C.R.S. § 38-13-904

(1) The administrator shall pay or deliver property to a claimant under section 38-13-903 if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. (2) Not later than ninety days after a claim is filed under section 38-13-903 , the administrator shall allow or deny the claim and give the claimant notice of the decision in a record. If the claim is denied: (a) The administrator shall inform the claimant of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed; (b) The claimant may file an amended claim with the administrator or commence an action under section 38-13-906 ; and (c) The administrator shall consider an amended claim filed under subsection (2)(b) of this section as an initial claim. (3) If the administrator does not take action on a claim during the ninety-day period following the filing of a claim under section 38-13-903 (1), the claim is deemed denied.