Substitute Senate Bill No. 1434, also known as Public Act No. 25-81, revises the laws governing unclaimed property, with an effective date of July 1, 2025. The bill repeals Section 3-56a and introduces new definitions, including "funeral service contract" and a broadened definition of "last-known address." It also updates terms related to unclaimed property, such as "holder," "insurance company," and "virtual currency," while removing outdated language. The bill establishes guidelines for property under funeral service contracts, stipulating that such property is considered payable upon certain conditions and is presumed abandoned if there is no indication of interest from the beneficiary within one year.

Additionally, the bill mandates that holders of unclaimed property make reasonable efforts to ascertain the current mailing address of property owners and requires them to report unclaimed property to the Treasurer by March 31 of the year following presumed abandonment. It modifies the notification process for presumed abandonment, changing the timeline and requiring notifications to be sent via both first-class and electronic mail. The bill also clarifies the responsibilities of the Treasurer, including the authority to examine records for compliance and the ability to report escheated property to the Office of Policy and Management. Furthermore, it allows for the donation of claims to charitable causes and outlines the handling of military medals presumed abandoned. Overall, these changes aim to enhance the management of unclaimed property and improve beneficiary notification and protection.

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