C.R.S. tit. 11, art. 71 — Confidentiality of Compliance Review Documents | Colorado Revised Statutes (2024 edition) — Colorado

C.R.S. § 11-71-101 Legislative declaration

11-71-101. Legislative declaration. The general assembly hereby finds, determines, and declares that compliance review committees are essential to the operation and performance of financial institutions and that the public will benefit from incentives to identify and remedy compliance issues. To this end, the general assembly declares that compliance review information prepared for or created by a compliance review committee shall be confidential and that persons performing such functions shall be granted qualified immunity.

C.R.S. § 11-71-102 Definitions

11-71-102. Definitions. As used in this article, unless the context otherwise requires: (1) "Compliance review committee" means: (a) An audit committee, loan review committee, or compliance committee appointed by the board of directors of a depository institution, as defined in subsection (3) of this section; or (b) Any other person who is not an employee or director who acts in an investigatory capacity at the direction of a compliance review committee. (2) "Compliance review documents" means documents exclusively prepared for or created by a compliance review committee. (3) (a) "Depository institution" means: (I) A person organized, chartered, doing business, or holding an authorization charter under the laws of this state or the United States to receive deposits, which person is supervised or examined for the protection of depositors by an official or agency of a state or the United States. "Deposits" includes deposits in savings, share, certificate, or other deposit accounts. (II) A trust company or other institution that is chartered pursuant to article 109 of this title. (b) "Depository institution" does not include an insurance company or other organization primarily engaged in the business of insurance. (4) "Loan review committee" means a person or group of persons who, on behalf of a depository institution, reviews loans held by such institution for the purpose of assessing the credit quality of the loans, compliance with the institution's loan policies, and compliance with applicable laws and regulations. (5) "Person" means an individual, group of individuals, board, committee, partnership, firm, association, corporation, or other legal entity.

C.R.S. § 11-71-103 Applicability of article - confidentiality of compliance review committee documents - definition

11-71-103. Applicability of article - confidentiality of compliance review committee documents - definition. (1) This article applies to a compliance review committee the functions of which are to evaluate and seek to improve: (a) Loan underwriting standards; (b) Asset quality; (c) Compliance with federal or state statutory or regulatory requirements; (d) Financial reporting to federal or state regulatory agencies; or (e) (I) The ability of electronic computing devices and any other computers, software programs, databases, network information systems, firmware, microprocessors, internal time clocks, hardware, or any other device used to interpret, produce, calculate, compute, generate, compare, account for, or sequence a date from, into, or between the years 1999 and 2000. (II) For purposes of this paragraph (e), "electronic computing device" means any computer hardware or software, computer chip, embedded chip, process control equipment, or other information system that: (A) Is used to capture, store, manipulate, or process data; or (B) Controls, monitors, or assists in the operation of physical apparatus that is not primarily used as a computer but that relies on automation or digital technology to function, including but not limited to vehicles, vessels, buildings, structures, facilities, elevators, medical equipment, traffic signals, and factory machinery. (f) Repealed. (2) (a) (I) Except as provided in subsection (3) of this section, compliance review documents, including those which have been delivered to a federal or state governmental agency, are confidential and not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee. (II) Notwithstanding any provision to the contrary, this article shall not be construed to limit the discovery or admissibility in any civil action of documents that are not compliance review documents, including, but not limited to, books, records, loan documents, applications, and appraisals, and other documents otherwise prepared or maintained in the ordinary course of business. (b) No person shall testify in a civil proceeding concerning such person's participation in the collection, evaluation, reporting, or use of compliance review documents or about the contents of compliance review documents. Such testimony, if offered, is inadmissible in evidence. (3) Subsection (2) of this section shall not limit the ability of a governmental agency to examine, obtain, or use compliance review documents. Such compliance review documents shall remain confidential and not discoverable or admissible in evidence in any civil action by other than a governmental agency.