2023 Colorado Revised Statutes › Title 38 - PROPERTY - REAL AND PERSONAL (§§ 38-1-101 — 38-53-110) › UNCLAIMED PROPERTY (§§ 38-13-101 — 38-13-1504) › Article 13 - REVISED UNIFORM UNCLAIMED PROPERTY ACT (§§ 38-13-101 — 38-13-1504) › Part 8 - ADMINISTRATION OF PROPERTY (§§ 38-13-801 — 38-13-803) › Section 38-13-801 - Unclaimed property trust fund - creation - payments - interest - appropriations - records - rules

(1)
(a)
There is hereby created in the state treasury the unclaimed property trust fund. The principal in the trust fund consists of all money received by the administrator from sales of unclaimed property pursuant to part 7 of this article 13 or otherwise collected by the administrator under this article 13 other than from the sale of securities as contemplated by section
38-13-801.5
.
(b)
Except as provided in subsections (2), (3), and (3.5) of this section, the principal of the trust fund shall not be expended except to pay claims made pursuant to this article 13. Money constituting the principal of the trust fund is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution and is not subject to appropriation by the general assembly.
(c)
All interest derived from the deposit and investment of money in the trust fund shall be credited to the trust fund.
(d)
The money in the unclaimed property trust fund does not revert to the general fund at the end of any fiscal year.
(2)
(a)
The general assembly shall make annual appropriations out of the principal of the unclaimed property trust fund for the direct and indirect costs of administering this article 13, except as provided for the payment of contract auditor services in subsection (2)(b) of this section.
(b)
Money in the unclaimed property trust fund is continuously appropriated to the administrator for the payment of contract auditor services and for fees of security custodians for properties that are securities. Any money appropriated for the payment of contract auditor services shall be paid from revenues collected by contract auditors.
(c)
The administrator shall promulgate rules in accordance with article
4
of title
24
as necessary to administer payment for contract auditor services, including any rules necessary to:
(I)
Specify the requirements or expertise of contract auditors;
(II)
Adequately protect unclaimed property while the property is in the possession of the contract auditor; and
(III)
Prevent identity theft and the sale or transfer of personal identifying information obtained by the contract auditor during the course of the contract auditor's duties.
(d)
The following amounts constitute fiscal year spending for purposes of section 20 of article X of the state constitution:
(I)
Any money that is appropriated to the department of the treasury as required by this subsection (2);
(II)
Any money that is credited to the adult dental fund created in section
25.5-5-207 (4)
as required by subsection (3) of this section;
(III)
Any money that is credited to the housing development grant fund created in section
24-32-721 (1)
as required by subsection (3.5) of this section;
(IV)
Any money that is transferred to the general fund as required by subsection (5) of this section; and
(V)
Any money appropriated to the Colorado long-term works reserve created in section
26-2-721
in accordance with subsection (5) of the section.
(2.5)
(a)
Notwithstanding any provision of this section to the contrary, on July 1, 2020, the state treasurer shall transfer one million one hundred thirty-nine thousand four hundred two dollars from the unclaimed property trust fund to the general fund.
(b)
On June 30, 2021, the state treasurer shall transfer one million one hundred thirty-nine thousand four hundred two dollars from the general fund to the unclaimed property trust fund.
(3)
(a)
After reserving the amounts described in subsection (3)(b) of this section, the state treasurer shall transmit to the adult dental fund created in section
25.5-5-207 (4)
an amount of principal and interest in the trust fund sufficient to implement the adult dental benefit pursuant to section
25.5-5-202 (1)(w)
.
(b)
The administrator shall reserve in the trust fund and shall not transfer any money necessary for:
(I)
The claims paid pursuant to this article 13 for each fiscal year;
(II)
The reserve amount necessary to pay anticipated claims; and
(III)
Publications and correspondence expenses pursuant to section
38-13-503
.
