This information is prepared as an informational service only and should not be relied upon as an official record of action taken by the Colorado General Assembly.
Sixty-first General Assembly
LLS NO. 980196.01 BJA
SENATE BILL 98038
STATE OF COLORADO
BY SENATOR Weddig;
also REPRESENTATIVE Owen. REREVISED
FINANCE
A BILL FOR AN ACT
CONCERNING AGREEMENTS TO PAY COMPENSATION FOR THE
RECOVERY OF UNCLAIMED PROPERTY.
Bill Summary
(Note: This summary applies to this bill as introduced
and does not necessarily reflect any amendments that may be subsequently
adopted.)
Authorizes agreements to pay compensation to recover or assist in the recovery of unclaimed property so long as such agreement is entered into more than 24 months after the unclaimed property is paid or delivered to the state treasurer and:
Provides that this authorization shall not be construed
to prohibit an owner from asserting that such agreement is based
on excessive or unjust consideration.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. 3813128, Colorado Revised Statutes, is amended to read:
3813128. Agreements to
locate reported property. (1) All
agreements to pay compensation to recover or assist in the recovery
of property reported under section 3813110 made
ENTERED INTO within twentyfour months after the date payment
or delivery is made under section 3813112 are unenforceable.
(2) ANY AGREEMENT TO PAY COMPENSATION TO RECOVER OR ASSIST IN THE RECOVERY OF PROPERTY REPORTED UNDER SECTION 3813110 ENTERED INTO MORE THAN TWENTYFOUR MONTHS, BUT LESS THAN THIRTYSIX MONTHS, AFTER THE DATE PAYMENT OR DELIVERY IS MADE UNDER SECTION 3813112 IS ENFORCEABLE IF:
(a) THE AGREEMENT IS IN WRITING AND SIGNED BY THE OWNER OF THE PROPERTY;
(b) THE AGREEMENT DESCRIBES THE PROPERTY TO BE RECOVERED;
(c) THE AGREEMENT SETS FORTH THE NATURE OF THE SERVICES TO BE PROVIDED; AND
(d) THE COMPENSATION TO BE PAID UNDER THE TERMS OF THE AGREEMENT IS NOT IN EXCESS OF TWENTY PERCENT OF THE MARKET VALUE OF THE RECOVERABLE PROPERTY.
(3) ANY AGREEMENT TO PAY COMPENSATION TO RECOVER OR ASSIST IN THE RECOVERY OF PROPERTY REPORTED UNDER SECTION 3813110 ENTERED INTO THIRTYSIX MONTHS OR MORE AFTER THE DATE PAYMENT OR DELIVERY IS MADE UNDER SECTION 3813112 IS ENFORCEABLE IF:
(a) THE AGREEMENT IS IN WRITING AND SIGNED BY THE OWNER OF THE PROPERTY;
(b) THE AGREEMENT DESCRIBES THE PROPERTY TO BE RECOVERED;
(c) THE AGREEMENT SETS FORTH THE NATURE OF THE SERVICES TO BE PROVIDED; AND
(d) THE COMPENSATION TO BE PAID UNDER THE TERMS OF THE AGREEMENT IS NOT IN EXCESS OF THIRTY PERCENT OF THE MARKET VALUE OF THE RECOVERABLE PROPERTY.
(4) NOTHING IN SUBSECTIONS (2) AND (3) OF THIS SECTION SHALL BE CONSTRUED TO PROHIBIT AN OWNER FROM ASSERTING, AT ANY TIME, THAT A WRITTEN, SIGNED AGREEMENT TO RECOVER OR ASSIST IN THE RECOVERY OF PROPERTY IS BASED ON EXCESSIVE OR UNJUST CONSIDERATION.
(5) THE RESTRICTIONS ON AGREEMENTS TO PAY COMPENSATION TO RECOVER OR ASSIST IN THE RECOVERY OF PROPERTY SET FORTH IN THIS SECTION SHALL NOT APPLY TO ANY AGREEMENT TO PAY COMPENSATION TO RECOVER OR ASSIST IN THE RECOVERY OF PROPERTY REPORTED UNDER SECTION 3813110 IF SUCH PROPERTY HAS A TOTAL VALUE OF LESS THAN ONE THOUSAND DOLLARS.
SECTION 2. Effective date applicability. (1) This act shall take effect at 12:01 a.m. on the day following the expiration of the ninetyday period after final adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section 1 (3) of the state constitution; except that, if a referendum petition is filed against this act or an item, section, or part of this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date of the official declaration of the vote thereon by proclamation of the governor.
(2) The provisions of this act shall apply
to agreements entered into on or after the applicable effective
date of this act.