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SB 1434 Connecticut Senate · 2025 Regular Session

AN ACT IMPLEMENTING THE TREASURER'S RECOMMENDATIONS FOR REVISIONS CONCERNING UNCLAIMED PROPERTY.

SB 1434 implements the Treasurer's recommended changes to state unclaimed property laws. It affects individuals or entities with unclaimed assets (like forgotten bank accounts or stocks) held by the state. The bill updates procedures for identifying, returning, and managing these unclaimed properties. This law became effective on June 23, 2025, after being signed by the Governor (Public Act 25-81).
Bill status signed all 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
Senate Passage
May 2025
House Passage
Jun 2025
Signed into Law
Jun 2025
Introduced Feb 28, 2025 Signed Jun 23, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Raised Bill → GAE Joint Favorable Substitute · 5 edits
MODERATE
This bill was converted from a regular raised bill to a substitute bill, indicating it has been amended and is now in a joint favorable version. The most significant substantive change involves modifying the timeline for when funeral service contract funds become payable or distributable. The waiting period before funds are considered abandoned was shortened from 50 years to 75 years, and the trigger for when funds become payable was simplified to focus on when the holder receives death notification and services are not provided.
Scope change
The bill's scope remains focused on funeral service contracts and property held pursuant to them, but the timeline for when these funds become payable or distributable has been extended from 50 years to 75 years after contract execution.
TIMELINE

Extended the period after which a funeral service contract is considered payable or distributable from 50 years to 75 years after the contract was executed.

REQUIREMENT

Simplified the criteria for when funds become payable by removing the requirement that the establishment must have received notification of death and then failed to provide services, instead focusing on when the holder receives notification and services have not been provided.

DEFINITION

Added 'virtual currency' to the definition of property and expanded the definition of business association to include more entity types like mutual funds, utilities, and other business entities.

Added a comma in the definition of 'Mineral' to clarify the list of substances included.

Added 'intangible' to the definition of property and explicitly included virtual currency.

Floor votes · Senate May 8, 2025 · House Jun 2, 2025

How they voted

35–0
Passed · 1 other
Total votes 36
May 8, 2025
D Democratic25
24 Yea 1
96% Yea
R Republican11
11 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
20
Key actions
6
Committee
2
Amendments
2
Jun 23, 2025
Signed into law
SIGNED BY GOVERNOR
upper
Jun 2, 2025
Lower · Passed
HOUSE PASSED, SEN. AMEND. SCH. A
lower
Jun 2, 2025
Lower · Passed
HOUSE ADOPTED SEN. AMEND. SCH. A
lower
May 8, 2025
Upper · Passed
SEN. PASSED, SEN. AMEND. SCH. A
upper
May 8, 2025
Upper · Passed
SEN. ADOPTED SEN. AMEND. SCH. A
upper
Mar 12, 2025
Upper · Passed
Joint Favorable Substitute
upper
Feb 28, 2025
Committee
REF. TO JOINT COMM. ON Government Administration and Elections
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.