Senator Gardner explained SB18-240, concerning the adoption of the "Revised Uniform Unclaimed Property Act" (RUPA). Senator Gardner reported that the bill needs more time for additional revisions and stakeholder input. He requested that testimony be heard on the bill before it is laid over until May 10.
Claire Levy, representing herself and the Colorado Commission on Uniform State Laws, discussed the bill in more depth. She explained the stakeholder process over the course of the past three years and the goal of the legislation, which is to simplify the process for finding and claiming unclaimed property. She further discussed the Great Colorado Payback and the Unclaimed Property Division in the Office of the State Treasurer. She guided the committee through the bill, which includes but is not limited to, intangible property, dormancy periods, remedies for holders, and security issues. She noted that unclaimed property provisions have not been updated comprehensively since the 1980s.