CO HB1224

Adds cryptocurrency to the definition of "virtual currency" and requires holders to liquidate virtual currency within 30 days of filing an unclaimed property report, remitting proceeds to the administrator

Establishes special rules for "legacy preneed contracts" (funeral/cemetery contracts entered before August 10, 2022), with abandonment period beginning at confirmed death or when beneficiary reaches 107 years of age

Reduces record retention requirements for holders from 10 years to 6 years, and shortens the administrator's statute of limitations for examining holder duties from 10 years to 6 years

Limits holder reimbursement claims to within 2 years of remitting property, and caps compensation for locating unclaimed foreclosure overbids at 10% (down from 20%) if entered into 2+ years after transfer

Removes exemption that allowed local governments with conflicting ordinances to hold abandoned property separately, requiring all local governments to report to the state administrator