Colorado Escheat & Unclaimed Property Laws

This page addresses key areas of interest regarding Colorado unclaimed property and escheatment laws and regulations.

Key Colorado Unclaimed Property Reporting Deadlines

Holders of unclaimed property in Colorado must meet specific annual reporting deadlines as well as remittance deadlines. For non-life insurance companies, the reporting deadline is October 31 for the period ending June 30. For life insurance companies, the reporting deadline is April 30 for the period ending December 31. Holders reporting 20 or more items 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 $50 or more. This notification should inform the property owner that the holder is in possession of the property, indicate how the property owner may claim the property, and the date the property will be turned over to the administrator. Due diligence notices must be sent to the property owner not more than 120 days prior to filing escheat reports.

Colorado Dormancy Periods

Dormancy periods in Colorado vary by property type. Generally, most property types have a five-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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Reporting unclaimed property in Colorado, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

The Sovos UP Compliance Hub is a subscription-based service that includes access to multiple educational and operational resources. Sovos compliance experts continuously monitor and update these resources. Compliance Hub subscriptions can be customized to suit your company’s unique business needs and compliance objectives. Connect with the experts at Sovos today to learn more.