
|
|
Differences Record
|
1 Year
|
|
Drafts
|
7 Years
|
|
Expense Checks
|
7 Years
|
|
Expense Vouchers or Invoices
|
7 Years
|
|
Financial Statements, Consolidated
|
7 Years
|
|
Income and Dividend Report
|
5 Years
|
|
Income and Expense Report
|
7 Years
|
|
Money Order
|
7 Years
|
|
Office Equipment, Depreciation Records
|
7 Years
|
|
Paid Bills, Statements, and Invoices
|
7 Years
|
|
Paid Cashier's Checks, Certified Checks, or Receipts
Therefor
|
7 Years
|
|
Report to Directors and Executive Committee
|
6 Years
|
|
Tax Records
|
7 Years
|
ADMINISTRATION
|
General
|
.
|
|
Determination of FDIC Assessment Base Records
|
5 Years
|
|
Statements of Directors and Principal Officers
|
2 Years
|
|
Insurance
|
.
|
|
Authorization Statements and Certificates for Bank to
Act as Insurance Agent
|
6 Years
|
|
Bankers Blanket Bond
|
6 Years After Termination
|
|
Records Relating to Insurance Sold by Bank
|
6 Years
|
|
Records of All Bank Insurance (Showing Policy
Numbers, Premiums Paid, and Amounts Recovered)
|
6 Years After Termination
|
|
Legal
|
.
|
|
Attachments and/or Garnishments
|
6 Years
|
|
Legal Records (Copies of Court Orders, Decrees,
Petitions, Adjudications, Pleadings, etc.)
|
6 Years
|
|
Reports to Directors and Executive Committee
|
6 Years
|
|
Tax
|
.
|
|
Tax Controversies or Proceedings
|
7 Years
|
|
Tax Records
|
7 Years
|
CAPITAL
|
Dividend Checks
|
7 Years
|
|
Dividend Register
|
7 Years
|
CERTIFICATES OF DEPOSIT
|
Certificates
|
6 Years After Payment
|
|
Information Return (1099)
|
7 Years
|
|
Ledger Cards
|
6 Years
|
|
Signature Cards
|
6 Years After Payment
|
|
Transaction Journal (If Statement of Account History
Not Otherwise Retained)
|
6 Years
|
CHECKING ACCOUNTS/TRANSACTION ACCOUNTS
|
Account Analysis (Work Sheets or Cards, Average
Balance Cards, Interest Computation Records, Service Charge Records, Statement
Stubs)
|
2 Years
|
|
Bookkeepers Daily Lists of Checks Charged in Total to
Customer Accounts (Short Lists)
|
2 Years
|
|
Copies of Advices of Deposits
|
2 Years
|
|
Copies of Advices of Debits and Credits
|
2 Years
|
|
Customer Statements
|
6 Years
|
|
Daily Report of Overdrafts
|
6 Years
|
|
Daily Transactional Journal
|
2 Years
|
|
Deposit Tickets and Other Credits
|
2 Years
|
|
Individual Ledgers
|
2 Years
|
|
Paid Checks (Front and Back)
|
3 Years
|
|
Partnership Agreement and Authority
|
7 Years After Closing
|
|
Records of Current Transactions of More than
$10,000
|
5 Years
|
|
Resolutions and Customer Authorizations
|
6 Years After Account Closed
|
|
Signature Cards
|
7 Years After Account Closed
|
|
Statement Mailing Order
|
1 Year
|
|
Statement Receipt Cards
|
1 Year
|
|
Stop Payment Order After Expiration or Release
|
6 Years
|
|
Taxpayer ID/SS# of Depositor
|
5 Years After Account Closed
|
|
Undelivered Statements and Canceled Checks
|
2 Years
|
CHECKING ACCOUNTS/TRANSACTION ACCOUNTS - EDP
SECTION
|
Customer Statement
|
6 Years
|
|
Overdrafts
|
6 Years
|
|
Service Charges
|
2 Years
|
|
Stop Payment Reports
|
6 Years
|
|
Transaction Journal
|
2 Years
|
COLLECTIONS
|
Collection Payment Records
|
1 Year
|
|
Collection Receipts (Copy)
|
1 Year
|
|
