Colorado Escheat & Unclaimed Property Laws

Holders of unclaimed property in Colorado must meet specific annual reporting deadlines as well as remittance deadlines. For most companies, the reporting deadline is October 31 for the period ending June 30. For insurance companies, the reporting deadline is April 30 for the period ending December 31. Holders of unclaimed property must report electronically.

Colorado Due Diligence Requirements

Businesses are required to send written notice to the last known address of an owner for any property that is valued at $25 or more. Due diligence notices must be sent to the property owner not more than 180 days, and not less than 60 days prior to filing escheat reports. In each due diligence notice, the holder must identify and provide:

• Contain a heading that reads substantially as follows: “Notice. The State of Florida requires us to notify you that your
  property may be transferred to the custody of the Florida Department of Financial Services if you do not contact us
  before (insert date that is at least 30 days after the date of notice).”
• Identify the type, nature, and, except for property that does not have a fixed value, value of the property that is the
  subject of the notice.
• State that the property will be turned over to the custody of the department as unclaimed property if no response to
  this letter is received.
• State that any property that is not legal tender of the United States may be sold or liquidated by the department.
• State that after the property is turned over to the department, an apparent owner seeking return of the property may file a claim with the department.
• State that the property is currently with a holder and provide instructions that the apparent owner must follow to
  prevent the holder from reporting and paying for the property or from delivering the property to the department.

Colorado Dormancy Periods

Dormancy periods in Colorado vary by property type. Generally, most property types have a three-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Colorado for other common property types include:

• Wages, Payroll or Salary: One year
• Savings Accounts: Five years
• Money Orders(Non-Bank): 7 years

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