Title 3 — Title 3: State Elective Officers

Sec. 3-36e. Exemption from taxation. Disbursements from the trust shall be exempt from all taxation by the state and all political subdivisions of the state. (P.A. 21-111, S. 107; P.A. 23-204, S. 152.) History: P.A. 21-111 effective July 1, 2021; P.A. 23-204 replaced “The propert…

Sec. 3-36f. Moneys invested in trust not considered assets or income. (a) Notwithstanding any provision of the general statutes, to the extent permitted by federal law no disbursements from Connecticut Baby Bond Trust shall be considered to be an asset or income for purposes of d…

Sec. 3-36g. Accounting for designated beneficiary. Claim for accounting. (a) Upon a designated beneficiary's eighteenth birthday and completion of a financial literacy requirement as prescribed by the Treasurer, such beneficiary shall become eligible to request an amount, to be u…

Sec. 3-36h. Transfer to trust upon birth of designated beneficiary. Notwithstanding any provision of the general statutes, the Department of Social Services shall, not later September 1, 2024, and not later than September first annually thereafter, inform the Treasurer of the num…

Sec. 3-36i. Bond issue. Section 3-36i is repealed, effective June 12, 2023. (P.A. 21-111, S. 111; June Sp. Sess. P.A. 21-2, S. 486; P.A. 22-118, S. 329; P.A. 23-204, S. 442.)

Sec. 3-37. Annual report of Treasurer. Monthly report of Treasurer. (a) The Treasurer shall, annually, on or before December thirty-first, submit a final audited report to the Governor and a copy of such report to the Investment Advisory Council, which shall include the following…

Sec. 3-38. Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal. (a) Prior to July 1, 2005, the Treasurer is directed to hold the fund known as the posthumous fund of Fitch's Home for the Soldiers in trust, to credit th…

Sec. 3-39. Flood Fund. Obsolete. (November, 1955, S. N3; 1959, P.A. 235, S. 1; 1961, P.A. 331.)

Sec. 3-39a. Funds to be paid state recorded as receivables. Notwithstanding or limiting the provisions of section 13a-166, the State Comptroller, with the approval of the Secretary of the Office of Policy and Management for any amount over one hundred thousand dollars, shall reco…

Sec. 3-39b. Interest earnings on funds. Any state funds invested by the Treasurer shall be for the benefit of the General Fund and all interest earned on such funds shall be credited to the General Fund unless: (1) Otherwise provided by a state statute or bond indenture, (2) a wr…

Sec. 3-39c. Interest earnings credited to certain funds and accounts. The Treasurer shall continue to provide investment earnings to any fund or account which, as of October 1, 1994, receives any such earnings. The investment earnings credited to the fund or account shall be equa…

Secs. 3-39d to 3-39i. Reserved for future use.

Sec. 3-39j. Achieving a better life experience program: Definitions. As used in this section and sections 3-39k to 3-39r, inclusive: (1) “Achieving a better life experience account” or “ABLE account” means an account established and maintained pursuant to sections 3-39k to 3-39q,…

Sec. 3-39k. Achieving a better life experience program: Establishment. Trust. Report. (a) The State Treasurer (1) shall establish a qualified ABLE program pursuant to the federal ABLE Act and sections 3-39j to 3-39q, inclusive, and (2) may contract with any state with a qualified…

Sec. 3-39l. Trust authority of the State Treasurer. The State Treasurer, on behalf of the trust and for purposes of the trust, may: (1) Receive and invest moneys in the trust in any instruments, obligations, securities or property in accordance with section 3-39m; (2) Establish c…

Sec. 3-39m. Investment of funds in the trust. Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the State Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the di…

Sec. 3-39n. Exemption from certain securities laws. Participation in the trust and the offering, sale and solicitation of opportunities to participate in the trust are exempt from sections 36b-16 and 36b-22, provided the State Treasurer has obtained written advice of counsel or w…

Sec. 3-39o. Exemption from taxation. The property of the trust and the earnings on the trust shall be exempt from taxation by the state and political subdivisions of the state. (P.A. 15-80, S. 6.)

Sec. 3-39p. State pledge for purposes of the trust. The state pledges to depositors, designated beneficiaries and any party who enters into contracts with the trust, pursuant to the provisions of sections 3-39j to 3-39q, inclusive, that the state will not limit or alter the right…

Sec. 3-39q. Compliance with requirements for trust to constitute a qualified ABLE program. The State Treasurer shall take any action necessary to ensure that the trust complies with all applicable requirements of state and federal laws, rules and regulations to the extent necessa…

Sec. 3-39r. ABLE account investments, contributions and distributions disregarded for certain programs and purposes. (a) Notwithstanding any provision of the general statutes, moneys invested in an individual ABLE account, contributions to an individual ABLE account and distribut…

Sec. 3-40. Treasurer to have care and management. The Treasurer shall have the care and management of the School Fund and the Agricultural College Fund, loan and invest the principal thereof and have the care of the income from the same; but no loans from the School Fund shall be…

Sec. 3-41. School Fund interest. On the fifteenth day of April of each year, the Treasurer shall cover the interest of the School Fund in the Treasury on the last day of February into the civil list funds of the state and shall notify the Comptroller, in writing, of the amount of…

Sec. 3-42. Rate of interest on loans from the School Fund and Agricultural College Fund. The rate of interest on all loans of the School Fund and the Agricultural College Fund in this state shall be established by the State Treasurer, payable semiannually. (1949 Rev., S. 133; 196…

Sec. 3-43. Loan expenses. Foreclosure costs. The Treasurer shall collect from the borrower of loans from the School Fund and the Agricultural College Fund all expenses incurred by him or his clerks in making examinations and appraisals of real estate required by law, and for the …

