Bill > SB00512

This bill proposes several revisions to the state's unclaimed property laws, focusing on improving the process for returning lost or forgotten assets to their rightful owners. Specifically, the bill establishes a minimum threshold for automatic payments to property owners, expands eligibility for these payments to include businesses and nonprofit organizations, and requires the State Treasurer to include the exact value of unclaimed property in the published list. The bill also introduces a "preponderance of the evidence" standard for proving ownership of unclaimed property, which means that claimants must provide evidence that is more likely than not to demonstrate their ownership. Additionally, the bill mandates that the State Treasurer make automatic payments to municipalities for unclaimed property at least once per year. A notable provision allows registered nonprofit organizations to be granted ownership of unclaimed property that was originally owned by a branch or chapter of their organization, under certain specified conditions. These changes aim to streamline the unclaimed property process, make it more transparent, and ensure that assets are more efficiently returned to or claimed by their owners or related entities.

Government Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00512&which_year=2025