Ask Reggi Your Question Now
Can you summarize 38 CORS Article 13?
Unclaimed Property > REVISED UNIFORM UNCLAIMED PROPERTY ACT
Short Summary
The Revised Uniform Unclaimed Property Act under the Colorado Revised Statutes provides a comprehensive framework for the handling of unclaimed property in the state. It defines various terms related to unclaimed property and provides exemptions for certain types of property. The Act outlines the requirements for holders of unclaimed property to report the property to the administrator in a complete and accurate manner. It also specifies the procedures for sending notice to the apparent owner and the payment or delivery of property to the administrator. The Act establishes the creation and administration of the unclaimed property trust fund and addresses the recovery of property held by the administrator. It also covers the enforcement of the Act, including actions that can be taken by the administrator and other states or foreign countries. The Act includes provisions for agreements to locate property, confidentiality and security of information, and the determination of liability and putative holder remedies. Overall, the Revised Uniform Unclaimed Property Act ensures the proper handling and distribution of unclaimed property in Colorado.
Whom does it apply to?
The Act applies to holders of unclaimed property and apparent owners of such property.
What does it govern?
The Revised Uniform Unclaimed Property Act governs the handling of unclaimed property in the state of Colorado.
What are exemptions?
The Act does not apply to property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.
What are the Penalties?
No specific penalties are mentioned in the Act.
Jurisdiction
Colorado