Sec. 3-44. Interest on overdue loans. When the semiannual interest due on any bond or note given for moneys loaned from the School Fund or the Agricultural College Fund remains unpaid fifteen days or more after it has become due, the Treasurer is authorized to charge interest the…

Sec. 3-45. Loans and appraisals. No loan shall be made from the School Fund or the Agricultural College Fund on a mortgage of real estate, unless the security is unencumbered and worth double the amount loaned, except that loans may be made on residential property in any case whe…

Sec. 3-46. Reappraisal of securities. The Treasurer shall cause to be examined and reappraised all the real estate securities held by him at least once in five years, and for such purpose may appoint such persons as he chooses to make such examination and reappraisal; and, when i…

Sec. 3-47. Sale of real estate. The Treasurer may sell the real estate belonging to said funds; and he may sell at private or public sale, from time to time, all or any part of the real estate belonging to the state, acquired by deed or foreclosure of mortgage for the School Fund…

Sec. 3-48. National bank stock; Treasurer attorney for state. The Treasurer is appointed as the attorney of the state, with power of substitution, to consent upon its behalf that the articles of association of any national bank, in whose stock any portion of the School Fund or Ag…

Sec. 3-49. Debtor accounts. The Treasurer shall cause all debts due to the School Fund or the Agricultural College Fund, and all other property belonging to either of them, to be registered in books kept in his office, in which shall be opened an account with each debtor, showing…

Sec. 3-50. Agents to give certified copies of bonds. The Treasurer shall require all agents having bonds of said funds in their hands for collection to give him certified copies of the same. (1949 Rev., S. 142.)

Sec. 3-51. Annual schedule of assets. The Treasurer shall, annually, before the first day of December, prepare a complete schedule of all property and securities belonging to said funds on June thirtieth preceding and also an abstract thereof; and the Auditors of Public Accounts …

Sec. 3-52. Moneys paid on account. The Treasurer shall receive all moneys paid on account of said funds and give a receipt to each debtor making payment of principal or interest and keep separate accounts of the principal and interest so received. He shall pay over the same accor…

Sec. 3-53. Exhibition of claims against estates. When any person who has mortgaged property to the state for the benefit of either of said funds dies or becomes insolvent and a time is legally limited for the exhibition of claims against his estate, the executor, administrator or…

Sec. 3-54. Mortgagor's affidavit of title. When any person mortgages any real estate to this state for the benefit of either of said funds, he shall make and lodge with the Treasurer an affidavit that he is the absolute owner thereof and that it is free of all encumbrances within…

Sec. 3-55. Waste on mortgaged premises. If any person removes or injures any building or fixture on any land mortgaged to the state for the benefit of either of said funds or cuts or carries away any wood or timber from such land, except for necessary firewood for use on the prem…

Secs. 3-55a to 3-55h. Reserved for future use. PART IIa MASHANTUCKET PEQUOT AND MOHEGAN FUND

Sec. 3-55i. Mashantucket Pequot and Mohegan Fund. There is established the “Mashantucket Pequot and Mohegan Fund” which shall be a separate nonlapsing fund. All funds received by the state of Connecticut from the Mashantucket Pequot Tribe pursuant to the joint memorandum of under…

Sec. 3-55j. Payments from fund. (a) Twenty million dollars of the moneys available in the Mashantucket Pequot and Mohegan Fund established pursuant to section 3-55i shall be paid to municipalities eligible for a state grant in lieu of taxes pursuant to subsection (b) of section 1…

Sec. 3-55k. Municipality defined. As used in sections 3-55i and 3-55j, “municipality” means any town, consolidated town and city or consolidated town and borough. (May Sp. Sess. P.A. 94-1, S. 34, 53.) History: May Sp. Sess. P.A. 94-1 effective July 1, 1994.

Sec. 3-55l. Additional payments from fund to Ledyard, Montville, Norwich, North Stonington and Preston. (a) For the fiscal year ending June 30, 2006, the municipalities of Ledyard, Montville, Norwich, North Stonington and Preston shall each receive a grant of two hundred fifty th…

Sec. 3-55m. Additional payments from fund to certain member municipalities of Southeastern, Northeastern and Windham Area Councils of Governments. For the fiscal year ending June 30, 2008, and each fiscal year thereafter, one million six hundred thousand dollars of the appropriat…

Sec. 3-55n. Payments from fund to tribes. Notwithstanding the provisions of sections 3-55i and 3-55j and in addition to any payments made to towns from the Mashantucket Pequot and Mohegan Fund during the fiscal year ending June 30, 2024, for the fiscal year ending June 30, 2024, …

Sec. 3-56. Definitions. Section 3-56 is repealed. (1949 Rev., S. 148; 1949, S. 41d; 1961, P.A. 540, S. 31.)

Sec. 3-56a. Definitions. As used in this part, unless the context otherwise requires: (1) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to the property held, issued or owing by the holder; (2) “Banking organization” means…

Sec. 3-57. Escheat of property unclaimed or unused for seven years. Section 3-57 is repealed. (1949 Rev., S. 149; September, 1957, P.A. 11, S. 3; 1961, P.A. 540, S. 31.)

Sec. 3-57a. Property held by banking or financial organization presumed abandoned, when. (a) The following property held or owing by a banking or financial organization is presumed abandoned unless the owner thereof is known to be living by an officer of such organization: (1) An…

Sec. 3-57b. Virtual currency held by a business association or banking or financial organization presumed abandoned. Any virtual currency held by a business association, banking organization or financial organization that facilitates the purchase, storage or transfer of virtual c…

Sec. 3-58. Sale of escheated property. Section 3-58 is repealed. (1949 Rev., S. 150; 1961, P.A. 540, S. 31.)