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Article 13 – Unclaimed Property Act

(b) If, based on the determination of the amount necessary by the board of CoverColorado pursuant to section 10-8-530 (1.3), C.R.S., and substantiated by the actuarial evaluations required pursuant to section 10-8-530 (1.5) (c), C.R.S., the board of CoverColorado determines that CoverColorado requires only a portion of the moneys available pursuant to paragraph (a) of this subsection (2.7), the state treasurer shall only transmit the portion required pursuant to section 10-8- 530 (1.3), C.R.S.

(c) The treasurer shall report to the general assembly annually any transmission of moneys to CoverColorado pursuant to this subsection (2.7).

(d) The treasurer may promulgate rules pursuant to article 4 of title 24, C.R.S., concerning the time frame for the transmittal of moneys to CoverColorado pursuant to this subsection (2.7).

(3) Before crediting any moneys to the trust fund pursuant to subsection (1) of this section, the administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property. The record shall be available for public inspection during all reasonable business hours.

Source: L. 2000: Entire section added, p. 399, § 1, effective August 2. L. 2001: (1)(c) amended, p. 1052, § 40, effective July 1. L. 2002: (1)(b) and (2) amended and (2.5) added, p. 161, § 1, effective March 27; (1)(b) amended, p. 679, § 1, effective March 28. L. 2004: (1)(b) and (1)(c) amended and (2.7) added, p. 1149, § 2, effective August 4.

Editor's note: Section 38-13-116 referenced in subsection (1) was repealed, effective July 1, 2001.

38-13-116.7. Unclaimed property tourism promotion trust fund - creation - payments - interest

  • -

    transfers.

    • (1)

      There is hereby created in the state treasury the unclaimed property tourism promotion trust

fund. The principal in the trust fund shall consist of all proceeds collected by the administrator from the sale of securities pursuant to section 38-13-115.

(2) The principal of the unclaimed property tourism promotion trust fund shall not be expended except to pay claims made pursuant to this article. Moneys comprising the principal of the trust fund that are credited to or expended from the trust fund to pay claims shall not constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution, and such moneys shall be deemed custodial funds that are not subject to appropriation by the general assembly.

(3) All interest derived from the deposit and investment of moneys in the unclaimed property tourism promotion trust fund shall be credited to the Colorado travel and tourism promotion fund created in section 24-49.7-106 (1), C.R.S., and, beginning with the 2005-06 state fiscal year, shall be subject to appropriation by the general assembly as provided in section 24-49.7-106 (3) (a), C.R.S. Any moneys that are credited to and expended from the Colorado travel and tourism promotion fund pursuant to this subsection (3) shall constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution.

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

Source: L. 2004: Entire section added, p. 1262, § 3, effective May 27.

December 2005

Page 21

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