Colorado 2025 Regular Session

Colorado Senate Bill SB080 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	First Regular Session
2	2	Seventy-fifth General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. 25-0137.01 Brita Darling x2241
8	8	SENATE BILL 25-080
9	9	Senate Committees House Committees
10	10	Finance
11	11	A BILL FOR AN ACT
12	12	C
13	13	ONCERNING AUTHORIZING CREDIT UNIONS TO PURCHASE BANK101
14	14	ASSETS.102
15	15	Bill Summary
16	16	(Note: This summary applies to this bill as introduced and does
17	17	not reflect any amendments that may be subsequently adopted. If this bill
18	18	passes third reading in the house of introduction, a bill summary that
19	19	applies to the reengrossed version of this bill will be available at
20	20	http://leg.colorado.gov
21	21	.)
22	22	The bill authorizes a credit union to purchase the assets and
23	23	liabilities of a state bank. The banking board may approve up to 5
24	24	purchases by credit unions per year.
25	25	Prior to approving a purchase, a prospective credit union purchaser
26	26	must conduct an analysis of the anticipated impacts to small business and
27	27	agricultural lending and the intended prospective credit union purchaser's
28	28	SENATE SPONSORSHIP
29	29	Amabile and Bright,
30	30	HOUSE SPONSORSHIP
31	31	Lindstedt,
32	32	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
33	33	Capital letters or bold & italic numbers indicate new material to be added to existing law.
34	34	Dashes through the words or numbers indicate deletions from existing law. current and anticipated lending data for low- and moderate-income areas,
35	35	including demonstrating that the purchase will meet the needs of the
36	36	community. The analyses shall be reviewed by the department of
37	37	regulatory agencies and made available to the public; except that any
38	38	trade secrets or other privileged information protected by the "Colorado
39	39	Open Records Act" incorporated into the analyses shall not be made
40	40	publicly available.
41	41	Be it enacted by the General Assembly of the State of Colorado:1
42	42	SECTION 1. In Colorado Revised Statutes, 11-103-709, amend2
43	43	(1), (3), (4), (5), and (6); and add (7) as follows:3
44	44	11-103-709. Sale of all assets of bank, branch, or department.4
45	45	(1) Any
46	46	EXCEPT AS PROVIDED IN SUBSECTION (7) OF THIS SECTION, A state5
47	47	bank may sell to any other bank
48	48	OR CREDIT UNION all, or substantially all,6
49	49	of the selling bank's assets and business or all, or substantially all, of the7
50	50	assets and business of any department or branch of the selling bank.8
51	51	(3) The
52	52	AN agreement of purchase and sale shall be authorized9
53	53	and approved by the banking board and by the vote of a majority of the10
54	54	stockholders of the purchasing
55	55	BANK OR A MAJORITY OF THE BOARD OF11
56	56	DIRECTORS OF THE PURCHASING CREDIT UNION , AS APPLICABLE, and OF12
57	57	THE selling banks
58	58	BANK at meetings called for the purpose in like manner13
59	59	as meetings to approve mergers are called and filed with the14
60	60	commissioner, accompanied by evidence of such stockholders'
61	61	OR15
62	62	DIRECTORS' approval in like manner as agreements of merger are filed.16
63	63	After such approval is given by the stockholders
64	64	OR DIRECTORS, a notice17
65	65	of such sale shall be published once a week for three successive weeks in18
66	66	a newspaper of general circulation in the county in which the selling bank19
67	67	has its principal office. Proof of such publication shall be filed with the20
68	68	division.21
