Colorado § 38-13-406 - Clarification of reporting requirements for unclaimed legacy preneed contracts - amount reportable - identification of purchaser and beneficiary.
Full text of Colorado Colorado Revised Statutes § 38-13-406 — Clarification of reporting requirements for unclaimed legacy preneed contracts - amount reportable - identification of purchaser and beneficiary., with citation guidance and answers to common questions.
§ 38-13-406. Clarification of reporting requirements for unclaimed legacy preneed contracts - amount reportable - identification of purchaser and beneficiary.
(1) The amount of an unclaimed legacy preneed contract that is reportable as unclaimed property is the purchase price paid by the contract buyer, as defined in section 10-15-102 (5), exclusive of any finance charges or late payment fees, less the amount of any liquidated damages for nonperformance paid by or on behalf of the contract seller, as defined in section 10-15-102 (6), or any cancellation fees paid as required by the legacy preneed contract, which cancellation fees cannot exceed fifteen percent of the purchase price. The contract seller is entitled to retain all interest earned on the money paid to purchase the legacy preneed contract.
(2) In addition to complying with the other reporting requirements set forth in this article 13, in reporting a legacy preneed contract to the administrator, the holder shall identify by name both the contract buyer, as defined in section 10-15-102 (5), and the legacy preneed contract beneficiary.
(3) A holder of a legacy preneed contract who complies with the requirements of subsections (1) and (2) of this section and satisfies the requirements set forth in section 38-13-604 is relieved of responsibility arising thereafter with respect to payment or delivery of the property to the administrator.
Source: L. 2025: Entire section added, (HB 25-1224), ch. 440, p. 2534, § 6, effective June 4.
PART 5
NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 38-13-406
What does Colorado Revised Statutes § 38-13-406 cover?
Section 38-13-406 ("Clarification of reporting requirements for unclaimed legacy preneed contracts - amount reportable - identification of purchaser and beneficiary.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 38-13-406?
A common citation format is "Colorado Revised Statutes § 38-13-406" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 38-13-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.