X hits on this document

PDF document

Article 13 – Unclaimed Property Act - page 26 / 35





26 / 35

Article 13 – Unclaimed Property Act

Cross references: For the legislative declaration contained in the 2004 act enacting this section, see section 1 of chapter 322, Session Laws of Colorado 2004.

38-13-117. Filing of claim with administrator.

(1) A person, excluding another state, this state, or a governmental agency of this state, claiming an interest in any property paid or delivered to the administrator may file with him or her a claim on a form prescribed by the administrator and verified by the claimant. If the value of the property claimed is one hundred dollars or less, the administrator may waive the requirement that the claimant verify the claim. The administrator shall require the claimant to submit his or her social security number or federal employer identification number, whichever is applicable. The social security number or federal employer identification number shall not become part of the public records of the administrator.

(2) The administrator shall consider each claim and give written notice within ninety days after the filing of the claim to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last-known address, if any, stated in the claim as the address to which such notice is to be sent. If no address for notice is stated in the claim, the notice may be mailed to the last-known address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last-known address to which such notice is to be sent or the current address of the claimant.

(3) (a) Subject to the provisions of sections 38-13-117.3, 38-13-117.5, and 38-13-117.7, if a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, together with any additional amount required by section 38-13-114. If the property claimed was interest-bearing to the owner on the date of surrender by the holder, the administrator also shall pay simple interest at a rate of six percent a year or any lesser rate the property earned while in the possession of the holder. Such interest begins to accrue when the property is delivered to the administrator and ceases on the expiration of five years after delivery or the date on which payment is made to the owner. No interest on interest-bearing property is payable for any period before July 1, 1987.

(b) The administrator shall pay or deliver to the public employees' retirement association the amount necessary to purchase service credit pursuant to section 24-51-503, C.R.S., if the owner of an account left inactive or an unclaimed member refund described in section 38-13-108.5 (1) requests restoration of service credit which was forfeited when funds were transferred to the abandoned property fund.

(4) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (3) of this section shall add interest as provided in subsection (3) of this section. The added interest must be repaid to the holder by the administrator in the same manner as the principal is repaid.

Source: L. 87: Entire article added, p. 1327, § 1, effective July 1. L. 92: (3)(b) added, p. 2112, § 9, effective March 4. L. 2004: (1) amended, p. 1877, § 4, effective August 4. L. 2005: (1) and (3)(a) amended, p. 699, § 4, effective August 8.

Editor's note: (1) Section 9 of House Bill 92-1092 does not conform to the C.R.S. numbering format; therefore, (3)(a) in House Bill 92-1092 has been subsequently relettered to (3)(b).

(2) Subsections (1) and (3)(a) were contained in a 2005 act that was passed without a safety clause. For further explanation concerning the effective date, see page vii of this volume.

December 2005

Page 22

Document info
Document views153
Page views153
Page last viewedSat Jan 21 02:28:39 UTC 2017