Colorado § 38-13-602 - Dormancy charge.
Full text of Colorado Colorado Revised Statutes § 38-13-602 — Dormancy charge., with citation guidance and answers to common questions.
§ 38-13-602. Dormancy charge.
(1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
(a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(2) The amount of the deduction under subsection (1) of this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 431, § 1, effective July 1, 2020.
Frequently Asked Questions About Colorado § 38-13-602
What does Colorado Revised Statutes § 38-13-602 cover?
Section 38-13-602 ("Dormancy charge.") 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 § 38-13-602?
A common citation format is "Colorado Revised Statutes § 38-13-602" (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 § 38-13-602 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.