DENVER (AP) – State officials say the Great Colorado Payback program is not working as intended.
The Colorado Auditor’s Office released a report Monday identifying problems with the unclaimed property program.
The Great Colorado Payback began in 1987 to tell Colorado Residents about unclaimed property the state is legally required to keep.
The items include forgotten bank account balances, deposits to utility companies and unused gift cards.
The 60-page report found nearly half of claims were not acted upon within 90 days and that there was a failure to mail notifications to about 1.6 million people regarding unclaimed property since March 2005.
Officials also determined 91% of unclaimed property records were duplicate, incomplete, inaccurate, or questionable.
Democratic state Treasurer Dave Young says his office is acting on the report’s recommendations.