First Regular Session

Sixty-first General Assembly

LLS NO. 97­0382.01 MKD SENATE BILL 97­007

STATE OF COLORADO

BY SENATOR Weddig

FINANCE

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.

Bill Summary

"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 adopted.)

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 SUBSECTION (3).