Colorado Department of the Treasury
Unclaimed Property Division
8 CCR 1508
Administrative rules
1.1	Authority
This regulation is adopted pursuant to the authority in section 38-13-131, C.R.S. and is intended to be consistent with the requirements of the State Administrative Procedures Act, section 24-4-101 et seq. (the “APA”), C.R.S. and the Unclaimed Property Act of 1987, as amended (the “Act”), Title 38, Article 13 et seq., C.R.S.
1.2	Scope and Purpose
It is the intent of the Colorado State Treasurer to enforce the unclaimed property statutes so that property presumed abandoned under those statutes is reported to and collected by the State of Colorado, and returned to its rightful owner through an efficient advertising and claims processing program.  Transferring the unclaimed property and related information to the Colorado State Treasurer allows the property and information to be compiled in a single location for the convenience of the absent owner and makes it possible for the Colorado State Treasurer to better protect the interests of missing owners. The State of Colorado indemnifies the holder against claims by individuals or other states once the holder reports and delivers unclaimed property to the Colorado State Treasurer in accordance with the Unclaimed Property Act, as amended and enacted by the Colorado legislature July 1, 1987. This law shall also be observed by the Colorado State Treasurer when reporting and delivering property belonging to other states.
1.3	Applicability
The passage of amendments to the Unclaimed Property Act over the past ten years and changes in Treasury Department operating procedures necessitate changes to the Rules initially adopted following the Act’s passage in 1987.  The Amendments to existing rules and the creation of new rules relate to the handling of unclaimed property owner records, the remittance of records to the Unclaimed Property program, and other administrative functions.  The amendments ensure that the rules comply with State statutes and Treasury Department operating guidelines.
1.4	Definitions
The definition of any terms used herein specific to the Unclaimed Property Program are consistent with the definitions prescribed in 38-13-102 C.R.S.
1.5	Rules
1.5.1	Period of Dormancy
A.	The period of. dormancy or inactivity of a deposit, account, or any other real or personal property subject to the unclaimed property statutes, begins on the day of the last owner-generated activity recorded by the holder of the unclaimed property.
1.	Property required to be reported by holders on Nov. 1, 1987, pursuant to the Unclaimed Property Act, as amended, enacted by the 56th Legislature, 1937, shall include property that is:
a.	Abandoned for longer than 3 years, if property is held in a fiduciary capacity for the benefit of another person;
b.	Abandoned for longer than five years, if the property is a check, draft, bank deposit, demand savings or matured time deposit that is automatically renewable, any funds paid toward purchase of a share, mutual investment certificate, pension or any other interest in banking and financial organization;
c.	Abandoned for longer than five years if the property is tangible or intangible held as contents of a safe deposit box or other safekeeping repository;
d.	Abandoned for longer than seven years if the property is a money order;
e.	Abandoned for longer than fifteen years if the property is a travelers check.
1.5.2	Knowledge of Owner
A.	A holder of unclaimed property may establish its knowledge of the existence or whereabouts of the owner of that property by recording any owner-generated activity relating to that property. The mailing of a statement, confirmation or other correspondence by a holder of unclaimed property to the last known address of the owner of that property and the non-return of such mail to the holder is insufficient to establish that the holder has knowledge of the existence or whereabouts of the owner. A holder may cross-reference with another account in the same institution or business that has current owner generated activity. To cross-reference a dormant or inactive account with an active account the same names must appear in some form either on the account, signature card or contract.
B.	A holder may establish a code for indicating “customer contact” or “owner-generated activity” for purposes of record-keeping. That code must be well documented.
1.5.3	Contents of Safe Deposit Boxes or Other Safekeeping Repository
A.	A holder of tangible or intangible unclaimed safe deposit or safekeeping items shall list on a separate page of the unclaimed property report the apparent owners of safe deposit or safekeeping property. The amount shall be noted SD (safe deposit) or SK (safekeeping) in the amount column. The inventory and contents shall accompany the second report or remittance report. The Holder shall not remit property to the State Treasurer until notified by the State Treasurer and assigned a specific delivery date. After May 1 following the November 1 report of unclaimed property.
1.5.4	Report of Abandoned Property
A.	A person holding tangible or intangible property presumed abandoned under the Unclaimed Property Act must file a report before Nov. 1 of each year in a form prescribed by the Administrator.
B.	Aggregate reporting.
1.	Amounts due that individually are less than $25 are reported in the aggregate pursuant to the “law”.
2.	If the holder elects to file reports in the aggregate pursuant. to subsection (a) of this section then holder shall include with report or make available upon request:
a.	name, last: known address and individual amount due;
b.	if name and address are unknown, holder shall include a statement listing the individual amounts and explain why no information about the owner exists;
c.	any other identifying information.
1.5.5	Publication of Owners of Unclaimed Property
A.	A holder of unclaimed property is not required to advertise property being held as unclaimed property. Not more than one hundred twenty days before filing the unclaimed property report holder must send written notice to the apparent owner at the last known address, informing him that the holder is in possession of property.
1.	The Colorado State Treasurer shall publish a list of the owners of $50 or more abandoned property for two consecutive weeks on or before March 1 of the year immediately following the report. The list shall appear in a general circulation newspaper in the county of this state in which is located the last known address of the owner. If no address is listed or the address is outside this state, the notice must be published in the county in which the holder has its principal place of business within this state. The published notice must be entitled “Notice of Names of Persons Appearing to be Owners of Abandoned Property”.
