The General Assembly Raised Bill No. 215 aims to modify the presumption of abandonment for certain types of property held by banking organizations. The bill proposes to repeal and replace subsection (a) of section 3-57a of the general statutes, effective October 1, 2026. The new language specifies that demand or savings deposits, matured time deposits, funds for shares in financial organizations, certified checks, and personal property in safe deposit boxes are presumed abandoned unless the owner has taken specific actions within three years. These actions include increasing or decreasing the deposit amount, corresponding with the banking organization, or indicating interest in the deposit through various means, such as IRS Form 1099 not being returned.

Additionally, the bill introduces new provisions that clarify the conditions under which these properties are considered abandoned. For instance, it specifies that for matured time deposits, if the deposit account contract states that the deposit will renew automatically, the owner has three years plus any additional time necessary for the renewed deposit to reach maturity to take action. The bill also emphasizes the importance of written correspondence and other forms of communication with the banking organization as indicators of the owner's interest in their property. Overall, the bill seeks to provide clearer guidelines and exceptions to the presumption of abandonment for property held by banking organizations.