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Article 13 – Unclaimed Property Act

Editor's note: (1) Subsection (5) provided for the repeal of this section, effective July 1, 2001. (See L. 2000, p. 400.)

(2) Money in the abandoned property trust fund, unclaimed insurance moneys fund, and business associations unclaimed money fund created by this section were transferred to the unclaimed property trust fund created in section 38-13-116.5, effective July 1, 2001.

38-13-116.5. Unclaimed property trust fund - creation - payments - interest - appropriations - records - rules.

(1) (a) There is hereby created in the state treasury the unclaimed property trust fund. The principal in the trust fund shall consist of all moneys collected by the administrator under this article. On July 1, 2001, any moneys in the abandoned property fund, the unclaimed insurance moneys fund, or the business associations unclaimed moneys fund created in section 38-13-116 shall be transferred to and shall become a part of the trust fund.

(b) Except as provided in subsections (2), (2.5), and (2.7) of this section, the principal of the trust fund shall not be expended except to pay claims made pursuant to this article. Moneys comprising the principal of the trust fund shall not constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution and are not subject to appropriation by the general assembly.

(c) All interest derived from the deposit and investment of moneys in the trust fund shall be credited to the trust fund.

(d) The moneys in the unclaimed property trust fund shall not revert to the general fund at the end of any fiscal year.

(2) For the 2001-02 fiscal year and each fiscal year thereafter, the general assembly shall make annual appropriations out of the principal of the unclaimed property trust fund for the direct and indirect costs of administering this article. Any moneys appropriated to the department of the treasury pursuant to this subsection (2) shall constitute fiscal year spending for purposes of section 20 of article X of the state constitution.

(2.5) (a) As soon as practicable after March 27, 2002, the state treasurer shall deduct fourteen million three hundred thousand dollars from the unclaimed property trust fund and transfer such sum to the general fund for use in the 2001-02 fiscal year.

(b) As soon as practicable after March 27, 2002, the state treasurer shall deduct one million seven hundred thousand dollars from the unclaimed property trust fund and transfer such sum to the CoverColorado cash fund created in section 10-8-530 (2), C.R.S., for use in the 2001-02 fiscal year.

(2.7) (a) Subject to the provisions of paragraph (b) of this subsection (2.7), on and after August 4, 2004, the state treasurer shall transmit to CoverColorado the amount equal to the principal and interest in the trust fund minus:

  • (I)

    The claims paid pursuant to this article for each fiscal year;

  • (II)

    The reserve amount necessary to pay anticipated claims; and

  • (III)

    Publication and correspondence expenses pursuant to section 38-13-111 (7).

December 2005

Page 20

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