Colo. Rev. Stat. § 38-13-406 – Clarification of reporting requirements for unclaimed legacy preneed contracts - amount reportable - identification of purchaser and beneficiary.

(1) The amount of an unclaimed legacy preneed contract that is reportable as unclaimed property is the purchase price paid by the contract buyer, as defined in section 10-15-102 (5), exclusive of any finance charges or late payment fees, less the amount of any liquidated damages for nonperformance paid by or on behalf of the contract seller, as defined in section 10-15-102 (6), or any cancellation fees paid as required by the legacy preneed contract, which cancellation fees cannot exceed fifteen percent of the purchase price. The contract seller is entitled to retain all interest earned on the money paid to purchase the legacy preneed contract.
(2) In addition to complying with the other reporting requirements set forth in this article 13, in reporting a legacy preneed contract to the administrator, the holder shall identify by name both the contract buyer, as defined in section 10-15-102 (5), and the legacy preneed contract beneficiary.
(3) holder of a legacy preneed contract who complies with the requirements of subsections (1) and (2) of this section and satisfies the requirements set forth in section 38-13-604 is relieved of responsibility arising thereafter with respect to payment or delivery of the property to the administrator.

Source: L. 2025: Entire section added, (HB 25-1224), ch. 440, p. 2534, § 6, effective June 4.