(3.5)
(a)
Notwithstanding any other provision of this section, if, based upon the estimate described in subsection (3.5)(b)(I) of this section, state revenues for the 2022-23 state fiscal year through the 2024-25 state fiscal year are less than the transfer cutoff amount, the state treasurer shall transfer from the unclaimed property trust fund to the division of housing to be deposited into the housing development grant fund created in section
24-32-721 (1)
no later than June 30 of the year in which the economic and revenue forecast is made the amount of thirty million dollars.
(b)
(I)
In its annual June forecast, legislative council staff shall report estimates for the current state fiscal year of state revenues, the transfer cutoff amount, and the amount of the transfer required by this section based on those estimates. Legislative council staff shall include the amount of the anticipated transfer in its estimate of fiscal year spending for the state fiscal year.
(II)
On June 1 of each year, the state treasurer shall notify legislative council staff of the amount available in the unclaimed property trust fund to be transferred on June 30 of the year under this section if the amount is less than thirty million dollars.
(c)
As used in this subsection (3.5):
(I)
"Excess state revenues cap" has the same meaning as set forth in section
24-77-103.6 (6)(b)
.
(II)
"June forecast" means the economic and revenue forecast prepared by legislative council staff each June.
(III)
"State revenues" has the same meaning as set forth in section
24-77-103.6 (6)(c)
; except that it does not include any amount for the anticipated transfer permitted by subsection (3.5)(a) of this section.
(IV)
"Transfer cutoff amount" means, for a given fiscal year, an amount equal to the excess state revenues cap for the fiscal year minus thirty million dollars.
(d)
All of the money to be transferred pursuant to subsection (3.5)(a) of this section must be deposited by the division of housing into the housing development grant fund created in section
24-32-721 (1)
to finance the uses described in section
24-32-721
.
(e)
Notwithstanding any other provision of this section, for each state fiscal year that a transfer is not made, the last year in which a transfer may be made as specified in subsection (3.5)(a) of this section is extended for an additional state fiscal year. Any transfer permitted by subsection (3.5)(a) of this section shall not be made in more than three total state fiscal years.
(4)
Before crediting any money to the trust fund pursuant to subsection (1) of this section, the administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property.
(5)
Notwithstanding any other provision of this section, on July 1, 2020, the state treasurer shall transfer forty-three million dollars from the unclaimed property trust fund to the general fund.
Amended by 2022 Ch. 348, § 13, eff. 6/3/2022.
Amended by 2021 Ch. 86, § 3, eff. 5/4/2021.
Amended by 2021 Ch. 32, § 4, eff. 4/15/2021.
Amended by 2020 Ch. 171, § 9, eff. 6/29/2020.
Amended by 2020 Ch. 164, § 1, eff. 6/29/2020.
Amended by 2020 Ch. 161, § 3, eff. 6/29/2020.
Amended by 2019 Ch. 201, § 1, eff. 8/2/2019.
Entire article repealed and reenacted with amendments by 2019 Ch. 110, § 1, eff. 7/1/2020.
L. 2019: (1)(b) and (2)(d) amended and (3.5) added, (HB 19-1322), ch. 2166, p. 2166, § 1, effective August 2; Entire article R&RE, (SB 19 -088), ch. 437, p. 437, § 1, effective 7/1/2020. L. 2020: (2)(d)(II) and (2)(d)(III) amended and (2)(d)(IV) and (5) added, (HB 20-1381), ch. 787, p. 787, § 9, effective June 29; (2.5) added, (HB 20-1361), ch. 758, p. 758, § 3, effective June 29; (3.5)(a) amended, (HB 20-1370), ch. 762, p. 762, § 1, effective June 29. L. 2021: (4) amended, (SB 21 -121), ch. 133, p. 133, § 4, effective April 15; (2.5)(b) amended, (SB 21 -211), ch. 360, p. 360, § 3, effective May 4.
This section is similar to former § 38-13-116.5 as it existed prior to 2020.