First Regular Session
Sixty-first General Assembly
LLS NO. 970382.01 MKD
SENATE BILL 97007
STATE OF COLORADO
BY SENATOR Weddig
A BILL FOR AN ACT
CONCERNING THE ESTABLISHMENT OF A TIME PERIOD IN
WHICH A PERSON WITH AN INTEREST IN PROPERTY HAVING NO MORE THAN
A CERTAIN VALUE AND THAT IS HELD BY THE STATE TREASURER AS ABANDONED
PROPERTY HAS TO FILE A CLAIM FOR SUCH PROPERTY.
"Colo Payback Limit On Claims Under $100"
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments which may be subsequently
Provides that abandoned intangible property having
a value of $100 or less and held by the state treasurer shall
be credited to the general fund if a claim is not filed for the
property within 10 years after the state treasurer receives payment
or delivery of such property. Allows the state treasurer to destroy
the records held by the state treasurer that pertain to such property
after such moneys are credited to the general fund.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 3813122 (1), Colorado Revised Statutes, 1982 Repl. Vol., as amended, is amended, and the said 3813122 is further amended BY THE ADDITION OF A NEW SUBSECTION, to read:
3813122. Periods of limitation. (1) EXCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION, the expiration, before or after July 1, 1987, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this article.
(3) (a) A PERSON CLAIMING AN INTEREST IN ANY INTANGIBLE PROPERTY PAID OR DELIVERED TO THE ADMINISTRATOR AND VALUED AT ONE HUNDRED DOLLARS OR LESS MUST FILE A CLAIM WITH THE ADMINISTRATOR PURSUANT TO 3813117 WITHIN TEN YEARS AFTER THE ADMINISTRATOR RECEIVES PAYMENT OR DELIVERY OF SUCH PROPERTY. IF A PERSON FAILS TO MAKE A CLAIM WITHIN THIS TIME PERIOD, THE PERSON SHALL NOT BE ELIGIBLE TO FILE A CLAIM FOR THE PROPERTY.
(b) MONEYS COLLECTED AND PROCEEDS FROM THE SALE OF PROPERTY AS DESCRIBED IN PARAGRAPH (a) OF THIS SUBSECTION (3) FOR WHICH NO CLAIM IS FILED WITHIN TEN YEARS FROM THE TIME THE ADMINISTRATOR RECEIVES PAYMENT OR DELIVERY OF THE PROPERTY SHALL BE CREDITED TO THE GENERAL FUND.
(c) THE ADMINISTRATOR MAY DESTROY RECORDS
MAINTAINED PURSUANT TO THIS ARTICLE PERTAINING TO PROPERTY DESCRIBED
IN PARAGRAPH (a) OF THIS SUBSECTION (3) AFTER SUCH MONEYS ARE
CREDITED TO THE GENERAL FUND PURSUANT TO PARAGRAPH (b) OF THIS