HB 14-1274 Summary

• Modifies residency requirements for state bank directors by removing the requirement that a majority reside within one hundred miles of the bank's place of business, while maintaining that a majority must be residents of Colorado.

• Changes the minimum number of directors from "not less than three" to "not fewer than three" (language clarification only).

• Removes the one-year limitation on officer employment contracts, allowing contracts for periods longer than one year.

• Aims to align Colorado's banking laws with other states to preserve the value of state-issued banking charters and encourage banks to establish headquarters in Colorado.

• Takes effect August 6, 2014, unless a referendum petition is filed, in which case the act takes effect only if approved by voters at the November 2014 general election.