Bill > SB01434

This bill makes several revisions to Connecticut's unclaimed property laws. It redefines key terms like "last-known address" to be more flexible, allowing identification of an owner's location even if the address isn't sufficient for mail delivery. The bill introduces new provisions for funeral service contracts, establishing when such contracts are considered abandoned, such as when a beneficiary dies, reaches 110 years old, or 75 years after the contract's execution. The legislation also creates a process for state agencies to escheat (transfer ownership of) property they solely own, and establishes a voluntary donation program allowing property owners to redirect their unclaimed property claims to specific charitable causes, including funds for organ transplant research, AIDS research, endangered species preservation, breast cancer research, mental health services, and military relief. Additionally, the bill requires holders of unclaimed property to provide notification via first-class mail and email (with owner consent) for properties valued at $50 or more, and mandates that holders retain records for at least ten years to verify their reporting obligations. These changes aim to modernize the state's approach to managing unclaimed property, improve communication with potential property owners, and provide more flexible options for handling such assets.

Government Affairs

Government Administration and Elections Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01434&which_year=2025