Leawood, KS – February 17, 2022: The Colorado State Treasurer has approved Regulation 8 CCR 1508-1 (the Rule) regarding the treatment of unclaimed property. The Rule was adopted on October 11, 2021, and became effective on November 30, 2021.
The Rule was approved to amend and supplement existing rules as stated in Colorado’s Unclaimed Property Statute (the “Act”), which is modeled after the Revised Uniform Unclaimed Property Act (RUUPA). RUUPA is the latest revision (2016) to the Uniform Unclaimed Property Act first promulgated in 1954 and previously updated in 1995. RUUPA makes several updates to earlier versions of the uniform act to keep up with technological changes and new forms of property serving as a comprehensive set of rules for the escheat of unclaimed property.
Pursuant to the Rule, holders are required to report unclaimed property in electronic format only, which “shall be through the current NAUPA Standard Electronic File Format uploaded on the Division website.”
Additionally, reports of unclaimed property, which must be filed before November 1 of each year, must include the name, last known address and social security number or taxpayer identification of the apparent owner or property with a value of $25 or more.
The Rule also includes requirements regarding the need to conduct third party unclaimed property audit examinations to determine compliance with the Act.
More information regarding RUUPA can be found here: RUUPA.
To read Regulation 8 CCR 1508-1 click here: Regulation 8 CCR 1508-1.
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