Bill > SB00488

This bill enacts revisions to Connecticut's unclaimed property program and the Second Injury Fund, based on recommendations from the Treasurer, with most changes taking effect on July 1, 2026. Key provisions include clarifying what constitutes an "apparent owner" and "indicated an interest" in unclaimed property, expanding the definition of when an insurance policy is considered matured or terminated for unclaimed funds, and updating the conditions under which funeral service contracts are considered abandoned. The bill also modifies procedures for holders to notify owners of presumed abandoned property, allows for early reporting of unclaimed property to the Treasurer under certain circumstances, and strengthens protections for personal information of owners held by the Treasurer. Additionally, it revises rules regarding agreements to locate unclaimed property, including disclosure requirements and fee limitations, and clarifies how the Second Injury Fund operates and handles claims, particularly concerning concurrent employment and insolvent insurers. Finally, it amends the process for selling articles with unpaid repair charges, ensuring any remaining proceeds are presumed abandoned and paid to the Treasurer.

Government Affairs

Government Administration and Elections Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00488&which_year=2026