2.	Prior to March 1 of the year immediately following the report the Treasurer will mail a notice to each apparent owner of $50 or more unclaimed property whose last known address is listed in the report to inform them of property reported in their name and how it may be claimed.
1.5.6	Payment or Delivery of Abandoned Property to the Administrator
A.	A holder shall deliver to the administrator property reported under the Unclaimed Property Act no later than May 1 of the year immediately following the report.  See UP-3 for special instructions regarding delivery of unclaimed or abandoned safe deposit contents.
B.	If a holder pays an owner or determines the property was reported in error prior to delivery a verified explanation and proof of payment should accompany the report.
1.5.7	Indemnification
A.	Upon payment or delivery of property to the Administrator, the state assumes custody and responsibility for safekeeping of the property.  A person who pays or delivers property in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim with respect to the property.
B.	A holder who has paid or delivered property to the Administrator may make payment to a person who appears to be entitled to payment and upon filing proof of payment and proof that the payee was entitled to payment the Administrator shall promptly reimburse the holder for the payment without imposing any fee or charge.
C.	If the holder pays or delivers property to the Administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its unclaimed property laws, the Administrator, upon written notice of claim, shall defend holder against the claim and indemnify the holder against liability on the claim.
1.5.8	Filing a Claim
A.	A reported owner or his heir may claim property paid or delivered to the Administrator by filing a form provided by the Administrator.  The Administrator shall consider each claim and give written notice of its disposition.
B.	Any holder who pays an owner for property delivered or paid in good faith to the Administrator shall be reimbursed upon submission of prescribed documentation.
1.5.9	Cooperation with Other States
A.	At any time after property has been paid or delivered to the Administrator, another state may recover property if it is entitled under the Unclaimed Property Act, and if that state agrees to indemnify the State of Colorado and its officers and employees against any liability on a claim for the property.
1.5.10	Other Unclaimed Property
A.	Unclaimed Property not specified in HB 1376 (as amended by HB 1368) that is voluntarily reported and remitted by holders shall be administered under the same provisions and procedures as specified in the Act for Unclaimed or abandoned property.  The names of owners of $50 or more will be published in the same manner as prescribed by the Legislature in the Act.
1.5.11	Located Property
A.	All agreements to pay compensation to recover or assist in the recovery of property reported under the Unclaimed Property Act are unenforceable within 24 months after date of payment or delivery to the Administrator.
1.5.12	Abandoned Property List
A.	A list of unclaimed property owners recorded by name and last known address will be available for public inspection during reasonable business hours as prescribed by the Administrator.
1.5.13	Electronic Reporting
A.	Holders shall report unclaimed property as prescribed in 38-13-110 C.R.S. in electronic format only.  The format of such report shall be in the current NAUPA Standard Electronic File Format.  Holders with less than twenty (20) property owner records may file the report on the Treasurer’s official Internet website, or in other electronic media as the Treasurer may prescribe.  Holders with more than twenty (20) property owner records shall file the report on electronic media only.  The Treasurer shall maintain on his or her official Internet website a list and accompanying description of the type(s) of acceptable electronic media.
B.	Notwithstanding the filing of such electronic report, the Holder shall pay or deliver to the Treasurer all unclaimed property reported as required in 38-13-112 C.R.S.
1.5.14	Electronic Signatures
A.	Any electronic signatures for Holder reporting or other unclaimed property business as the Treasurer may prescribe shall be consistent with the Uniform Electronic Transactions Act of 2002, 24-71.3 C.R.S.
1.5.15	Power of Attorney
A.	A claim made pursuant to 38-13-117 C.R.S. by a person with a duly authorized Power of Attorney on behalf of the original owner may be processed as required by law at the Treasurer’s discretion.  If claim by a Power of Attorney is initiated, such action does not preclude the Treasurer from seeking verification from the original owner as prescribed in 38-13-117(1) C.R.S.
1.5.16	Aggregate Deduction
A.	Aggregate reporting under 38-13-110(2)(c) C.R.S. shall consist of like properties each of which has an individual value of less than $25.  No deduction shall be taken on aggregate entities on a report.  The holder shall maintain a record of the itemized information for five (5) years.  An itemized accounting at the time of report submission is required for any deduction to be applicable.  A holder opting for a per item deduction as defined in 38-13-112(1)(b)(ii) C.R.S. must comply with the statute and follow the reporting instructions by deducting the amount from each item as defined in 38-13-102(7.5) C.R.S.
B.	For properties reported under 38-13-110(2)(a) C.R.S., each person having like properties on a holder report for a single year shall be considered a single item for the purpose of the allowable deduction identified in 38-13-112(b)(1) C.R.S.
1.5.17	Continuity of Records
A.	Where a holder acquires unclaimed property from another holder, such as in a merger, acquisition, reorganization, consolidation or transfer, that successor holder shall have a duty to maintain and continue the records of the prior holder concerning the unclaimed property, as prescribed in C.R.S. §38-13-110(2).
1.5.18	Remittance of Securities
A.	For unclaimed property as identified in C.R.S. §38-13-107.5, the report made by the Holder as prescribed in C.R.S. §38-13-110 for such property must match the dollar value of the property as transferred to the Treasurer under C.R.S. §38-13-112.
1.5.19	Nature of Unclaimed Property
A.	A holder must report under C.R.S. §38-13-110 the original nature of the property being reported, if known, and shall be reported according to the timeline specified for the original nature of the item.  For example, if the underlying transaction is an unclaimed wage but the financial instrument is a cashier’s check, the reportable item is the wage, and not the cashier’s check.