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Council repeals local code on unclaimed property to comply with recent state law change
Summary
Town will now follow Colorado's updated unclaimed property act; staff indicated the annual impact to town funds is modest and that operations will shift to state procedures.
Parker Town Council approved Ordinance 5.370.2 on Aug. 4 to repeal Chapter 4.05 of the Parker Municipal Code on unclaimed property after state lawmakers removed the municipal exception earlier this year. Staff explained the legislative change (HB 25-1224 as cited in the meeting) removed a prior exception that had allowed municipalities to retain unclaimed property under local code. Kelsey Hall told council the state statute now requires holders of unclaimed property…
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