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Is there a law in CO where the LL is to keep the deposit somewhere and not spend it
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Colorado does not have that requirement. However, the Colorado security deposit statute is quite strict with severe monetary penalties against a landlord that wrongfully withholds the deposit.
Scroll down to Colorado statute 38-12-103 Return of Security Deposit:
https://law.justia.com/codes/colorado/2019/title-38/
You might have to sue him for the money. Print out a copy of the statute, show it to him and remind him he could owe you 3 times the amount of the deposit when it goes to court and once you get the judgment you'll garnish his pay to get the money.