SB 488 — AN ACT IMPLEMENTING THE TREASURER'S RECOMMENDATIONS FOR REVISIONS TO THE UNCLAIMED PROPERTY PROGRAM AND SECOND INJURY FUND.

488 known physical and electronic mail address, if any, and last-known telephone number, if any, of each person appearing to be the owner of such property;

Any such request shall include an affidavit by a duly sSB488authorized /officer Fileof No.the holder describing the efforts made to provide notice to the rightful owner, affirming that such notice was completed at least six months prior to the date of the affidavit, and that the holder has not received a communication from the owner that indicated an interest in such property.

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580 authorized officer of the holder describing the efforts made to provide notice to the rightful owner, affirming that such notice was completed at least six months prior to the date of the affidavit, and that the holder has not received a communication from the owner that indicated an interest in such property.

[(d)] (e) (1) The Treasurer shall keep a permanent record of all reports submittedPublic toAct theNo. Treasurer pursuant to this section.

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488 submitted to the Treasurer pursuant to this section.

[(g)] (h) The Treasurer, or any officer or agency designated by the sSB488Treasurer, /may Fileexamine No.any person on oath or affirmation, or the records of any person or any agent of the person including, but not limited to, a dividenddisbursement agent ortransfer agentofabusiness association, banking organization or insurance company that is the holder of property presumed abandoned to determine whether the person or agent has complied with this part.The Treasurer may conduct the examination even if the person or agent believes the person or agent is not in possession of any property that must be paid, delivered or reported under this part.

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580 Treasurer, may examine any person on oath or affirmation, or the records of any person or any agent of the person including, but not limited to, a dividenddisbursement agent ortransfer agentofabusiness association, banking organization or insurance company that is the holder of property presumed abandoned to determine whether the person or agent has complied with this part.The Treasurer may conduct the examination even if the person or agent believes the person or agent is not in possession of any property that must be paid, delivered or reported under this part.

[(h)](i)APublic recordoftheissuanceAct ofacheck,draftNo. orsimilar instrument is prima facie evidence of the obligation represented by the check, draft or similar instrument.

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488 [(h)](i)A recordoftheissuance ofacheck,draft orsimilar instrument is prima facie evidence of the obligation represented by the check, draft or similar instrument.

A holder of tangible, personal property may contract with a third party to store and sell such property and to pay the proceeds arising from such sale, excluding any charges that may be lawfully withheld, to the Treasurer, provided the third party holds a surety bond or other form of insurance sSB488coverage /with Filerespect No.to such activities.

580Any 9holder sSB488who Filesells property pursuant to subsection (a) of section 3-57a or section 3-57b and remits the excess proceeds to the Treasurer or who transmits tangible, personal property to a bonded or insured third party for such purposes, shall not be responsible for any claims related to the sale or transmission of the propertyorproceedsto theTreasurer.IftheTreasurerexemptsanysuch property from being remitted or sold pursuant to this subsection, whether by regulations or guidelines, the holder of such property may Public Act No.

58026-94 coverage10 withof respect21 toSubstitute suchSenate activities.Bill No.

Any488 holder who sells property pursuant to subsection (a) of section 3-57a or section 3-57b and remits the excess proceeds to the Treasurer or who transmits tangible, personal property to a bonded or insured third party for such purposes, shall not be responsible for any claims related to the sale or transmission of the propertyorproceedsto theTreasurer.IftheTreasurerexemptsanysuch property from being remitted or sold pursuant to this subsection, whether by regulations or guidelines, the holder of such property may dispose of such property in any manner such holder deems appropriate and such holder shall not be responsible for any claims related to the disposition of such property or any claims to the property itself.

(NEW) (d) ExceptPersonal asinformation otherwiseof providedowners contained in the records of the Treasurer, including those derived from holder reports and records not published on the searchable list required under this chapter,section, personalshall informationbe ofexempt ownersfrom containeddisclosure inunder the recordsFreedom of theInformation Treasurer,Act, sSB488as /defined Filein No.section 1-200.

