Raised Bill No. 1434 seeks to modernize the laws governing unclaimed property in Connecticut, with an effective date of July 1, 2025. The bill introduces new definitions, including "funeral service contract," "last-known address," and "virtual currency," while clarifying existing terms such as "holder," "owner," and "property." It establishes specific guidelines for the treatment of property under funeral service contracts, including conditions for abandonment if there is no expressed interest from beneficiaries within a year. The bill also streamlines the legal framework by removing outdated definitions and language, particularly those related to "last-known address" and "gift certificate," to better reflect current practices.

Additionally, the bill modifies the notification process for presumed abandoned property, changing the notification timeline and requiring holders to notify owners via both first-class and electronic mail, if consent is given. It repeals Section 3-65a, replacing it with new reporting requirements for holders, including a ten-year record retention mandate and stipulations for the sale of abandoned personal property. The bill also allows for the donation of claims to charitable causes and mandates that the Treasurer inform owners of unclaimed property valued at fifty dollars or more about their rights and the claiming process. Overall, Raised Bill No. 1434 aims to enhance the management and reporting of unclaimed property while ensuring clarity and efficiency in the notification and claims process.