CO HB1018

Eliminates local governments' authority to opt out of the "Unclaimed Property Act" effective September 1, 2019, requiring them to comply with state unclaimed property rules like any other property holder.

Removes language from statute that previously allowed local laws to control disposition of abandoned intangible property when inconsistent with the Unclaimed Property Act.

Requires local governments holding intangible property previously exempt under local ordinances or resolutions to pay or deliver that property to the state administrator by January 1, 2020.

Clarifies that county discretionary powers to dispose of abandoned personal property only apply to tangible property, not intangible property which is subject to the Unclaimed Property Act.

Takes effect September 1, 2019, subject to referendum petition; if challenged within 90 days, effectiveness is contingent on voter approval in November 2020.