(1) (a) There is hereby created in the state treasury the unclaimed property trust fund. The principal in the trust fund consists of all money received by the administrator from sales of unclaimed property pursuant to part 7 of this article 13 or otherwise collected by the administrator under this article 13 other than from the sale of securities as contemplated by section 38-13-801.5.
Except as provided in subsections (2), (3), and (3.5) of this section, the principal ofthe trust fund shall not be expended except to pay claims made pursuant to this article 13. Money constituting the principal of the trust fund is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution and is not subject to appropriation by the general assembly.
All interest derived from the deposit and investment of money in the trust fund shallbe credited to the trust fund.
The money in the unclaimed property trust fund does not revert to the general fund atthe end of any fiscal year.
(2) (a) The general assembly shall make annual appropriations out of the principal of the unclaimed property trust fund for the direct and indirect costs of administering this article 13, except as provided for the payment of contract auditor services in subsection (2)(b) of this section.
Money in the unclaimed property trust fund is continuously appropriated to the administrator for the payment of contract auditor services and for fees of security custodians for properties that are securities. Any money appropriated for the payment of contract auditor services shall be paid from revenues collected by contract auditors.
The administrator shall promulgate rules in accordance with article 4 of title 24 asnecessary to administer payment for contract auditor services, including any rules necessary to:
Specify the requirements or expertise of contract auditors;
Adequately protect unclaimed property while the property is in the possession of thecontract auditor; and
Prevent identity theft and the sale or transfer of personal identifying informationobtained by the contract auditor during the course of the contract auditor's duties.
(d) The following amounts constitute fiscal year spending for purposes of section 20 of article X of the state constitution:
Any money that is appropriated to the department of the treasury as required by thissubsection (2);
Any money that is credited to the adult dental fund created in section 25.5-5-207 (4) as required by subsection (3) of this section;
Any money that is credited to the housing development grant fund created in section 24-32-721 (1) as required by subsection (3.5) of this section; and
Any money that is transferred to the general fund as required by subsection (5) ofthis section.
(2.5) (a) Notwithstanding any provision of this section to the contrary, on July 1, 2020, the state treasurer shall transfer one million one hundred thirty-nine thousand four hundred two dollars from the unclaimed property trust fund to the general fund.
(b) Notwithstanding any provision of this section to the contrary, on July 1, 2021, the state treasurer shall transfer two million two hundred seventy-eight thousand eight hundred four dollars from the unclaimed property trust fund to the general fund.
(3) (a) After reserving the amounts described in subsection (3)(b) of this section, the state treasurer shall transmit to the adult dental fund created in section 25.5-5-207 (4) an amount of principal and interest in the trust fund sufficient to implement the adult dental benefit pursuant to section 25.5-5-202 (1)(w).
(b) The administrator shall reserve in the trust fund and shall not transfer any money necessary for:
The claims paid pursuant to this article 13 for each fiscal year;
The reserve amount necessary to pay anticipated claims; and
Publications and correspondence expenses pursuant to section 38-13-503.
(3.5) (a) Notwithstanding any other provision of this section, if, based upon the estimate described in subsection (3.5)(b)(I) of this section, state revenues for the 2022-23 state fiscal year through the 2024-25 state fiscal year are less than the transfer cutoff amount, the state treasurer shall transfer from the unclaimed property trust fund to the division of housing to be deposited into the housing development grant fund created in section 24-32-721 (1) no later than June 30 of the year in which the economic and revenue forecast is made the amount of thirty million dollars.
(b) (I) In its annual June forecast, legislative council staff shall report estimates for the current state fiscal year of state revenues, the transfer cutoff amount, and the amount of the transfer required by this section based on those estimates. Legislative council staff shall include the amount of the anticipated transfer in its estimate of fiscal year spending for the state fiscal year.
(II) On June 1 of each year, the state treasurer shall notify legislative council staff of the amount available in the unclaimed property trust fund to be transferred on June 30 of the year under this section if the amount is less than thirty million dollars.
(c) As used in this subsection (3.5):
"Excess state revenues cap" has the same meaning as set forth in section 24-77-103.6 (6)(b).
"June forecast" means the economic and revenue forecast prepared by legislativecouncil staff each June.
"State revenues" has the same meaning as set forth in section 24-77-103.6 (6)(c);except that it does not include any amount for the anticipated transfer permitted by subsection (3.5)(a) of this section.
