Colorado § 38-13-801 - Unclaimed property trust fund - creation - payments - interest - appropriations - records - rules - repeal.

§ 38-13-801. Unclaimed property trust fund - creation - payments - interest - appropriations - records - rules - repeal.

(1) (a) There is hereby created in the state treasury the unclaimed property trust fund. The principal in the trust fund consists of all money received by the administrator from sales of unclaimed property pursuant to part 7 of this article 13 or otherwise collected by the administrator under this article 13 other than from the sale of securities as contemplated by section 38-13-801.5.

(b) Except as provided in subsection (2) of this section, the principal of the trust fund shall not be expended except to pay claims made pursuant to this article 13. Money constituting the principal of the trust fund is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution and is not subject to appropriation by the general assembly.

(c) Except as provided in subsection (6) of this section, all interest derived from the deposit and investment of money in the trust fund shall be credited to the trust fund. Such interest is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution.

(d) The money in the unclaimed property trust fund does not revert to the general fund at the end of any fiscal year.

(2) (a) The general assembly shall make annual appropriations out of the principal of the unclaimed property trust fund for the direct and indirect costs of administering this article 13, except as provided for the payment of contract auditor services in subsection (2)(b) of this section.

(b) Money in the unclaimed property trust fund is continuously appropriated to the administrator for the payment of contract auditor services and for fees of security custodians for properties that are securities. Any money appropriated for the payment of contract auditor services shall be paid from revenues collected by contract auditors.

(c) The administrator shall promulgate rules in accordance with article 4 of title 24 as necessary to administer payment for contract auditor services, including any rules necessary to:

(I) Specify the requirements or expertise of contract auditors;

(II) Adequately protect unclaimed property while the property is in the possession of the contract auditor; and

(III) Prevent identity theft and the sale or transfer of personal identifying information obtained by the contract auditor during the course of the contract auditor's duties.

(d) The following amounts constitute fiscal year spending for purposes of section 20 of article X of the state constitution:

(I) Any money that is appropriated to the department of the treasury as required by this subsection (2);

(II) and (III) Repealed.

(IV) Any money that is transferred to the general fund as required by subsection (5) of this section; and

(V) Any money appropriated to the Colorado long-term works reserve created in section 26-2-721 in accordance with subsection (5) of the section.

(e) If claims made pursuant to this article 13 exceed the balance in the unclaimed property trust fund, the state treasurer shall transfer from the general fund to the unclaimed property trust fund an amount needed to pay the claims and shall notify the joint budget committee of the general assembly of the transfer and the amount of the transfer from the general fund.

(f) Interest and, if necessary, principal credited, as required by subsection (6) of this section, as a loan to the provider stabilization fund created in section 25.5-3-603 (1) does not constitute fiscal year spending of the state for purposes of section 20 of article X of the state constitution.

(2.5) (a) Notwithstanding any provision of this section to the contrary, on July 1, 2020, the state treasurer shall transfer one million one hundred thirty-nine thousand four hundred two dollars from the unclaimed property trust fund to the general fund.

(b) On June 30, 2021, the state treasurer shall transfer one million one hundred thirty-nine thousand four hundred two dollars from the general fund to the unclaimed property trust fund.

(3) and (3.5) Repealed.

(4) Before crediting any money to the trust fund pursuant to subsection (1) of this section, the administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property.

(5) (a) Notwithstanding any other provision of this section, on July 1, 2020, the state treasurer shall transfer forty-three million dollars from the unclaimed property trust fund to the general fund.

(b) Notwithstanding any other provision of this section to the contrary, on June 30, 2026, the state treasurer shall transfer seventy-two million eight hundred thousand dollars from the unclaimed property trust fund to the general fund.

(6) (a) Except as provided in subsection (6)(b) of this section, the state treasurer shall make an interest-free loan of interest derived from the deposit and investment of money in the unclaimed property trust fund to the provider stabilization fund created in section 25.5-3-603 (1) as follows:

(I) On August 1, 2025, twenty-five million dollars;

(II) On August 1, 2026, twenty million dollars; and

(III) On August 1, 2027, August 1, 2028, and August 1, 2029, fifteen million dollars.

(b) If there is an insufficient amount of interest in the unclaimed property trust fund to enable the state treasurer to credit the full amount required for a particular state fiscal year from interest alone, the state treasurer shall credit an amount of principal in the trust fund that is sufficient to enable the state treasurer to credit to the provider stabilization fund the full amount required for that state fiscal year.

Source: L. 2019: (1)(b) and (2)(d) amended and (3.5) added, (HB 19-1322), ch. 201, p. 2166, § 1, effective August 2; Entire article R&RE, (SB 19-088), ch. 110, p. 437, § 1, effective July 1, 2020. L. 2020: (2)(d)(II) and (2)(d)(III) amended and (2)(d)(IV) and (5) added, (HB 20-1381), ch. 171, p. 787, § 9, effective June 29; (2.5) added, (HB 20-1361), ch. 161, p. 758, § 3, effective June 29; (3.5)(a) amended, (HB 20-1370), ch. 164, p. 762, § 1, effective June 29. L. 2021: (4) amended, (SB 21-121), ch. 32, p. 133, § 4, effective April 15; (2.5)(b) amended, (SB 21-211), ch. 86, p. 360, § 3, effective May 4. L. 2022: (2)(d)(III) and (2)(d)(IV) amended and (2)(d)(V) added, (HB 22-1259), ch. 348, p. 2490, § 13, effective June 3. L. 2025: (1)(c) amended and (2)(e), (2)(f), and (6) added, (SB 25-290), ch. 274, p. 1428, § 4, effective May 28. L. 2026: (3)(c), (3.5)(f), and (3.5)(g) added and (5) amended, (HB 26-1401), ch. 253, p. 1411, § 1, effective May 29; (1)(b) amended and (2)(d)(II) and (2)(d)(III) repealed, (HB 26-1401), ch. 253, p. 1411, § 1, effective July 1.

Editor's note: (1) This section is similar to former § 38-13-116.5 as it existed prior to 2020.

(2) Subsections (3)(c), (3.5)(f), and (3.5)(g) were added by HB 26-1401, effective May 29, 2026. For the amendments in effect from May 29, 2026, to July 1, 2026, see chapter 253, Session Laws of Colorado 2026. (L. 2026, p. 1411.)

(3) Subsections (3)(c) and (3.5)(g) provided for the repeal of subsections (3) and (3.5), respectively, effective July 1, 2026. (L. 2026, p. 1411.)

Cross references: For the legislative declaration in HB 22-1259, see section 1 of chapter 348, Session Laws of Colorado 2022. For the legislative declaration in SB 25-290, see section 1 of chapter 274, Session Laws of Colorado 2025.