Substitute Senate Bill No. 1434, also known as Public Act No. 25-81, seeks to update Connecticut's laws regarding unclaimed property, with an effective date of July 1, 2025. The bill repeals Section 3-56a and introduces new definitions, including "funeral service contract" and a revised interpretation of "last-known address," which now encompasses any identifier for the owner's state, even if it cannot facilitate mail delivery. It also updates definitions for terms such as "holder," "owner," "property," and "virtual currency." The bill establishes that property under funeral service contracts will be deemed payable upon certain conditions, such as the death of a beneficiary, and will be presumed abandoned if there is no indication of interest within one year after it becomes payable.

Additionally, the bill modifies the responsibilities of holders of unclaimed property, requiring them to make reasonable efforts to ascertain the current mailing address of owners and to maintain records for at least ten years. It changes the notification process, mandating that notices be sent via first-class mail and, if consent is given, electronically. The timeframe for notifying owners about the presumption of abandonment has been adjusted, and the bill clarifies that holders transferring abandoned property to a third party will not be liable for related claims. It also mandates that military medals presumed abandoned be sent to the Department of Veterans Affairs and allows the Treasurer to report escheated properties to the Office of Policy and Management. Furthermore, it introduces a program for owners to donate their claims to charitable causes, with the donation being irrevocable.

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