j_ccu_2018a_2018-10-15t11:02:04z6 Hearing Summary

John Burrus, Independent Bankers of Colorado, stated that his organization does not oppose the bill and appreciates the commission working on several concerns with it. Concerns remain regarding the contingency fee arrangements allowed under the act, the need for a delayed effective date for industry retraining, and lack of clarity regarding the determination of abandonment. He suggested a reasonableness standard be added to the determination language and to limit what must be searched to a holders' own records. The commission had follow-up questions regarding contingency fee arrangements already allowed in statute, dormancy periods, and abandonment determinations.

Ed DeCecco, bill drafter with the Office of Legislative Legal Services, answered that contingency fees are not specifically referenced in statutes but are not prohibited and that any effective dates in the draft would be changed to 2020 dates. The commission explained that the current Treasurer’s office custom and practice is to use out-of-state auditors for contingency fee use and that the uniform act would now provide guidance on when contingency fees can be used. The commission will contact the ULC regarding the suggested changes.

Commissioner Levy moved that the Revised Unclaimed Property Act be introduced, with updated effective dates, as a commission bill with Commissioners Gardner and Wist as sponsors. The motion passed without objection.