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 31st for the period ending June 30th. For life insurance companies, the reporting deadline is April 30th for the period ending December 31st. 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 Record Retention Requirements
The state of Colorado requires holders of unclaimed property to retain their records for a period of five (5) years after the property becomes reportable. Holders must accurately maintain records, including the name and last known address of the property owner when available.
Banking or financial organizations selling money orders or other similar written instruments in Colorado, other than third-party bank checks on which the banking or financial organization is directly liable, or that provides such instruments to others for sale in Colorado, shall also maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three (3) years after the date the property is reportable.
Colorado Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
We understand the reporting process for Colorado unclaimed property can present challenges for your organization. If you have questions about Colorado’s unclaimed property requirements or laws, you can click on the below link to frequently asked questions.
Confused or Overwhelmed? Need Answers?
Whether you are reporting unclaimed property in Colorado, or another jurisdiction, we know the process can be time-consuming and stressful. To ensure the escheatment and annual reporting process, it should be properly managed.