SB 215 — AN ACT CONCERNING THE PRESUMPTION OF ABANDONMENT OF CERTAIN PROPERTY HELD OR OWING BY A BANKING ORGANIZATION.

Senate General Assembly RaisedFile Bill No.

215119 February Session, 2026 LCOSubstitute Senate Bill No.

1051215 ReferredSenate, toMarch 23, 2026 The Committee on BANKINGBanking Introducedreported by:through SEN.

(BA)MILLER ANof ACTthe CONCERNING27th THEDist., PRESUMPTIONChairperson OFof ABANDONMENTthe OFCommittee CERTAINon PROPERTYthe HELDpart ORof OWINGthe BYSenate, Athat BANKINGthe ORGANIZATION.substitute bill ought to pass.

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

(A) (i) Increased or decreased the amount of the deposit or the amount of any other demand or savings deposit contained in any of theowner'saccountswiththebankingorganization,or(ii)presentedthe passbooksSB215 or/ otherFile similar evidence of the deposit, or any other demand or savings deposit contained in any of the owner's accounts with the LCO No.

1051119 1 ofsSB215 4File RaisedNo. Bill No.215 banking organization, for the crediting of interest;

119 passbook or other similar evidence of the deposit, or of any other demand or savings deposit contained in any of the owner's accounts with the banking organization, for the crediting of interest;

or (C) otherwise indicated an interest in the deposit as evidenced by (i) a memorandum on file with the banking organization, or[or] (ii) the fact that the Internal Revenue Service Form 1099 sent from the banking organization to the owner is not returned to the banking organization by the United States Postal Service.Service, or (iii) the owner making a payment to the banking organization for the principal or interest due on a loan made by the banking organization to the owner.

(2) Any matured time deposit made in this state with a banking organization, together with any interest or dividend thereon, excluding any charges that lawfully may be withheld, unless, within three years or, if the terms of the deposit account contract provide that the time deposit will be renewed unless the banking institution[institution] organization receives instructionstothecontraryfromtheowner,withinthreeyearsplussuchinstructions to the contrary from the owner, within three years plus such additional time as is necessary to allow the renewed time deposit to reach maturity, the owner has:

or (B) corresponded in writing with the financial organization concerning thesSB215 investment/ orFile deposit;No.

or119 (C)2 otherwisesSB215 indicatedFile an interest in the funds as evidenced by (i) a memorandum on file with the financial organization, or (ii) the fact that the Internal Revenue Service Form 1099 LCO No.

1051119 2the ofinvestment 4or Raiseddeposit; Bill No.

215or (C) otherwise indicated an interest in the funds as evidenced by (i) a memorandum on file with the financial organization, or (ii) the fact that the Internal Revenue Service Form 1099 sent from the financial organization to the owner is not returned to the financial organization by the United States Postal Service.

Section 1 October 1, 2026 3-57a(a) StatementBA ofJoint Purpose:Favorable Subst.

TosSB215 establish/ certainFile exceptionsNo. to the presumption that demand or savings deposits made with banking organizations are presumed abandoned.

LCO119 3 sSB215 File No.

1051119 3The offollowing 4Fiscal RaisedImpact Statement and Bill No.Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

215In [Proposedgeneral, deletionsfiscal impacts are enclosedbased inupon brackets.a variety of informational sources, including the analyst’s professional knowledge.

ProposedWhenever additionsapplicable, areagency indicateddata byis underline,consulted exceptas thatpart whenof the entireanalysis, texthowever offinal aproducts billdo ornot resolutionnecessarily orreflect aan sectionassessment offrom aany billspecific ordepartment. resolution is new, it is not underlined.] LCO No.

1051OFA 4Fiscal ofNote 4State Impact:

Agency Affected Fund-Effect FY 27 $ FY 28 $ Resources of the General Fund GF - Revenue See Below See Below Loss Note:

GF=General Fund Municipal Impact:

None Explanation The bill prevents bank accounts from being presumed abandoned if the customer has an activity within another account or loan held at the banking organization.

This results in a revenue loss to the state, beginning in FY 27, to the extent that these accounts remain with the banking organization rather than being transferred to the state as unclaimed property .

1 The Out Years The annualized ongoing fiscal impact identified above would continue into the future subject to the value of the accounts that would no longer be considered inactive and therefore remain with banking organizations.

1The Office of the State Treasurer reported that $34.5 million in revenue was received from inactive accounts in 2025.

sSB215 / File No.

119 4 sSB215 File No.

119 OLR Bill Analysis sSB 215 AN ACT CONCERNING THE PRESUMPTION OF ABANDONMENT OF CERTAIN PROPERTY HELD OR OWING BY A BANKING ORGANIZATION.

SUMMARY This bill changes the criteria under which inactive checking and savings accounts held by banks doing business in Connecticut are presumed abandoned and turned over (escheated) to the state.

By law, an account escheats to the state after three years of inactivity unless the owner has taken certain actions to show his or her interest in the account, including depositing or withdrawing money from it or presenting the account’s passbook or similar evidence of the account.

The bill expands these actions to also include:

1.

depositing to or withdrawing fromany other checking or savings account the owner has with the bank, 2.

presenting the account’s passbook or similar evidence for any of these other accounts, and 3.

making a principal or interest payment on a loan with the bank.

By law, unchanged by the bill, the owner may also show interest in the account through (1) written correspondence with the bank about the account, (2) a memorandum on file at the bank, or (3) the fact that the IRS Form 1099 the bank sends to the owner is not returned to the bank by the U.S.

Postal Service.

By law and under the bill, these same criteria apply to checking and savingsaccountsheldaspartofanindividualretirementaccount orself- employed retirement plan.