Substitute Senate Bill No. 393, known as Public Act No. 24-114, is an act that implements the Treasurer's recommendations concerning unclaimed property, with amendments to the general statutes effective July 1, 2024. The bill expands the definition of "property" to include virtual currency and adds a definition for "virtual currency" as per section 36a-596. It presumes virtual currency to be abandoned if not accessed within three years or at the date of an entity's dissolution. The bill modifies notification requirements for unclaimed property, mandating that holders send notice via first-class mail and, if agreed, by email, informing owners to show interest to prevent escheatment. It also requires holders to indicate the possibility of liquidation of securities, virtual currency, or tangible property from safe deposit boxes before reporting to the Treasurer.

The bill introduces a requirement for holders to sell abandoned personal property and deliver the net proceeds to the Treasurer within thirty days after filing the required report, with the option to contract third parties for storage and sale, provided they are bonded or insured. Military medals are exempt from sale and must be transmitted to the Department of Veterans Affairs. The bill allows the Treasurer to make direct payments to claimants for unclaimed property of a deceased owner valued at less than five hundred dollars without certain legal documents, given a certified claim and sworn affidavit are provided. It also amends Section 12-15 of the 2024 supplement to the general statutes, allowing the Commissioner of Revenue Services to disclose tax return information to the Treasurer to identify owners of unclaimed property and facilitate electronic payment of claims, and updates the list of entities authorized to receive tax return information. The bill was approved on June 4, 2024.

Statutes affected:
Raised Bill: 3-56a, 3-65a
GAE Joint Favorable: 3-56a, 3-65a
File No. 431: 3-56a, 3-65a
Public Act No. 24-114: 3-56a, 3-65a, 3-70a