FAQS
Reporting Property
Who is Required to Report Unclaimed Property?
All types of companies including banks, financial institutions and business entities.
This includes: public institutions, courts, municipalities, governmental subdivisions/agencies, public corporations or authorities, non-profit entities, hospitals, utilities, estates, trusts or any other legal or commercial entity.
Please note: Most businesses have unclaimed property
Why do corporations have to report unclaimed property?
Unclaimed property laws were created to prevent holders of unclaimed property from taking citizens’ unclaimed property and recognizing it as business income. This law gives the state an opportunity to return money to its rightful owners and provides Colorado citizens with a single source, the Office of the Colorado State Treasurer, Unclaimed Property Division for unclaimed property that has been reported by holders from Colorado and around the nation.
What if you have nothing to report?
You must review your records each year for outstanding unclaimed property. All unclaimed property must be reported regardless of amount or value. If you have no unclaimed property to report, you are still required to file a report which is called a negative report.
When are reports due to the state?
- All companies must report and remit by November 1st.
- Insurance companies report and remit by May 1st.
What happens if you don’t file?
A person who fails to deliver property within the time prescribed by the Law, or who willfully fails to submit a report (zero, or negative reports are required) or perform other duties is subject to interest/penalties as set out in CRS 38-13-1204 and CRS 38-13-1205.
Can I receive an extension on my report's due date?
Yes, but written permission is required and must be approved by the Colorado Unclaimed Property Division. Please email a completed Holder Extension Request form to holders@state.co.us.
Do I have to report property that does not have a name on it?
Yes, if you don’t have the name of the owner, then list the name as ‘unknown’ and provide as much information as possible from your files. List any addresses, social security numbers, account numbers, co-owners, or remitters if known. This is important as the more information provided, the more likely our state can return the property to the rightful owner.
What is the dormancy period?
Generally, the dormancy period is 3 years from the date of last customer-initiated contact. The dormancy period for payroll, wages, and salary checks is 1 year. View Dormancy Period PDF
Can I report and deliver property early (before the prescribed dormancy period has elapsed)?
Yes, but written permission is required and must be approved by the Colorado Unclaimed Property Division. Please email a completed Request to Escheat Property Prior to Required Dormancy Period form to holders@state.co.us.
What is due diligence?
Businesses are required to send written notice to the last-known address of an owner for any property that is valued at $25 or more. Due diligence must be performed not more than 180 days, nor less than 60 days prior to filing the report. Mail notifications must be sent to property owners by first class mail or better at their last known address. A holder may send due diligence via electronic-mail only if an apparent owner has consented to receive electronic-mail delivery from the holder.
What is Colorado’s Revised Uniform Unclaimed Property Act (RUUPA)?
Can I be audited and penalties imposed?
Yes. The Revised Uniform Unclaimed Property Act does provide for interest, penalties and fees, when warranted from an audit or non-compliance.
What if I submitted a property in error?
If you submitted property in error, you can submit a request for reimbursement of the property. See here for the reimbursement form.
Does the state accept paper reports?
We found using paper forms is an outdated, inefficient and costly way to do business so we no longer accept paper unclaimed property reports.
Do IRA’s become unclaimed property?
An IRA becomes unclaimed property three (3) years after the distribution date in most instances. The IRA becomes distributable when the owner becomes 70.5 years old. Some types of property have a five (5) year dormancy period; if in doubt, contact the Great Colorado Payback office. CRS 38-13-102
Do safe deposit boxes become unclaimed property?
Safe deposit boxes become unclaimed property five (5) years after the rent has expired. We recommend that the boxes are drilled and inventoried as soon as practicable. Do not send the contents to the State Treasury until instructed to do so. They should be listed on your Unclaimed Property Report, do not assign a value. CRS 38-13-205
What type of tangible property qualifies as unclaimed property?
As of July 1, 2020 the Revised Uniform Unclaimed Property identifies tangible property as tangible property that is held in a safe deposit box. All safekeeping items not held in a safe deposit box are not accepted as unclaimed property.
Are Gift Cards Reportable?
Yes. The Revised Uniform Unclaimed Property Act, CRS 38-13-207 encompasses stored value cards (SVC), including gift cards. Therefore, the unused monetary value of cards held by a card issuer is subject to the provisions of the Act.
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Are holders required to report non-transferable securities to the state?
A holder is not required to report to the Colorado State Treasury a security identified as non-transferable security. This includes securities that may be under global lock, restricted, worthless or non-transferable for any reason.
Does the state of Colorado offer Voluntary Disclosure Agreements?
Colorado does not offer Voluntary Disclosure Agreements. Holders are expected to report and remit unclaimed property, belonging to Colorado residents, in accordance with the Revised Uniform Unclaimed Property law.