All Roll Calls
Yes: 202 • No: 0
ConnecticutSB 014342025 Regular SessionSenateWALLET
AN ACT IMPLEMENTING THE TREASURER'S RECOMMENDATIONS FOR REVISIONS CONCERNING UNCLAIMED PROPERTY.
Sponsored By: Government Administration and Elections Committee
Signed by Governor
Summary
To make revisions to provisions concerning unclaimed property, including providing when funeral service contracts are deemed abandoned, redefining "last-known address", creating a process to escheat property solely owned by a state agency, authorize a process to donate approved claims for charitable purposes and require notification for properties valued at fifty dollars or more.
government administration and elections
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 1 benefits, 1 costs, 5 mixed.
Owners get notices about unclaimed property
Beginning July 1, 2025, holders must take reasonable steps to prevent abandonment and notify owners between July 1 and September 30. First-class mail is required when an owner's property totals at least $50 and the address allows delivery. Email notice is required when the owner consented to required notices by email, regardless of value; holders may also email without consent. Notices explain that owners must show interest to prevent transfer to the Treasurer. The Treasurer must send claim instructions for property worth at least $50 reported or transferred during the prior calendar year. That duty requires a usable Connecticut mailing address or valid email and excludes people receiving or due certain separate Treasurer payments. A location clue identifying a state now counts as a last-known address, but does not necessarily qualify for mailed notice.
State offices' unclaimed funds become state property
Beginning July 1, 2025, the Treasurer may report abandoned property owned solely by specified state offices or executive departments to the Office of Policy and Management. Covered offices include the Secretary of the State, Comptroller, Attorney General, and Treasurer. Unless the management office directs otherwise, the property becomes state property three months after that report. It then leaves the unclaimed-property system; this rule does not cover household-owned property.
New abandonment rules for funeral funds
The law covers property under funeral service contracts entered into or in effect on or after July 1, 2025. Funds become payable at the earliest of three triggers: death notification for an escrow-backed contract, the beneficiary reaching 110, or 75 years after signing. The funds become presumed abandoned unless the beneficiary or purchaser shows interest within one year. The purchaser counts as the owner, while the bank, insurer, escrow agent, or other custodian remains the responsible holder. By March 1 annually, holders must obtain funeral establishments' lists of contracts at least 75 years old with death notification or beneficiaries aged 110. Holders must reasonably seek current mailing addresses when required annual statements were undeliverable during the prior year.
Owners can choose to donate claims
Beginning July 1, 2025, the Treasurer has authority to create an unclaimed-property donation program; the law does not require one. If established, owners can donate their entire approved claim to one or more listed state accounts. Eligible accounts support organ transplants, AIDS research and education, wildlife and natural areas, breast cancer research, and safety-net services. They also include Connecticut Baby Bonds, mental health community investment, and military relief. The choice cannot be reversed, and the donation counts as full payment of the claim.
Virtual currency enters unclaimed property system
Beginning July 1, 2025, virtual currency expressly counts as property under Connecticut's unclaimed-property law. Owners gain access to the state's claims process, but their currency also becomes subject to abandonment and transfer rules. Notices may warn that virtual currency can be sold and that owners may recover only the sale proceeds.
New transfer rules for unclaimed property
Beginning July 1, 2025, holders must report and deliver abandoned property by March 31 after the year abandonment is presumed. Certain physical items instead must be sold, with net proceeds sent within 30 days after the report is filed. Holders can deduct storage, appraisal, advertising, sales commissions, and costs owed under contracts; outside storage or sales firms need insurance or a bond. Military medals cannot be sold and must go to the Department of Veterans Affairs under procedures agreed with the Treasurer. The Treasurer may refuse property whose notice or sale costs exceed its value, or delay acceptance until enough accumulates. Holders may dispose of property exempted from sale or transfer without liability for claims arising from that disposal. Sale notices may warn that safe-deposit box owners can recover only sale proceeds, and owners generally receive no interest after transfer to the Treasurer unless another law provides it.
Stronger records and unclaimed property enforcement
Beginning July 1, 2025, holders must generally keep unclaimed-property records for at least 10 years after filing or the reporting deadline. This includes records supporting ownership rights and decisions not to report items; the Treasurer may allow a shorter period. Reports must include owner details, property descriptions, payment and transaction dates, and prior holders; the Treasurer keeps reports permanently. The Treasurer can demand records, question people under oath, and seek court enforcement; records showing an instrument was issued place the burden on holders to prove payment or another defense. To help find owners or heirs, the Treasurer may publicly release owner information other than Social Security numbers.
Sponsors & Cosponsors
Sponsor
Government Administration and Elections Committee
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 3/12/2025
House Roll Call Vote 274 AS AMENDED
Yes: 148 • No: 0
Senate vote • 3/12/2025
Senate Roll Call Vote 139
Yes: 35 • No: 0
Senate vote • 3/12/2025
GAE Vote Tally Sheet (Joint Favorable Substitute)
Yes: 19 • No: 0
Actions Timeline
Signed by the Governor
6/23/2025legislatureTransmitted by Secretary of the State to Governor
6/16/2025legislatureTransmitted to the Secretary of State
6/16/2025legislaturePublic Act 25-81
6/10/2025legislatureIn Concurrence
6/2/2025legislatureHouse Passed as Amended by Senate Amendment Schedule A
6/2/2025HouseHouse Adopted Senate Amendment Schedule A
6/2/2025HouseHouse Calendar Number 573
5/9/2025HouseFavorable Report, Tabled for the Calendar, House
5/9/2025HouseSenate Passed as Amended by Senate Amendment Schedule A
5/8/2025SenateSenate Adopted Senate Amendment Schedule A 7967
5/8/2025SenateFile Number 340
3/31/2025legislatureSenate Calendar Number 214
3/31/2025SenateFavorable Report, Tabled for the Calendar, Senate
3/31/2025SenateReported Out of Legislative Commissioners' Office
3/31/2025legislatureReferred to Office of Legislative Research and Office of Fiscal Analysis 03/31/25 12:00 PM
3/24/2025legislatureFiled with Legislative Commissioners' Office
3/13/2025legislatureJoint Favorable Substitute
3/12/2025legislaturePublic Hearing 03/07
3/3/2025legislatureReferred to Joint Committee on Government Administration and Elections
2/28/2025legislature
Bill Text
Public Act No. 25-81
6/10/2025
File No. 340
3/31/2025
GAE Joint Favorable Substitute
3/12/2025
Raised Bill
2/28/2025
Bill Analysis For File Copy 340
Bill Analysis for SB-1434, as amended by Senate "A"
Fiscal Note For File Copy 340
Fiscal Note for Amendment LCO 7967 (No Fiscal Impact)
Fiscal Note for SB-1434, As Amended by Senate "A" (LCO 7967)
GAE Joint Fav. Rpt
GAE Vote Tally Sheet (Joint Favorable Substitute)
House Roll Call Vote 274 AS AMENDED
Senate Roll Call Vote 139
Senate Schedule A LCO# 7967 (D)
Summary for Public Act No. 25-81
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