2020 Colorado Revised Statutes
Title 38 - Property - Real And Personal
Article 13. Revised Uniform Unclaimed Property Act
Section 38-13-1009. Administrator's contract with another to conduct examination definition.

(1) In this section, "related to the administrator" refers to an individual who is:

1. The administrator's spouse, partner in a civil union, domestic partner, or reciprocalbeneficiary;

2. The administrator's child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, half-sibling, aunt, uncle, niece, or nephew;

3. A spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of anindividual listed in subsection (1)(b) of this section; or

4. Any individual residing in the administrator's household.

2. The administrator may contract with a person to conduct an examination under thispart 10. The contract may be awarded only under the "Procurement Code", articles 101 to 112 of title 24.

3. If the person with which the administrator contracts under subsection (2) of this section is:

1. An individual, the individual must not be related to the administrator; or

2. A business entity, the entity must not be owned in whole or in part by the administrator or an individual related to the administrator.

4. At least sixty days before assigning a person under contract with the administratorunder subsection (2) of this section to conduct an examination, the administrator shall demand in a record that the person to be examined submit a report and deliver property that is previously unreported.

5. If the administrator contracts with a person under subsection (2) of this section:

1. The contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee;

2. A contingent fee arrangement must include a provision that:

1. Requires the person under contract with the administrator, upon completion of theexamination, to provide the administrator with a statement of the amount of the contingent fee, the hours spent on the examination, and the average hourly rate for services provided by the person based on the contingent fee; and

2. Specifies an alternative hourly rate, not to exceed five hundred dollars per hour, atwhich the person under contract with the administrator is compensated in the event that the statement provided by the person under subsection (5)(b)(I) of this section indicates an average hourly rate for the examination of more than five hundred dollars per hour;

3. A contingent fee arrangement must not provide for a payment that exceeds twelvepercent of the amount or value of property paid or delivered as a result of the examination; and

4. On request by a person subject to examination by a contractor, the administrator shalldeliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination.

(6) A contract under subsection (2) of this section is subject to public disclosure without redaction under the "Colorado Open Records Act", part 2 of article 72 of title 24.

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 448, § 1, effective July 1, 2020.