Substitute Senate Bill No. 488, also known as Public Act No. 26-94, revises the unclaimed property program and the Second Injury Fund in Connecticut. The bill expands the definition of "apparent owner" to include agents or representatives while excluding the holder acting as the owner's agent. It also clarifies what constitutes "indicating an interest" in property, detailing actions that demonstrate an owner's awareness. Key terminology updates include the redefinition of "Property" to explicitly include virtual currency and modifications to the definitions of "insurance company," "last-known address," and "owner." The bill mandates that holders of unclaimed property notify owners and report unclaimed property to the Treasurer, while allowing for early reporting under certain conditions.

Additionally, the bill introduces new provisions regarding the handling of escheated property, including the ability for property owners to donate claims to charity and updates to the lien rights of jewelers and service dealers. It establishes a streamlined process for claims related to the Second Injury Fund, including limitations on retroactive benefits and requirements for notifying the custodian of third-party claims. The bill repeals certain existing provisions and replaces them with updated language to enhance clarity and compliance, ensuring that the management of unclaimed property and the Second Injury Fund aligns with current practices and legal standards.

Statutes affected:
Raised Bill: 3-58a, 49-60
GAE Joint Favorable Substitute: 3-58a, 49-60
File No. 580: 3-58a, 49-60
Public Act No. 26-94: 3-58a, 49-60