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Bill Detail: SB19-088

 

Title Revised Uniform Unclaimed Property Act
Status Introduced In Senate - Assigned to Business, Labor, & Technology (01/23/2019)
Bill Subjects
  • Financial Services & Commerce
  • State Government
House Sponsors K. Tipper (D)
Senate Sponsors R. Gardner (R)
House Committee
Senate Committee Business, Labor and Technology
Date Introduced 01/23/2019
Description

Colorado Commission on Uniform State Laws. Section 1 of the
bill enacts the Revised Uniform Unclaimed Property Act (act), as
adopted by the National Conference of Commissioners on Uniform State
Laws in 2016 with Colorado-specific amendments. The act responds to
current transactions and practices, in particular electronic records, and
seeks to promote uniformity among state laws regarding the disposition

of unclaimed property.
The act is subdivided into 15 parts, which are summarized as
follows:
  • Part 1 establishes general provisions for the act, including
definitions for terms used in the act and authority for the
administrator, who is the state treasurer, to make rules
related to the act;
  • Part 2 establishes standards to determine if property is
abandoned. Under the act, property is presumed abandoned
if it is unclaimed by its apparent owner after a specified
period of time known as the dormancy period. Some of the
dormancy periods in the act are shorter than current law.
This part also includes a number of sections that are
included in current law to exempt property from the act.
  • Part 3 establishes priority rules for determining when the
state may take custody of property that is presumed
abandoned;
  • Part 4 requires a holder of property presumed to be
abandoned to provide a report to the administrator and to
retain certain records;
  • Part 5 establishes the notice that the administrator must
provide to the apparent owner;
  • Part 6 establishes how the administrator takes custody of
property after it has been abandoned;
  • Part 7 permits the administrator to sell property at a public
sale after notice;
  • Part 8 relates to the administration of property and keeps
the requirement that the proceeds of property sold be
deposited in the existing unclaimed property trust fund and
the unclaimed property tourism promotion trust fund;
  • Part 9 addresses claims to recover property from the
administrator and includes existing provisions to allow
offsets against the claim for child support; judicial
restitution, fines, fees, or surcharges; and delinquent taxes
and claims of the state;
  • Part 10 permits the administrator to request a report from
a person and to examine records to determine compliance
with the act;
  • Part 11 provides a holder with the right to appeal the
administrator's determination concerning the holder's
liability to deliver property or payment to the state;
  • Part 12 establishes penalties for a holder that fails to
comply with the act;
  • Part 13 governs agreements between an apparent owner
and a person commonly known as a finder who locates
and recovers abandoned property on behalf of the owner;
  • Part 14 addresses the confidentiality and security of
information related to the abandoned property; and
  • Part 15 includes miscellaneous provisions relating to the
uniformity of construction, electronic signatures, and
transitional interpretation.
Colorado-specific sections of the prior version of the act, known
as the Unclaimed Property Act, are retained and indicated by their
former statutory section numbers.
Sections 2 through 20 make conforming amendments.

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Fiscal Notes Fiscal Notes (02/14/2019) (most recent)  
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