Article 13 – Unclaimed Property Act
(5) On or after July 1, 1987, if a holder fails to maintain records in existence on or after July 1, 1987, that are required by section 38-13-124 and, in addition, if the records of the holder available for the periods subject to this article are insufficient to permit the preparation of a report pursuant to section 38-13-110, then the administrator may require the holder to report and pay such amounts as may reasonably be estimated from any available records.
Any examination under this section of the records of a business association with annual gross
receipts of less than five hundred thousand dollars arising from a report filed under this article by such an association shall be conducted by the administrator within three years from the date of filing such report.
Source: L. 87: Entire article added, p. 1329, § 1, effective July 1; (5) amended and (6) added, p. 1335, § 5, effective July 1. L. 92: (5) amended, p. 2113, § 11, effective March 4; (6) repealed, p. 2120, § 8, effective July 1. L. 93: (2) amended and (7) added, p. 1076, § 7, effective July 1. L. 95: (1) and (5) amended, p. 527, § 10, effective May 16.
Editor's note: Section 7 of chapter 275, Session Laws of Colorado 1987, provided that the act set out in that chapter amending subsection (5) and enacting subsection (6) was effective July 1, 1987, but the governor did not approve the act until July 10, 1987.
38-13-124. Retention of records.
(1) Every holder required to file a report under section 38-13-110, as to any property for which it has obtained the last-known address of the owner, shall maintain a record of the name and last-known address of the owner for five years after the property becomes reportable, except to the extent that a shorter time is provided in subsection (2) of this section or by rule of the administrator.
(2) Any banking or financial organization that sells in this state its money orders or other similar written instruments, other than third-party bank checks on which the banking or financial organization is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.
Source: L. 87: Entire article added, p. 1330, § 1, effective July 1. L. 92: (1) amended, p. 2113, § 12, effective March 4. L. 95: (1) amended, p. 527, § 11, effective May 16.
The administrator may bring an action in a court of competent jurisdiction to enforce this article.
Source: L. 87: Entire article added, p. 1330, § 1, effective July 1.
38-13-126. Interstate agreements and cooperation - joint and reciprocal actions with other states.
(1) The administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that it or another state may be entitled to subject to a claim of custody. The administrator by rule may require the reporting of information needed to enable compliance with agreements made pursuant to this section