j_ccu_2016a_2016-11-18t10:04:14z7 Hearing Summary

Date: 11/18/2016

11:52 AM -- 2 g. LLS 17-0194: Revised Uniform Unclaimed Property Act



The commission pointed out that the version under consideration today has also just recently been amended by the ULC and to expect an updated version at the next meeting.



11:52 AM -- John Burrus, Independent Bankers of Colorado,did not have specific objections to the act, but did share specific items of concern with the commission including a bank’s right of set-off, deposit box turnovers, valuation and holding time requirements, and possible ambiguities regarding the transition to the new law. He does expect his organization to offer some amendments to the act and would like to participate in future discussions.



The commission explained that unclaimed property laws are due for updates to keep up with the use of electronic records and communications and welcomes all public input.