Collection Register
|
1 Year
|
|
Coupon Cash Letters (Outgoing)
|
1 Year
|
|
Incoming Collection Letters
|
1 Year
|
|
Incoming Contract or Note Letters
|
6 Years After Closing
|
|
Installment Contract or Note Records
|
6 Years
|
|
Outgoing Collection Letters and Register
|
1 Year
|
COMMERCIAL LOANS
|
Collateral Receipt Record/Register
|
6 Years
|
|
Credit Files
|
6 Years After Termination of Account
|
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years After Closing
|
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
|
Guaranteed Loans (Complete Files)
|
6 Years
|
|
Liability Ledger
|
6 Years
|
|
Loan Applications
|
25 Months
|
|
Loan Committee Minutes
|
6 Years
|
|
Note or Discount Register (If Used as Book of
Original Entry With Descriptions)
|
6 Years After Termination of Account
|
|
Receipts for Coupons Removed From Collateral
|
6 Years
|
|
Records of Currency Transactions of More Than
$100,000
|
5 Years
|
|
Resolutions
|
6 Years After Closing
|
|
Statement of Purpose Under Regulation U Transaction
Journal (If Used as Book of Original Entry)
|
3 Years After Close of
Account
6 Years
|
CONSUMER CREDIT
|
Borrower's Statement
|
6 Years
|
|
Consumer Reports and Consumer Credit
Information
|
2 Years
|
|
Correspondence
|
2 Years
|
|
Coupon Payments and Loan Deposits (If Only Source of
Original Entry)
|
6 Years
|
|
Credit Applications and Information (Declined)
|
25 Months
|
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years
|
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
|
Installment Contracts or Note Records
|
6 Years
|
|
Loan Journals, Records and Note Register (If Only
Source of Original Entry)
|
6 Years
|
|
Loan Ledger Cards or Sheets
|
6 Years
|
|
Loan Deposit and Loan Payment Posting Journals (If
Only Source of Original Entry)
|
6 Years
|
|
Note Register (If Used as Book of Original Entry With
Descriptions)
|
6 Years
|
|
Rebate Receipts
|
6 Years
|
|
Resolutions
|
6 Years
|
|
Statement Regarding Loan Secured by Stock
|
3 Years
|
CONSUMER CREDIT - EDP SECTION
|
Daily Payment Journal
|
6 Years
|
|
Pay Off and/or Rebate Report
|
6 Years
|
|
Trial Balance (If Only Complete History on
Borrower)
|
6 Years
|
CREDIT CARDS
|
Borrower's Statement
|
6 Years
|
|
Credit Applications and Information (Declined)
|
25 Months
|
|
Loan Journal (If Only Source of Original
Entry)
|
6 Years
|
|
Loan Ledger Cards
|
6 Years After Account Closed
|
|
Sales Drafts
|
6 Years
|
CUSTOMER SERVICE
|
Brokers' Confirmations
|
6 Years
|
|
Brokers' Invoices
|
6 Years
|
|
Brokers' Statements
|
6 Years
|
|
Night Depository Agreements and Resolutions
|
6 Years
|
|
Safekeeping Records and Receipts
|
6 Years After Close of Account
|
|
Securities Buy and Sell Orders
|
6 Years After Date of Order
|
DUE FROM BANKS
|
Bank Statements
|
7 Years
|
|
Drafts (Original)
|
7 Years
|
|
Information and Documents Pertaining to Issuance of
Duplicate Checks and Drafts
|
7 Years After Check Draft Paid
|
DUE TO BANKS
|
Copies of Advices
|
7 Years
|
|
Country Bank Ledger
|
7 Years
|
|
Domestic Ledger
|
7 Years
|
|
Foreign Ledger
|
7 Years
|
|
Incoming Cash Letter Memos (See Proof)
|
2 Years
|
|
Proof Sheets
|
2 Years
