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Article 13 – Unclaimed Property Act

be abandoned under this subsection (1) at the address to which communications regarding the other relationship regularly are sent.

  • (2)

    For purposes of subsection (1) of this section, "property" includes interest and dividends.

  • (3)

    On or after July 1, 1987, a holder may not impose, with respect to property described in

subsection (1) of this section, any service fee or other charge due solely to dormancy or inactivity or cease payment of interest unless:

(a) There is an enforceable written contract between the holder and the owner of the property pursuant to which the holder may impose such fee or charge or cease payment of interest;

(b) For property in excess of two dollars, the holder, no more than three months before the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those fees or charges at the last-known address of the owner stating that those fees or charges will be imposed or that interest will cease, but the notice provided in this section need not be given with respect to fees or charges imposed or interest ceased before July 1, 1987; and

(c) The holder regularly imposes such fees or charges or ceases payment of interest and does not regularly reverse or otherwise cancel them or retroactively credit interest with respect to the property.

(4) Any property described in subsection (1) of this section that is automatically renewable is matured for purposes of subsection (1) of this section upon the expiration of its initial time period, but, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in section 38-13-112, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.

Source: L. 87: Entire article added, p. 1320, § 1, effective July 1; (3) amended, p. 1334, § 3, effective July 1. L. 93: (2) amended, p. 1074, § 2, effective July 1.

Editor's note: Section 7 of chapter 275, Session Laws of Colorado 1987, provided that the act set out in that chapter amending subsection (3) was effective July 1, 1987, but the governor did not approve the act until July 10, 1987.

38-13-107.1. Deposits held by utilities.

Except as otherwise provided for unclaimed utility deposits under section 40-8.5-106, C.R.S., a deposit, including any interest thereon, made after January 1, 1992, by a subscriber with a utility to secure payment or any sum paid in advance after January 1, 1992, for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than one year after termination of the services for which the deposit or advance payment was made is presumed abandoned.

Source: L. 92: Entire section added, p. 2116, § 4, effective July 1.

38-13-107.3. Refunds held by business associations.

December 2005

Page 7

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