"Transfer cutoff amount" means, for a given fiscal year, an amount equal to theexcess state revenues cap for the fiscal year minus thirty million dollars.
All of the money to be transferred pursuant to subsection (3.5)(a) of this section mustbe deposited by the division of housing into the housing development grant fund created in section 24-32-721 (1) to finance the uses described in section 24-32-721.
Notwithstanding any other provision of this section, for each state fiscal year that atransfer is not made, the last year in which a transfer may be made as specified in subsection (3.5)(a) of this section is extended for an additional state fiscal year. Any transfer permitted by subsection (3.5)(a) of this section shall not be made in more than three total state fiscal years.
Before crediting any money to the trust fund pursuant to subsection (1) of this section, the administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property. The record must be available for public inspection during all reasonable business hours.
Notwithstanding any other provision of this section, on July 1, 2020, the state treasurer shall transfer forty-three million dollars from the unclaimed property trust fund to the general fund.
Source: L. 2019: (1)(b) and (2)(d) amended and (3.5) added, (HB 19-1322), ch. 201, p. 2166, § 1, effective August 2; Entire article R&RE, (SB 19-088), ch. 110, p. 437, § 1, effective July 1, 2020. L. 2020: (2)(d)(II) and (2)(d)(III) amended and (2)(d)(IV) and (5) added, (HB 201381), ch. 171, p. 787, § 9, effective June 29; (2.5) added, (HB 20-1361), ch. 161, p. 758, § 3, effective June 29; (3.5)(a) amended, (HB 20-1370), ch. 164, p. 762, § 1, effective June 29.
Editor's note: This section is similar to former § 38-13-116.5 as it existed prior to 2020. 38-13-801.5. Unclaimed property tourism promotion trust fund - creation payments - interest - transfers - definition. (1) There is hereby created in the state treasury the unclaimed property tourism promotion trust fund. The principal in the trust fund consists of all proceeds collected by the administrator from the sale of securities under this article 13.
The principal of the unclaimed property tourism promotion trust fund shall not beexpended except to pay claims made pursuant to this article 13. Money constituting the principal of the trust fund that is credited to or expended from the trust fund to pay claims is not fiscal year spending of the state for purposes of section 20 of article X of the state constitution, and such money is deemed custodial funds that are not subject to appropriation by the general assembly.
(a) After reserving the amounts described in subsection (3)(b) of this section, the interest derived from the deposit and investment of money in the unclaimed property tourism promotion trust fund shall be credited to the following funds:
Twenty-five percent of the interest to the Colorado state fair authority cash fund created in section 35-65-107 (1), subject to appropriation by the general assembly pursuant to section 35-65-107 (3)(b);
Sixty-five percent of the interest to the agriculture management fund created in section 35-1-106.9, subject to appropriation by the general assembly pursuant to section 35-1106.9; and
(A) Ten percent of the interest to the Colorado travel and tourism promotion fundcreated in section 24-49.7-106 (1), subject to appropriation by the general assembly pursuant to section 24-49.7-106 (3) for use in the promotion of agritourism in the state. For purposes of this subsection (3)(a)(III), "agritourism" means the practice of engaging in activities, events, and services that have been provided to consumers for recreational, entertainment, or educational purposes at a farm, ranch, or other agricultural, horticultural, or agribusiness operation in order to allow consumers to experience, learn about, and participate in various facets of agricultural industry, culinary pursuits, natural resources, and heritage.
(B) The board of directors of the Colorado tourism office created in section 24-49.7-103 shall consult annually, and execute a memorandum of understanding, with the commissioner of agriculture regarding the expenditure of money credited pursuant to subsection (3)(a)(III)(A) of this section in order to coordinate agritourism promotion efforts.
(b) The administrator shall reserve in the unclaimed property tourism promotion trust fund and shall not transfer any money necessary for:
(I) The claims paid pursuant to this article 13 for each fiscal year; and (II) The reserve amount necessary to pay anticipated claims.
(c) Any money that is credited to and expended from the Colorado state fair authority cash fund, the agriculture management fund, or the travel and tourism promotion fund pursuant to this subsection (3) constitutes fiscal year spending of the state for purposes of section 20 of article X of the state constitution.
(4) The money in the unclaimed property tourism promotion trust fund does not revert to the general fund at the end of any fiscal year.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 438, § 1, effective July 1, 2020.
Editor's note: This section is similar to former § 38-13-116.7 as it existed prior to 2020.