Colorado Department of Regulatory Agencies

Last updated
Colorado Department of Regulatory Agencies
One Civic Center Plaza, NE corner.jpg
One Civic Center Plaza
Department overview
Jurisdiction Colorado
HeadquartersOne Civic Center Plaza
1560 Broadway, Suite 110 Denver, Colorado 80202
Department executive
  • Patty Salazar, Executive Director
Website dora.colorado.gov

The Colorado Department of Regulatory Agencies (DORA) is the principal department of the Colorado state government [1] responsible for professional licensing and consumer protection. [2]

Contents

As the consumer protection agency for the State of Colorado, DORA's nine Divisions and more than 40 boards, commissions, and advisory committees license and regulate more than 700,000 people and 24,000 businesses in the state. DORA serves as a resource for objective information about licensed Colorado industries, professions and occupations, takes consumer complaints and works to educate consumers about their rights.

Structure

DORA is composed of these divisions: [2]

History

The Colorado Department of Regulatory Agencies was created in 1968, although several of the Department's divisions have been protecting Colorado citizens previously:

Program Areas

Investigations

Criminal and compliance investigations, both in response to formal complaints and as part of regular audits. Divisions: Civil Rights, Insurance, Professions and Occupations, Public Utilities Commission, Real Estate, Securities.

Enforcement

Resolution of complaints/charges received and proactive enforcement/compliance oriented investigations ensuring adequate consumer protection. Divisions: Civil Rights, Insurance, Professions and Occupations, Public Utilities Commission, Real Estate, Securities.

Consumer Representation During Utility Rate Approvals

Present evidence in support of consumers when utilities request rate increases. Divisions: Office of Consumer Counsel.

Consumer Assistance and Contact/Complaint Resolution

Informal complaint resolution, including responses to general consumer inquiries. Divisions: All.

Institutional Examinations

Examinations of all state-chartered financial institutions and insurance companies. Divisions: Banking, Financial Services, Insurance, Real Estate, Securities.

Education, Outreach and Training

Proactive dissemination of information about consumer rights. Divisions: All.

Related Research Articles

Banking in the United States Began in the late 1790s

Banking in the United States began in the late 1790s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security.

Independent agencies of the United States federal government are agencies that exist outside the federal executive departments and the Executive Office of the President. In a narrower sense, the term refers only to those independent agencies that, while considered part of the executive branch, have regulatory or rulemaking authority and are insulated from presidential control, usually because the president's power to dismiss the agency head or a member is limited.

Financial regulation

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.

Office of the Comptroller of the Currency American federal government organization

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Brian P. Brooks, who took office in May 2020.

An administrative law judge (ALJ) in the United States is a judge and trier of fact who both presides over trials and adjudicates claims or disputes involving administrative law.

State Corporation Commission (Virginia)

The State Corporation Commission, or SCC, is a Virginia (USA) regulatory agency whose authority encompasses utilities, insurance, state-chartered financial institutions, securities, retail franchising, and railroads. It is the state's central filing office for corporations, limited partnerships, limited liability companies and Uniform Commercial Code liens.

Federal Financial Institutions Examination Council U.S. regulatory body

The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". It also oversees real estate appraisal in the United States. Its regulations are contained in title 12 of the Code of Federal Regulations.

Financial Institutions Reform, Recovery, and Enforcement Act of 1989

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.

California Department of Consumer Affairs

The California Department of Consumer Affairs (DCA) is a department within the California Business, Consumer Services, and Housing Agency. DCA's stated mission is to serve the interests of California's consumers by ensuring a standard of professionalism in key industries and promoting informed consumer practices. The DCA provides the public with information on safe consumer practices, in an effort to protect the public from unscrupulous or unqualified people who promote deceptive products or services.

Oklahoma Department of Insurance

The Oklahoma Insurance Department (OID) is an agency of the state of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. The Oklahoma Insurance Department is responsible for supervising and regulating all insurance business in Oklahoma.

Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices in order to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles.

Public Utility Commission of Texas

The Public Utility Commission of Texas is a state agency that regulates the state’s electric, water and telecommunication utilities, implements respective legislation, and offers customer assistance in resolving consumer complaints.

The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.

The Michigan Department of Licensing and Regulatory Affairs (LARA), originally the Department of Commerce among other names, is a principal department in the Michigan executive branch that oversees employment, professional licensing, construction, and commerce.

Dodd–Frank Wall Street Reform and Consumer Protection Act Regulatory act implemented by the Obama Administration after the 2008 financial crisis.

The Dodd–Frank Wall Street Reform and Consumer Protection Act is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.

New York State Department of State

The New York State Department of State (NYSDOS) is the department of the New York state government under the leadership of the Secretary of State of New York. Its regulations are compiled in title 19 of the New York Codes, Rules and Regulations.

The New Jersey Department of Banking and Insurance (DOBI) is one of 15 principal departments in New Jersey government. The department's mission is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of these industries. The Commissioner of DOBI is Marlene Caride.

Bank examiner

A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely, in accordance with the bank regulations imposed on these institutions by the chartering level of government. In the United States, they may conduct supervision on behalf of a U.S. government agency, the Federal Reserve System, a state banking authority, or for the financial institutions themselves as internal auditors. The main duties of a bank examiner are to ensure that a bank's operations are legal and can provide financial stability. A bank examiner will also review financial statements, evaluate the level of risk associated with loans, and assess the management of a bank.

Colorado Division of Insurance

The Colorado Division of Insurance was established by the Colorado General Assembly in 1879. It became part of the Department of Regulatory Agencies (DORA) in 1968.

References

  1. C.R.S. § 24-1-110
  2. 1 2 "Divisions" . Retrieved 14 June 2014.