CO HB1351

Extends the sunset date for the Division of Banking and Banking Board from September 1, 2024 to September 1, 2033, implementing recommendations from the 2023 Department of Regulatory Agencies sunset review.

Increases civil money penalty caps from $1,000 to $5,000 per day for violations by state banks, trust companies, and individuals in banking affairs.

Increases maximum daily penalties for failure to report personnel changes from $25 to $100 per day for both state banks and trust companies, and requires reporting within 60 days.

Adds new requirements for trust companies to review fiduciary accounts before acceptance and conduct annual asset appropriateness reviews for accounts where the trust company has investment discretion.

Updates language throughout the banking code to clarify immunity from civil liability for banks and employees reporting personnel information to the banking board, and modernizes terminology regarding information technology examinations.