- November 24, 1993
- All Colorado Office Managers
- Colorado Unclaimed Property Act
It has recently been determined that title insurance companies operating in the State of Colorado must conform with Colorado's Unclaimed Property Program. This program is administered by the State Treasurer's office and attempts to reunite owners and their property.
The program requires that all unclaimed or abandoned property be remitted to the State Treasurer's office by November 30, 1993. The Treasurer has advised that property held in escrow is presumed unclaimed or abandoned if it remains unclaimed by the owner for more than five (5) years after it became payable or distributable (generally at time of closing).
Therefore, you should review the most recent open file listing and outstanding checks list for credit files and/or outstanding checks dated on or prior to November 30, 1988. If such items do exist, then these items (and associated payments) should be reported to the State Treasurer's office.
Credit files should have a check in the amount of the remaining balance disbursed directly to the State Treasurer.
Outstanding checks should be canceled and replacement checks should be disbursed directly to the State Treasurer.
If you have any questions or need assistance, please do not hesitate to contact Mike Cranmer or Mike Watson at (303) 331-0333.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.