Senate Bill No. 215 amends the criteria for determining when certain property held by banking organizations is presumed abandoned. Under current law, an account is considered abandoned after three years of inactivity unless the owner has taken specific actions to demonstrate interest in the account. The bill expands these actions to include not only deposits or withdrawals from the specific account in question but also any activity related to other accounts held by the owner with the same banking organization, such as making a payment on a loan. Additionally, the bill allows for the presentation of passbooks or similar evidence for any of the owner's accounts as a means of showing interest.

The bill also modifies the language regarding the presumption of abandonment for matured time deposits and other financial instruments, ensuring that the criteria for demonstrating interest remain consistent across various types of accounts. Notably, it removes the requirement that the Internal Revenue Service Form 1099 sent to the owner must not be returned to the banking organization as a condition for showing interest. The changes are set to take effect on October 1, 2026, and are expected to result in a revenue loss for the state as fewer accounts will be classified as abandoned and subsequently escheated to the state.