(1) Notwithstanding any other provision of this article 109 to the contrary, a company does not engage in the trust business, or in any other business in a manner requiring a charter, under this article 109 or in an unauthorized trust activity by: (a) Acting in the scope of authority as an agent of a trust institution; (b) Rendering a service customarily performed by an attorney or law firm in a manner approved and authorized by the Colorado supreme court; (c) Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act; (d) Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the real estate commission pursuant to article 10 of title 12; (e) Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor, or registered representative of an investment advisor, if the activity is regulated by the securities commissioner or the federal securities and exchange commission; (f) Engaging in the sale and administration of an insurance product as an insurance company or agent licensed by the division of insurance to the extent that the activity is regulated by the division of insurance; (g) Acting as trustee for a public, private, or independent institution of higher education or a university system, including an institution of higher education's or university system's affiliated foundations or corporations, with respect to endowment funds or other funds owned, controlled, provided to, or otherwise made available to such institution or system with respect to its educational or research purposes; (h) Rendering services customarily performed by a certified public accountant in a manner authorized by article 100 of title 12; (i) If the company is a trust institution and is not otherwise prohibited from engaging in a trust business in this state: (I) Marketing or soliciting in this state through the mails, telephone, any electronic means, or in person with respect to acting or proposing to act as a fiduciary outside of this state; (II) Delivering money or other intangible assets and receiving the money or other intangible assets from a client or other person in this state; or (III) Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client.
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