Bill > HB1224

This bill modifies Colorado's Revised Uniform Unclaimed Property Act with several key provisions focused on clarifying and updating unclaimed property regulations. The bill introduces new definitions for cryptocurrency and legacy preneed contracts, establishes specific rules for reporting and handling virtual currency and legacy preneed funeral contracts, and reduces the period for record retention and administrative action from ten to six years. Notably, the bill provides detailed guidance on how to handle legacy preneed contracts, including how to calculate reportable amounts and determine when such contracts become unclaimed, which involves using either the confirmed or presumed date of death of the contract beneficiary. The legislation also addresses virtual currency by requiring holders to liquidate such assets within thirty days of reporting and remit proceeds to the state administrator, with provisions for situations where liquidation is not possible. Additionally, the bill makes several administrative changes, such as allowing more flexibility in selling thinly traded securities, expanding confidentiality provisions for claim-related documents, and modifying rules for claiming property from the state. These changes aim to modernize and streamline the state's approach to managing unclaimed property while providing clearer guidelines for businesses and property holders.

Budget and Finance

https://leg.colorado.gov/bills/hb25-1224