RULES AND REGULATIONS CONCERNING UNCLAIMED PROPERTY STATEMENT OF BASIS The Colorado State Treasurer finds that immediate adoption of administrative rules pursuant to section 24-4-103, C.R.S. is necessary to effectuate compliance with requirements established by the 56th Legislature, 1987 concerning the Unclaimed Property Act (H.B. 1376). STATEMENT OF PURPOSE The first report of unclaimed property must be filed before November 1, 1987 by a person holding property presumed by the Unclaimed Property Act to be abandoned. The second report, or remittance report is due in the Treasurer's office prior to May 1, 1988. The following rules will provide guidelines to the holders of unclaimed property for reporting and remitting property in the time and manner set out by the Legislature. Adoption of these rules will provide the Administrator with guidelines for establishing forms and formats for reporting and remitting in accordance with the law. Full and timely compliance by the holders is necessary to enable the Administrator to comply with the schedules and deadlines for notification of owners and the publication of names as established in the Act.

Administrative RulesTitle 38 CRS Part I Article 13 Unclaimed Property Act DECLARATION OF POLICY 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 investigating 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. DEFINITION OF TERMS Owner-generated Activity. The term “owner-generated activity” means any activity generated by the owner of the unclaimed property or the owner's authorized agent other than the holder of the unclaimed property. Owner Contact. The term “Owner Contact” means any communication with or from the owner of the unclaimed property or the owner's authorized agent other than the holder of the unclaimed property. “Owner Contact” may be initiated by the holder through telephone or mail or other normally accepted business communications.

Apparent Owner. The term “apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. RULES UP-1 Period of Dormancy. 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. (a) 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:
   1. 1. abandoned for longer than 3 years, if property is held in a fiduciary capacity for the benefit of another person;
   2. 2. 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;
   3. 3. 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;
   4. 4. abandoned for longer than seven years if the property is a money order;
   5. 5. abandoned for longer than fifteen years if the property is a travelers check. UP-2 Knowledge of Owner. 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. A holder may establish a code for indicating “customer contract” or “owner-generated activity” for purposes of record-keeping. That code must be well documented. UP-3 Contents of Safe Deposit Boxes or Other Safekeeping Repository. 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.

UP-4 Report of Abandoned Property.

1. 1. 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.
2. 2. Aggregate reporting.
   1. (a) Amounts due that individually are less than $25 are reported in the aggregate pursuant to the “law”.
   2. (b) 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:
      1. 1. name, last: known address and individual amount due;
      2. 2. if name and address are unknown, holder shall include a statement listing the individual amounts and explain why no information about the owner exists;
      3. 3. any other identifying information.

UP-5 Publication of Owners of Unclaimed Property. 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. 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. 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.