Detailed Answer
This explains what typically happens after the 90-day waiting period when you file a claim for unclaimed property with the State of Colorado. It assumes you filed a complete claim with the Colorado Treasury Unclaimed Property Division and provides the usual next steps, possible outcomes, timelines, and options if something goes wrong. This is educational information only and is not legal advice.
1. Initial review and verification
After you submit a claim, Colorado Treasury staff review the paperwork and supporting documents to verify your identity and proof of ownership. The Treasury may request additional documents if anything is missing or unclear (for example, certified ID, account statements, a death certificate for heir claims, or documentation tying you to a business account).
2. The 90‑day period and why it matters
The 90‑day period often functions as an administrative review window. During that time the Treasury may notify the holder (the business or financial institution that reported the property) and give the holder an opportunity to respond or provide additional records. The Treasury uses this period to confirm the claim and resolve any potential disputes.
3. Outcomes after 90 days
- Claim approved and payment issued. If the Treasury verifies your identity and ownership and there is no unresolved dispute, it will approve the claim and arrange payment. Payment method and timing vary; you may receive a check or an electronic payment. Expect a processing window (often several business days to a few weeks) after approval for funds to be issued.
- Claim placed on hold or delayed. If the holder contests the claim, if additional verification is needed, or if there are competing claims, the Treasury will place the file on hold and continue its investigation. Holds can extend beyond 90 days until the dispute or documentation issue is resolved.
- Claim denied. If the Treasury determines the documentation is insufficient or the claimant is not the owner, it will deny the claim and provide a written reason. The denial notice typically explains the steps you can take next (reopening the claim with additional documentation or pursuing an appeal).
4. What to do if the claim is approved
- Confirm how the Treasury will deliver payment (check or electronic transfer).
- Keep copies of the approval and payment documents for your records.
- If you don’t receive payment within the expected processing window, contact the Colorado Treasury Unclaimed Property Division and provide the claim number.
5. What to do if the claim is denied or disputed
If your claim is denied or the holder disputes it, you generally can:
- Submit additional documentation to the Treasury (proof of ownership, affidavits, court documents).
- Request reconsideration or an administrative review following the directions in the denial notice.
- If administrative remedies are exhausted, consider seeking judicial review; Colorado administrative actions are governed by the Colorado Administrative Procedure Act (for judicial review you would typically proceed in Colorado district court).
6. Where the law is found
Colorado’s unclaimed property program is administered under state law (see generally Title 38, Article 13 of the Colorado Revised Statutes). For statute texts and more detailed legal provisions, see the Colorado Revised Statutes page: https://leg.colorado.gov/colorado-revised-statutes. For practical claim filing, status checking, and the Treasury’s procedures, see the Colorado Treasury Unclaimed Property pages: https://treasury.colorado.gov/unclaimed-property and the claims information at https://treasury.colorado.gov/unclaimed-property/claims.
7. Typical timelines to expect
Timelines vary by case complexity. Simple, well-documented claims often clear soon after the 90‑day window. If additional verification, holder response, or dispute resolution is required, resolution can take weeks or several months. If the Treasury requests more proof, responding quickly shortens the overall timeline.
8. Recordkeeping and proof that speeds resolution
Provide clear, well-labeled documents when you file: government-issued photo ID, account numbers and statements, correspondence showing ownership, corporate records for business claims, death certificates and probate documents for heir claims, and notarized affidavits if required. Proper documentation reduces the chance of delays or denials.
Helpful Hints
- Keep the claim number handy and use the Treasury’s online status tool or contact line to check progress.
- Respond promptly to any Treasury request for additional documents.
- If the property involved is a bank or brokerage account, provide recent statements and account numbers showing the connection to you.
- For heir claims, attach a certified death certificate and documents showing your relationship or court-ordered appointment (personal representative or heirship documents).
- If the holder disputes the claim, ask the Treasury for the reason in writing and what specific paperwork will resolve the dispute.
- Keep all originals and send copies unless the Treasury specifically asks for originals; when sending originals, use tracked delivery and inform the Treasury.
- If you need more than administrative help, consider speaking with an attorney experienced in Colorado unclaimed property or probate law; the state bar or local bar associations can help you find counsel if needed.
Disclaimer: This article is educational and informational only. It does not constitute legal advice, create an attorney‑client relationship, or substitute for an attorney’s advice about your specific situation. If you need legal advice, consult a licensed Colorado attorney.