|
|
Resolutions
|
6 Years After Account Closed
|
|
Signature Cards
|
6 Years After Account Closed
|
|
Undelivered Statements and Canceled Checks
|
2 Years
|
General
|
Foreign Exchange Remittance Sheets or Books
|
5 Years
|
|
Night Depository Agreements
|
6 Years After Termination of Agreement
|
|
Records of Currency Transactions of More Than
$10,000
|
5 Years
|
|
Vault Records, Openings and Closings
|
1 Year
|
|
Wage Price Rent Freeze Records
|
4 Years
|
GENERAL LEDGER
|
General Journal (If Used as Book of Original Entry
With Description)
|
6 Years
|
|
General Ledger
|
6 Years
|
|
General Ledger Tickets
|
6 Years
|
INTERNATIONAL DEPARTMENT
|
Cable Copies
|
6 Years
|
|
Cable Requisitions
|
6 Years
|
|
Foreign Asset Control Records
|
2 Years
|
|
Foreign Collection Register
|
5 Years
|
|
Foreign Draft Applications
|
5 Years
|
|
Foreign Draft Carbons
|
5 Years
|
|
Foreign Mail Transfer Applications
|
5 Years
|
|
Letters of Credit Applications
|
6 Years After Payment in Full
|
|
Letters of Credit Ledger
|
6 Years
|
|
Records of Foreign Financial Accounts
|
5 Years
|
INVESTMENTS
|
Bond Ledger Sheets
|
6 Years
|
|
Brokers' Confirmations
|
6 Years
|
|
Brokers' Invoices
|
6 Years
|
|
Brokers' Statements
|
6 Years
|
|
Credit Information Regarding Securities Underwritten
or Purchased for Own Account
|
6 Years After Closing
|
OFFICIAL CHECKS AND DRAFTS
|
Affidavits and Other Records Support Issuance of
Duplicate Checks, Drafts or Money Orders
|
7 Years
|
|
Cashier's Checks (Canceled)
|
7 Years
|
|
Certified Checks or Receipts (Canceled and Not
Returned)
|
7 Years
|
|
Drafts (Canceled)
|
7 Years
|
|
Expense Checks (Canceled)
|
7 Years
|
|
Expense Vouchers or Invoices
|
7 Years
|
|
Money Orders, Bank or Personal
|
7 Years
|
|
Receipts for Certified Checks
|
7 Years
|
|
Records of Currency Transactions of More Than
$10,000
|
5 Years
|
PERSONNEL
|
Advertisements and Notices
|
1 Year After Personnel Action
|
|
Attendance Records (Time Cards)
|
2 Years
|
|
Business Expenses of Employees Reimbursed by
Employer
|
7 Years
|
|
Employee Records (Personnel Folders) After
Termination
|
6 Years
|
|
Employment Applications (Rejected)
|
1 Year
|
|
Occupational Safety and Health Act (OSHA)
Forms
|
5 Years
|
|
Payroll Checks
|
7 Years
|
|
Salary Ledger
|
7 Years
|
|
Wage and Tax Statement (W-2) Records
|
4 Years
|
|
Wage Differential Documentation
|
2 Years
|
PROOF, CLEARING, AND TRANSIT
|
Copies of Advices of Corrections
|
2 Years
|
|
Incoming Cash Letters
|
2 Years
|
|
Inclearing Proofsheets and/or Tapes
|
2 Years
|
|
Outclearing Proofsheets and/or Tapes
|
2 Years
|
|
Outgoing Cash Letters
|
2 Years
|
REAL ESTATE LOANS
|
Annual Reports and Customer Statements
|
6 Years
|
|
Debit and Credit Entries (If only Source of Original
Entry)
|
6 Years
|
|
Evidence of Compliance With Fair Credit Reporting
Act
|
2 Years
|
|
Evidence of Compliance With Regulation Z Truth in
Lending
|
2 Years After Each Required Disclosure
|
|
Foreclosure Records
|
6 Years
|
|
Guaranteed Loans Complete Files
|
6 Years After Termination
|
|
Home Mortgage Disclosure Act Information
|
5 Years
|
|
Ledger Cards
|
6 Years After Termination
|
|
