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State Returns $9.1 Million To Residents

2002-2003 Record Year For Great Colorado Payback Program

POSTED: 10:22 a.m. MDT July 25, 2003
UPDATED: 2:31 p.m. MDT July 25, 2003

About 16,000 Coloradoans got back $9.1 million in property this year they did not know the state was holding for them, state Treasurer Mike Coffman said Friday.

It was the largest amount returned to rightful owners since the program began in 1987, he said.

"Because of our economy, Colorado families are searching for every penny to make ends meet," Coffman said. "I am pleased that our efforts to raise awareness of this program has paid off so well. We've helped a lot of families get back money they need right now."

He credited the program's aggressive promotion and the ease at which Coloradoans can find it if they are due funds or property.

The program reunites lost or forgotten property with its rightful owners or their heirs. Under state law, businesses and other financial institutions must turn over abandoned or unclaimed property to the state treasury.

Unclaimed property includes checking accounts, payroll wages, safety deposit boxes, stocks and bonds, state taxes and other assets that have remained idle for a set period of time, usually three to five years.

Over the past year, about 86,000 individuals have either called the Great Colorado Payback offices or submitted written or e-mailed requests. About 50,000 of those requests were made using the Internet, a 50 percent increase over last year.

"By providing a place to find unclaimed property online, we are making it even easier for Coloradoans to recover their money," Coffman said.

Last year, the state returned $7.7 million to individuals and businesses. Since Great Colorado Payback began, the program has returned about $118 million to about 236,000 claimants.

There are more than one million names currently on file at the Great Colorado Payback office.

To find out if something is owed to you, check out the Great Colorado Payback program at the state treasurer's Web site or call 303-894-2443 or toll-free at 800-825-2111;

There is no charge for the service and there is no time limit to file a claim.


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