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Loading... treasury.colorado.gov · revised-uniform-unclaimedRevised Uniform Unclaimed Property Rules - Colorado
Revised Uniform Unclaimed Property Rules. Updated Plain English and Notice of Hearing. If you have any questions please contact the Unclaimed Property Division at 303-866-6070 or greatcopayback@state.co.us.
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What is a dormancy period for unclaimed property in Colorado?
What is a dormancy period in Colorado?
Which laws govern unclaimed property in Colorado?
Are unclaimed property dormancy periods reducing?
www.leg.colorado.gov · bills · SB19-088Revised Uniform Unclaimed Property Act | Colorado General ...
- establishes general provisions, including definitions for terms used in the RUUPA and authority for the administrator, who is the state treasurer, to make rules related to the RUUPA;
- establishes standards to determine if property is abandoned. Under the RUUPA, property is presumed abandoned if it is unclaimed by its apparent owner after a specified period of time known as the dormancy period.
- establishes priority rules for determining when the state may take custody of property that is presumed abandoned;
- requires a holder of property presumed to be abandoned to provide a report to the administrator and to retain certain records;
Under Colorado’s new unclaimed property statute, effective on July 1, 2020, certain dormancy periods change from five years to three years.
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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.
What is the dormancy period? Generally, the dormancy period is years from the date of last customer-initiated contact. The dormancy period for payroll, wages, and salary checks is 1 year. View Dormancy Period PDF. Are holders required to report non-transferable or worthless securities to the state?
Reduced dormancy periods. Dormancy periods are reduced from five years to three years for mineral interests, outstanding vendor checks, insurance proceeds, and securities.
Bill Summary. The act defines and exempts a financial organization loyalty card from the property that is subject to the "Revised Uniform Unclaimed Property Act". The act also repeals the presumption of abandonment in the act that took effect on July 1, 2020, for demand, savings, or time deposits with a financial organization, and replaces it ...
