(1) Subject to subsection (2) of this section, an agreement under section 38-13-1301 is void if it is entered into during the period beginning on the date the property was paid or delivered by a holder to the administrator and ending twenty-four months after the payment or delivery.
(2) If a provision in an agreement described in subsection (1) of this section applies to mineral proceeds for which compensation is to be paid to the other person based in whole or in part on a part of the underlying minerals or mineral proceeds not then presumed abandoned, the provision is void regardless of when the agreement was entered into.
(3) The administrator shall adopt rules governing the maximum compensation in an agreement under subsection (1) of this section. An agreement that provides for compensation in an amount that exceeds the maximum amount established by rule is unenforceable except by the apparent owner. An apparent owner or the administrator, acting on behalf of an apparent owner, or both, may file an action in the district court for the city and county of Denver to reduce the compensation to the maximum amount. On the final determination of an action filed under this subsection (3), the court may, on application, award the plaintiff its reasonable attorney fees, costs, and expenses of litigation.
(4) An apparent owner or the administrator may assert that an agreement described in this section is void on a ground other than it provides for payment of unconscionable compensation.
(5) This section does not apply to an apparent owner's agreement with an attorney to pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 455, � 1, effective July 1, 2020.
38-13-1303. Right of agent of apparent owner to recover property held by administrator. (1) An apparent owner that contracts with a person to locate, deliver, recover, or assist in the location, delivery, or recovery of property of the apparent owner that is held by the administrator may designate the person as the agent of the apparent owner. The designation must be in a record signed by the apparent owner.
(2) The administrator shall give the agent of the apparent owner nonconfidential status updates. The administrator shall not provide the agent of the apparent owner with any personal information as defined in section 38-13-1401 or confidential information described in section 38-13-1402.
(3) If authorized by the apparent owner, the agent of the apparent owner may bring an action against the administrator on behalf of and in the name of the apparent owner.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 456, � 1, effective July 1, 2020.
38-13-1304. Agreements to locate reported property - overbids from foreclosure sales. (1) Notwithstanding any provision of section 38-13-1303 to the contrary, an agreement to pay compensation to recover or assist in recovering an unclaimed overbid transferred to the administrator under section 38-38-111 is:
(a) Not enforceable unless entered into at least two years after the date of the transfer;
(b) Enforceable if:
(I) The agreement is in writing and signed by the owner, as defined in section 38-38-111 (5);
(II) The agreement describes the property and the date of the foreclosure sale from which the overbid was derived;
(III) The agreement sets forth the nature of the services to be provided;
(IV) The compensation to be paid under the terms of the agreement does not exceed ten percent of the amount of the overbid if entered into at least two years after the date of the transfer; and
(V) States that the apparent owner may directly file a claim for property with the administrator, who in Colorado is the state treasurer, without being charged a fee by the administrator.
(2) A person who induces or attempts to induce another person to enter into an agreement described in this section that does not comply with all requirements of subsection (1) of this section commits a class 2 misdemeanor.
(3) Nothing in subsection (1) of this section prohibits an owner from asserting, at any time, that a written, signed agreement to recover or assist in recovering an overbid is based on excessive or unjust consideration.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 456, � 1, effective July 1, 2020. L. 2021: (2) amended, (SB 21-271), ch. 462, p. 3292, � 681, effective March 1, 2022. L. 2025: (1)(b)(IV) amended, (HB 25-1224), ch. 440, p. 2537, � 14, effective June 4.
Editor's note: This section is similar to former � 38-13-128.5 as it existed prior to 2020.