Dorman Accounts

Posted By: Geoz

Dorman Accounts - 09/29/05 07:29 PM

I received a PM asking this question - can anyone help out?

Quote:

We are re-writing our dormant account policy and was just wondering if you could tell me where to go for more information on dormant accounts, what is considered dormant, when do you actually send a letter? We are going to do away with sending dormant letters, I haven't found anything in the law that even says that we are supposed to send letters. Our policy is so out dated, PLEASE HELP?!




Posted By: Anonymous

Re: Dorman Accounts - 09/29/05 08:32 PM

The Colorado Unclaimed Property Act can be found at 38-13-101. Please refer to the law for specific requirements. In the Due Dilligence section, CRS 38-13-110(5).

It can also be found in the instructions for the annual General Reporting
information. It states, "The Law requires businesses to try to locate the
owner. Not more than 120 days before filing the unclaimed property report, for property in the amount of $50.00 or more, the holder shall send written notice to the appraent owner's last known address stating that property is behing held and may be turned over to the State Treasurer
Posted By: Sunshine_101

Re: Dorman Accounts - 09/30/05 03:17 PM

Thank you soooo much, I looked and looked at the Colorado Statutes, this helps immensely. Thank you again.