Loan Credit Files
|
6 Years After Closing
|
|
RESPA Settlement Statements
|
2 Years
|
|
Remittances
|
7 Years
|
|
Transaction Journal (If Only Source of Original
Entry)
|
6 Years
|
REAL ESTATE - EDP SECTION
|
Daily Payment Journal
|
6 Years
|
SAFE DEPOSIT VAULT
|
Access Tickets
|
6 Years
|
|
Canceled Signature Cards
|
6 Years
|
|
Copies of Rent Receipts
|
6 Years
|
|
Forced Entry Records
|
6 Years After Date of Entry
|
|
Leases or Contracts, Closed Accounts
|
6 Years
|
|
Receipts for Delivery of Will, Burial Plot Deeds,
Insurance Policies
|
6 Years
|
|
Records and Reports of Contents of Opened
Boxes
|
6 Years
|
|
Records of Sale to Satisfy Lien
|
6 Years
|
SAVINGS ACCOUNTS
|
Deposit (Tickets)
|
6 Years
|
|
Ledger Cards
|
6 Years
|
|
Power of Attorney
|
6 Years After Close of Account
|
|
Records of Currency Transactions More Than
$10,000
|
5 Years
|
|
Resolutions, Authorizations
|
7 Years
|
|
Signature Cards
|
6 Years After Close of Account
|
|
Tax Information Returns
|
7 Years
|
|
Taxpayer ID# or SS# of Depositor
|
5 Years After Close of Account
|
|
Transaction Journal (If Only Source of Original
Entry)
|
6 Years
|
|
Withdrawals (Receipts or Order)
|
6 Years
|
SAVINGS ACCOUNTS - EDP SECTION
|
Customer Statement
|
6 Years
|
|
Interest Report
|
7 Years
|
|
Transaction Journal
|
6 Years
|
TELLERS
|
Cash Item Register
|
1 Year
|
|
Tellers' Blotter of Journals
|
1 Year
|
|
Tellers' Difference Record
|
1 Year
|
TRUST RECORDS
|
Corporate
|
.
|
|
Bond Ledger
|
7 Years After Termination of Account
|
|
Brokers' Purchase and Sale Confirmations
|
7 Years
|
|
Brokers' Statements
|
7 Years
|
|
Buy and Sell Orders
|
7 Years
|
|
Canceled Stock Certificates
|
7 Years
|
|
Corporate Trust Ledger
|
7 Years
|
|
Correspondence
|
7 Years
|
|
Dividend Checks
|
7 Years
|
|
Governing Instruments
|
7 Years After Termination of Trust Account
|
|
Ledger Records
|
7 Years
|
|
Receipts or Disposition for Canceled Stock
Certificates, Canceled Bonds and Coupons
|
7 Years
|
|
Registration Journals
|
7 Years After Termination of Account
|
|
Signature Files
|
7 Years After Termination of Account
|
|
Schedules of Distributions
|
7 Years
|
|
Stock Transfer Ledger
|
7 Years
|
|
Stock Transfer Memo
|
7 Years
|
|
Tax Returns
|
7 Years
|
|
Transfer Journal
|
7 Years
|
|
Transfer Tax Waivers
|
7 Years
|
|
Trust Asset Records
|
7 Years After Termination of Account
|
|
Trust Journals (If Source of Original Entry)
|
7 Years After Last Entry
|
|
Trust Posting Tickets (If Source of Original
Entry)
|
7 Years
|
|
Personal
|
|
Accounting of Other Fiduciaries and Decrees,
Receipts, or Releases Settling Accounts
|
7 Years After Receipt
|
|
Account Review and Investment Recommendations
|
7 Years
|
|
Adjudications
|
7 Years
|
|
Annual Audits and Financial Reports; Appraisals of
Real and Personal Property
|
7 Years
|
|
Authorizations and Approvals of Co-Fiduciaries and
Consultants
|
7 Years
|
|
Brokers' Confirmations
|
7 Years
|
|
Brokers' Statements
|
7 Years
|
|
Buy and Sell Orders
|
7 Years
|
|
Cash and Asset Ledgers
|
7 Years
|
|
Correspondence
|
7 Years
|
|
Coupon Collection Record
|
7 Years
|
|
Court Orders, Decrees, Petitions, etc.
