Leawood, KS – January 27, 2020: Colorado Senate Bill 146 was introduced by Senator Kevin Priola on January 27, 2020. The proposed bill, if enacted, would make certain changes to the Revised Uniform Unclaimed Property Act for property held by a financial organization. The bill defines and exempts loyalty cards from financial organizations as property that is subject to RUUPA. Senate Bill 146 further repeals the presumption of abandonment for demand, savings, or time deposits with a financial organization, and replaces it by reenacting the current law; and delays the time that a financial organization is required to deliver this property to the administrator, if a penalty or forfeiture in the payment of interest would result from the delivery of the property. The bill also adds the requirements for the administrator to record the partial last-known address, instead of the full address, for each person appearing on a holder’s report provided to the administrator, and for the records to be available on the website or data base maintained by the administrator, instead of public inspection. Link to text of bill:
About the Bill Status: Senate Bill 146 was introduced on January 27, 2020. It was referred to the House committee on Finance on February 25, 2020, where it was postponed indefinitely on May 28, 2020.
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