Raised Bill No. 488 seeks to implement the Treasurer's recommendations for revising the unclaimed property program and the Second Injury Fund, introducing significant changes to existing definitions and terms in Section 3-56a of the 2026 supplement to the general statutes. Key amendments include an expanded definition of "apparent owner" to encompass agents or representatives while excluding the holder acting as the owner's agent, and a new definition for "indicated an interest," which specifies actions that demonstrate an owner's knowledge of their property. The bill also clarifies the term "property" to include both realty and personalty, such as virtual currency, while making several deletions and substitutions to existing definitions, including "insurance company" and "last-known address." These changes aim to enhance clarity and effectiveness in managing unclaimed property and ensuring rightful ownership.

Additionally, the bill modifies the responsibilities of holders of unclaimed property, requiring them to notify owners of potential abandonment and maintain accurate records for at least ten years. It establishes new requirements for agreements related to locating unclaimed property, mandates direct payments for claims under $500 without formal documentation, and allows for the handling of military medals that have escheated. The bill also revises lien rights for service providers and modifies workers' compensation calculations, particularly for minors, while repealing the requirement for the State Treasurer to maintain separate accounts for the Second Injury Fund. These revisions are set to take effect on July 1, 2026, reflecting a commitment to improving the management of unclaimed property and injury compensation programs.

Statutes affected:
Raised Bill: 3-58a, 49-60