|
7 Years
|
|
Debits and Credits (If Source of Original
Entry)
|
7 Years
|
|
Federal Estate and State Inheritance Tax
Returns
|
7 Years
|
|
Federal and State Income Tax Returns
|
7 Years
|
|
Federal Gift Tax Returns
|
7 Years
|
|
Federal Nominee's Information Return
|
7 Years
|
|
General Ledger
|
7 Years
|
|
General Journal
|
7 Years
|
|
Governing Instruments
|
7 Years
|
|
Inventory Records
|
7 Years After Termination of Account
|
|
Ledger Records
|
7 Years
|
|
Legal Opinions and Related Correspondence
|
7 Years
|
|
Letters of Appointment
|
7 Years After Termination of Appointment
|
|
Participation Ledgers
|
7 Years
|
|
Probate Records
|
7 Years After Termination of Account
|
|
Real Estate Mortgage Documents and Related
Material
|
7 Years
|
|
Receipts, Authorizations, Directions,
Approvals
|
7 Years
|
|
Safekeeping Records and Receipts
|
7 Years
|
|
Schedule of Distributions
|
7 Years
|
|
Trust Agreements
|
7 Years After Date of Last Entry
|
|
Trust Checks
|
7 Years
|
UNCLAIMED PROPERTY
|
Unclaimed Property Records
|
5 Years After Date Reportable
|
|
Unclaimed Deposit Account Withdrawal Tickets or
Checks
|
5 Years After Date Reportable
|
|
Unclaimed or Dormant Deposit Ledgers (To Include
Record of Date of Last Transaction or Communication From Owner)
|
5 Years After Date Reportable
|
AR16 Assessments and Fees [Sections
11-102-401,
11-103-302,
11-109-303, C.R.S.]
A. Assessments
1. In order to cover the expenses, net of fee
income, of the Division of Banking for the supervision of Colorado
state-chartered banks and trust companies subject to its jurisdiction, shall be
assessed at least semi-annually as of June 30 and December 31.
2. Each Colorado state-chartered bank and
trust company subject to the jurisdiction of the Banking Board on either of the
above dates shall be subject to the full assessment without proration for any
reason.
3. Assessments for all
Colorado state-chartered banks and trust companies shall be the greater of an
amount determined on a consistent basis as the sum of a fee based on a tiered
rate applied to total assets contained in the report of condition of each
institution submitted as of the quarter end immediately preceding the above
assessment dates, or a minimum assessment determined by the Banking Board and
published annually as of July 1 of each year.
B. Fees
1.
The Banking Board shall set fees annually by publishing a schedule of fees for
services as of July 1 of each year.
2. Such schedule shall list all services
performed that are subject to a fee and the fee to be charged. In addition, the
fee schedule shall list fees set by statute, if any.
C. Payment of Assessments and Fees
1. Assessments and fees shall be remitted to
the Colorado Division of Banking in a form approved by the Colorado Division of
Banking.
2. The assessment and any
fee relating to examinations shall be paid within twenty (20) days after a
statement of the amount thereof shall have been received by the
institution.
3. All other fees
shall be paid at the time the service is rendered. Services relating to
statutory application or notice are deemed to be rendered at the time of filing
application or notice.
