Substitute Senate Bill No. 1434, also known as Public Act No. 25-81, revises Connecticut's laws on unclaimed property, effective July 1, 2025. The bill repeals Section 3-56a and introduces new definitions, including "funeral service contract," which specifies that property under such contracts is payable under certain conditions, such as the death of a beneficiary. It also modifies the definition of "last-known address" to encompass any description or code identifying the owner's state, even if it is not suitable for mail delivery. The bill establishes that property under a funeral service contract is presumed abandoned if there is no indication of interest from the beneficiary or purchaser within one year after it becomes payable.

Additionally, the bill mandates that holders of unclaimed property must make reasonable efforts to ascertain the current mailing address of property owners and requires annual reporting from funeral service establishments regarding properties held under contracts over seventy-five years old. It changes the notification timeline for presumed abandonment and specifies that notices must be sent via first-class mail and, if consented, electronically. The bill also outlines the Treasurer's authority to examine records, retain them for ten years, and manage the sale of certain abandoned personal property. Furthermore, it includes provisions for military medals, allows for the donation of claims to charities, and ensures that individuals with unclaimed property valued at $50 or more receive notification about their claims.

Statutes affected:
Raised Bill: 3-56a, 3-65a, 3-70a
GAE Joint Favorable Substitute: 3-56a, 3-65a, 3-70a
File No. 340: 3-56a, 3-65a, 3-70a
Public Act No. 25-81: 3-56a, 3-65a, 3-70a