Substitute Senate Bill No. 1434, also known as Public Act No. 25-81, seeks to amend the laws governing unclaimed property in Connecticut, with an effective date of July 1, 2025. The bill repeals Section 3-56a and introduces new definitions for terms such as "apparent owner," "funeral service contract," "holder," and "virtual currency." It specifically adds a definition for "funeral service contract" and revises the definition of "last-known address" to include any description identifying the state, even if it is not suitable for mail delivery. The bill broadens the definitions of "property" and "record" to cover a wider array of tangible and intangible assets. Additionally, it establishes provisions for funeral service contracts, indicating that property under such contracts will be deemed payable under certain conditions and presumed abandoned if there is no indication of interest from the beneficiary within one year.

The bill also 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 provided, through electronic mail. The timeframe for notifying owners about the presumption of abandonment has been adjusted to occur between July 1 and September 30 of the year the presumption takes effect. Furthermore, the bill clarifies that holders transferring abandoned property to a bonded or insured third party will not be liable for claims related to that property, and it outlines new provisions for the Treasurer regarding the reporting and management of unclaimed property, including the ability to exempt low-value property from remittance. Overall, these changes aim to enhance the management of unclaimed property and protect the rights of owners and beneficiaries.

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