SB19-088 Summary

• Repeals and reenacts Article 13 of Title 38 to adopt the Revised Uniform Unclaimed Property Act, establishing comprehensive procedures for handling unclaimed property in Colorado.

• Designates the State Treasurer as the administrator responsible for receiving unclaimed property reports from holders and maintaining a searchable public database of apparent owners.

• Establishes presumption periods for various property types as abandoned (ranging from 1-15 years depending on property type) and requires holders to report, pay, or deliver property to the administrator within specified timeframes.

• Creates two trust funds—the Unclaimed Property Trust Fund and the Unclaimed Property Tourism Promotion Trust Fund—to hold collected property and distribute interest earnings to designated state programs including agriculture, state fair authority, travel and tourism promotion, and adult dental benefits.

• Takes effect July 1, 2020, subject to voter approval if a referendum petition is filed within 90 days of final legislative adjournment.