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2005 Colorado Attorney General Reports and Opinions 1 (2005)

handle is hein.sag/sagco0065 and id is 1 raw text is: .08v6c JOHN WSUTHERS Attorney General CYNTHIA S. HONSSINGER Chief Deputy Attorney General JOHN J. KRAUSE Interim Solicitor General STATE OF COLORADO DEPARTMENT OF LAW OFFICE OF THE ATFORNEY GENERAL STATE SERVICES BUILDING 1525 Sherman Street - 5th Floor Denver Colorado 80203 Phone (303) 866-4500 FAX (303) 866-5691 FORMAL OPINION of ) ) ) ) ) ) ) JOHN W. SUTHERS Attorney General No. 05-01 AG Alpha No. TR UP AGBBH April 13, 2005 Status of stored value cards, including gift cards This opinion concerns the status of stored value cards, including gift cards, under Colorado's Unclaimed Property Act. It is issued at the request of the State Treasurer, who asks whether Colorado's Unclaimed Property Act applies to stored value cards and gift cards, and if so, which section of the Act is applicable. QUESTIONS PRESENTED AND CONCLUSION Questions: Does Colorado's Unclaimed Property Act, article 13 of title 38, C.R.S. (2004), apply to stored value cards and gift cards? If so, which section of the Act is applicable? Answer: Pursuant to applicable principles of statutory interpretation, the broad provisions of §§ 38-13-103 and 104, C.R.S. (2004) of Colorado's Unclaimed Property Act encompass stored value cards, including gift cards. Therefore, the unused monetary value of cards held by a card issuer is subject to the provisions of the Act.