Buescher teams with Sen. Morse to return $1.5 million in overpayments

Legislation permits Secretary’s office to refund unclaimed accounts

Denver, February 16, 2010 – Today, Secretary of State Bernie Buescher joined state Senator John Morse (D-Colorado Springs) to announce legislation aimed at allowing Buescher to return more than $1.5 million to thousands of individuals and businesses. The returned overpayments go as high as $2,500.

“Over 40,000 individuals and businesses deposited funds with the Department of State or overpaid their filing fees between 1997 and 2004,” Buescher said. “I have made returning these funds a priority. It is frustrating that state law prevents us from simply sending these folks the checks they are entitled to, but this legislation fixes that and allows us to return the money to its rightful owners.”

The vast majority of the overpayments were processed within the Secretary of State’s Business Division. Many of these involved filings that were initially rejected by the division. However, when the corporation rectified the filings, many submitted another fee, essentially doubling their payment. As the overpayments added up, the Secretary of State’s office was prevented by a state law requiring a written request prior to refunding money over a year old. Senate Bill 143 allows Buescher to repay the overdrafts directly to the payee.

“It’s time people and businesses get back the money they’re owed,” Morse said. “I’m proud to be sponsoring this legislation and to be working with Secretary Buescher to efficiently refund these dollars to those who paid it.”

Department of State staff has spent the past month updating and consolidating accounts to expedite refunds. Additionally, individuals who may have overpaid during the period mentioned above will soon be able to search on the Secretary of State’s web site to see if they’re owed a refund. Any refunds where an owner can’t be found and overpayments below $25 will be transitioned to the state’s Unclaimed Property fund.

“Especially in these tough economic times, every dollar counts, and it is imperative that we are able to refund this money to those Coloradans who paid it,” said House co-sponsor Rep. Christine Scanlan (D-Summit County). “I’m thrilled to sponsor this legislation and to work with Secretary Buescher on this issue.”

Senate Finance Committee members will hear SB-143 today at 2:00pm in room 354.