(1) On or before February 1 in each year, every association shall make an annual written report to the commissioner, in a form to be prescribed by the commissioner, of its affairs and operations for the twelve months ending on December 31 of the previous year.(2) If an association fails to file a report as described in subsection (1) of this section, or if the report is delayed or withheld beyond the day when the report should be filed, the association shall pay the sum of ten dollars for every day the report is withheld or delayed or not completed, and any member of any association or any party in interest may maintain an action in the member's or other party's own name to receive the penalty, and the penalty shall be paid to the state treasurer.(3)(a) Every association, on or before the first day of the third calendar month after the end of its fiscal year, shall mail to each member or may, at its option, publish in a newspaper of general circulation a report in a form prescribed or approved by the commissioner of its financial condition, setting forth a statement of its assets, liabilities, and reserves in the form of a statement of condition.(b) Paragraph (a) of this cribed or approved by the commissioner of its financial condition, setting forth a statement of its assets, liabilities, and reserves in the form of a statement of condition.(b) Paragraph (a) of this subsection (3) shall take effect July 1, 1973, and shall apply to loans or contracts for loans entered into on or after that date. Nothing in this subsection (3) shall be deemed to affect loans or contracts for loans entered into prior to July 1, 1973.Amended by 2024 Ch. 350,§ 17, 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. 355, § 11. CSA: C. 25, § 79. L. 39: p. 252, § 27. CRS 53: § 122-1-5. C.R.S. 1963: § 122-1-5. L. 67: p. 259, §§ 1, 2. L. 73: p. 1236, § 3. L. 2000: (1) and (2) amended, p. 155, § 2, effective August 2.Section 67(2) of chapter 350 (HB 24-1381), Session Laws of Colorado 2024, provides that the act 67: p. 259, §§ 1, 2. L. 73: p. 1236, § 3. L. 2000: (1) and (2) amended, p. 155, § 2, effective August 2.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).
Colorado Legal Code