Millions await claims in Great Colorado Payback
Colorado State Treasurer is Dave Young is again emphasizing The Great Colorado Payback.
Last fiscal year, The Payback returned almost $50 million to nearly 55,000 claimants through the state treasury’s Unclaimed Property Division. To simplify the claims process, a program which proactively returns funds was started, returning $4.1 million to 13,700 rightful owners without requiring additional paperwork for identification purposes. The average claim last year was $1,832.
Recipients are individuals, businesses, schools, nonprofits, municipalities, county offices, state agencies and anyone else who has lived or done business in Colorado. The state updates its list each year with new lost money or unclaimed property, so Coloradans should check each year.
Unclaimed Property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners, but also their heirs and estates. Unclaimed property is tangible or intangible property that has had no activity for a specific period of time. Unclaimed property includes, but is not limited to, abandoned financial assets such as stocks and dividends, mutual funds, checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks that are without activity for a certain period of time, as well as the contents of safe deposit boxes for which the rent has been expired for at least five (5) years. It does not include real estate or vehicles.
The organization holding the original obligation is required to make every effort to contact the owner and establish activity. If they are not able to make contact, that asset is reported to the state of the owner’s last known address.
Once the property is in the custody of the state of Colorado, outreach begins through mailings, the website, advertisements, and local media coverage.
To find out of you or someone you know is owed funds through the Great Colorado Payback, check the state’s website at https://colorado.findyourunclaimedproperty.com/ or email greatcopayback@state.co.us or call the office at (303) 866-6070.