AN ACT CONCERNING THE PRESUMPTION OF ABANDONMENT OF CERTAIN PROPERTY HELD OR OWING BY A BANKING ORGANIZATION.

Summary

The bill establishes that demand or savings deposits, time deposits, investment funds, outstanding checks, and safe‑deposit‑box contents are presumed abandoned unless the owner takes specific actions within three years (five years for safe‑deposit boxes). It applies to banking and financial organizations and their customers in Connecticut. The goal is to give banks clearer authority to treat unclaimed property as abandoned.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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