Section 11-41-117 - Insurance of shares(1) A savings and loan association shall obtain and maintain insurance of its shares with the federal deposit insurance corporation or its successor as provided by the "Federal Deposit Insurance Act", 12 U.S.C. sec. 1811 et seq., and any amendments thereto. Notice of any such actions by associations shall be submitted to the division.(2) The commissioner, in connection with all such insured associations, shall furnish the federal deposit insurance corporation with reports of the issuance of examination, orders, and requirements relating to insured associations and other information that comes to the commissioner's attention and concerns the financial condition and administration of insured associations. The commissioner may collaborate with the federal deposit insurance corporation in any merger, reorganization, dissolution, liquidation, or examination and audit of any insured association.Amended by 2024 Ch. 350,§ 23, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.L. 33: p. 241, § 13. CSA: C. 25, § 14(1). CRS 53: § 122-2-17. C.R.S. 1963: § 122-2-17. L. 87: (1) amended, p. 466, § 1, effective July 1. L. 2004: (1) amended, p. 137, § 15, effective July 1.Section 67(2) of chapter 350 (HB 24-1381), Session Laws of Colorado 2024, provides that the act changing subsection (2) applies to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after August 7, 2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).