Bill > SB00215

This bill, effective October 1, 2026, amends existing law to create new exceptions to the rule that certain money held by banks and financial organizations is considered abandoned if the owner hasn't interacted with it for a set period. Specifically, for demand or savings deposits, the property will no longer be presumed abandoned if the owner has either increased or decreased the amount in any of their accounts with the bank, or presented a passbook or similar item for interest crediting, or if the bank's attempt to send a tax form (Internal Revenue Service Form 1099) to the owner was unsuccessful because it was returned by the postal service, indicating the owner is likely still reachable. These changes aim to prevent funds from being turned over to the state when there's evidence the account holder is still active or can be located.

Business and Industry

Banking Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00215&which_year=2026