69	69	(4) Notwithstanding any term of the agreement, or of his or her
70	70	A22
71	71	SB25-080-2- DEPOSITOR'S contract of deposit, any depositor whose business is thus1
72	72	sold has the right, upon payment of any indebtedness owing by the2
73	73	depositor to the bank, to withdraw his or her THE DEPOSITOR'S deposit in3
74	74	full on demand after such sale unless, by dealing with the purchasing4
75	75	bank
76	76	OR CREDIT UNION with knowledge of the purchase, the depositor5
77	77	ratifies the transfer.6
78	78	(5) The agreement of sale may provide for the transfer to the7
79	79	purchasing bank
80	80	OR CREDIT UNION of all fiduciary positions held by the8
81	81	selling bank pursuant to section 11-106-105.9
82	82	(6) No
83	83	A right against, or obligation of, the selling bank, in10
84	84	respect of the assets or business sold, shall
85	85	NOT be released or impaired11
86	86	by the sale until one year from
87	87	AFTER the last date of publication of the12
88	88	notice, pursuant to subsection (3) of this section, but, after the expiration13
89	89	of such year, no action shall NOT be brought against the selling bank on14
90	90	account of any deposit, obligation, trust, or asset transferred to or liability15
91	91	assumed by the purchasing bank
92	92	OR CREDIT UNION.16
93	93	(7) (a) N
94	94	OTWITHSTANDING ANY PROVISION OF THE "COLORADO17
95	95	B
96	96	ANKING CODE", ARTICLES 101 TO 109 AND ARTICLE 10.5 OF THIS TITLE18
97	97	11,
98	98	TO THE CONTRARY, THE BANKING BOARD MAY APPROVE UP TO FIVE19
99	99	TRANSACTIONS PER YEAR IN WHICH A CREDIT UNION PURCHASES EITHER20
100	100	ALL, OR SUBSTANTIALLY ALL , OF THE SELLING BANK'S ASSETS AND21
101	101	BUSINESS OR ALL, OR SUBSTANTIALLY ALL, OF THE ASSETS AND BUSINESS22
102	102	OF ANY DEPARTMENT OR BRANCH OF THE SELLING BANK .23
103	103	(b) (I) E
104	104	XCEPT AS PROVIDED IN SUBSECTION (7)(b)(II) OF THIS24
105	105	SECTION, PRIOR TO ANY APPROVAL OF A PURCHASE BY THE BANKING25
106	106	BOARD, A PROSPECTIVE CREDIT UNION PURCHASER MUST CONDUCT THE26
107	107	FOLLOWING ANALYSES, REVIEWED BY THE RELEVANT DIVISIONS OF THE27
108	108	SB25-080
109	109	-3- DEPARTMENT OF REGULATORY AGENCIES PRIOR TO THE SALE AND MADE1
110	110	AVAILABLE TO THE PUBLIC:2
111	111	(A) A
112	112	N ANALYSIS OF THE ANTICIPATED IMPACTS TO SMALL3
113	113	BUSINESS AND AGRICULTURAL LENDING ; AND4
114	114	(B) A
115	115	N ANALYSIS OF THE PROSPECTIVE PURCHASING CREDIT5
116	116	UNION'S CURRENT AND ANTICIPATED LENDING DATA FOR LOW - AND6
117	117	MODERATE-INCOME AREAS, INCLUDING A DEMONSTRATION THAT THE7
118	118	PURCHASE WILL MEET THE NEEDS OF THE COMMUNITY .8
119	119	(II) N
120	120	OTHING IN THIS SUBSECTION (7)(b) AUTHORIZES PUBLIC9
121	121	INSPECTION OF A RECORD THAT IS PROTECTED FROM INSPECTION10
122	122	PURSUANT TO SECTION 24-72-204 (3)(a)(IV) OR ANOTHER PROVISION OF11
123	123	THE "COLORADO OPEN RECORDS ACT", PART 2 OF ARTICLE 72 OF TITLE12
124	124	24.13
125	125	SECTION 2. Act subject to petition - effective date. This act14
126	126	takes effect at 12:01 a.m. on the day following the expiration of the15
127	127	ninety-day period after final adjournment of the general assembly; except16
128	128	that, if a referendum petition is filed pursuant to section 1 (3) of article V17
129	129	of the state constitution against this act or an item, section, or part of this18
130	130	act within such period, then the act, item, section, or part will not take19
131	131	effect unless approved by the people at the general election to be held in20
132	132	November 2026 and, in such case, will take effect on the date of the21
133	133	official declaration of the vote thereon by the governor.22
134	134	SB25-080
135	135	-4-