3 Colo. Code Regs. § 703-1-1

Current through Register Vol. 48, No. 1, January 10, 2025

Section 3 CCR 703-1-1 - IN-STATE OFFICES

1-1.Definitions.

(a) "Principal office" is that office in this state which is designated as the principal office of the association in its articles of incorporation or bylaws. Such office may be authorized to accept savings deposits.

(b) "Branch office" is an office as defined by C.R.S. 11-40-102(1).

(d) "Loan office" is an office, other than a principal office or branch office, established for the primary purpose of originating loans. Activities incidental to the loan origination function may be carried out. Savings deposits may not be solicited or accepted at such an office.

1-2.Relocation of Principal Office.

Any relocation of a principal office shall be submitted to the Commissioner as an amendment to an association's articles of incorporation or bylaws.

1-3.Opening or Relocation of Branches.

An association shall give the Commissioner 30 days prior written notice of the opening date and address of any de novo or relocated branch office.

1-4.Other Actions Related to Offices.

An association that seeks to open, close, or relocate a loan office may do so without prior notification to or approval from the Commissioner, if the association deems such actions appropriate and consistent with safe and sound business practices. An association that seeks to close a branch office must comply with C.R.S. 11-105-606.

3 CCR 703-1-1