580Nothing 10in sSB488this Filesection prohibits disclosure of such personal information for purposes directly connected with the administrationofthischapter by theTreasurer or theTreasurer'sagents, including disclosure to other government officials while using Public Act No.

58026-94 including11 those derived from holder reports and records, shall not be disclosed or made available for public inspection under the Freedom of Information21 Act,Substitute asSenate definedBill inNo. section 1-200, and shall only be disclosed for purposes directly connected with the administration of this chapter by the Treasurer or the Treasurer's agents.

488 appropriate confidentiality protections.

(c) (1) (A) No agreement entered into prior to January 1, 2023, to sSB488locate /property Fileshall No.be valid if:

580(i) 11Such sSB488agreement Fileis entered into (I) Public Act No.

58026-94 locate12 propertyof shall21 beSubstitute validSenate if:Bill No.

(i)488 Such agreement is entered into (I) within two years after the date a report of unclaimed property is required to be filed under section 3-65a, as amended by this act, or (II) between the date such a report is required to be filed under said section and the date it is filed under said section, whichever period is longer;

(B) In addition to the requirements set forth in subparagraph (B) of subdivision (1) of this subsection, an agreement entered into on or after January 1, 2025, to locate property shall be valid only if such agreement is in writing, is signed by the owner and clearly and conspicuously disclosesPublic (i)Act the nature and value of the property, (ii) the owner's share sSB488 / File No.

58026-94 1213 sSB488of File21 Substitute Senate Bill No.

580488 discloses (i) the nature and value of the property, (ii) the owner's share after the fee or compensation has been subtracted from such value, and (iii) that the owner may file a claim directly with the Treasurer at no cost and the method through which such claim may be filed.

(e)Public InAct the case of any claim allowed under this section for property, funds or money delivered to the Treasurer pursuant to subdivision (1) or (2) of subsection (a) of section 3-57a, the Treasurer shall pay such sSB488 / File No.

58026-94 1314 sSB488of File21 Substitute Senate Bill No.

580488 (e) In the case of any claim allowed under this section for property, funds or money delivered to the Treasurer pursuant to subdivision (1) or (2) of subsection (a) of section 3-57a, the Treasurer shall pay such claim with interest as follows:

(f) Notwithstanding the provisions of subsection (a) of this section, where the amount of a property reported or transferred to the Treasurer under this part is at least tenfifty dollars and less than two thousand five hundred dollars, the Treasurer shall pay such amount to an individual iftheTreasurerhasdetermined(1)thatsuchindividualisthesoleowner of such property, and (2) to the Treasurer's satisfaction, the current address of such individual.

Such affidavit shall be in a form prescribed by the Treasurer and shall include, at a minimum, (A) the claimant's affirmation that the claimant is the sole heir, or (B) attestation from all of the other heirs with aPublic validAct claimNo. to the property confirming the rightful distribution of the property under the law.

(2)26-94 If15 a fiduciary of a21 decedentSubstitute estateSenate hasBill been appointed by a Probate Court, but the decedent's estate was closed more than one year prior to the discovery of the relevant unclaimed property, upon a claimant's sSB488 / File No.

580488 14a sSB488valid Fileclaim No.to the property confirming the rightful distribution of the property under the law.

580(2) If a fiduciary of a decedent estate has been appointed by a Probate Court, but the decedent's estate was closed more than one year prior to the discovery of the relevant unclaimed property, upon a claimant's furnishing of a certified claim and a sworn affidavit under penalty of perjury showing entitlement to such property.

[(h)] (i) Notwithstanding the provisions of subsection (a) of this section, where the sole owner of the abandoned property is reported as the office of the Secretary of the State, State Comptroller, Attorney General or State Treasurer or a department within the executive branch, asPublic listedAct inNo. section 4-38c, the Treasurer may submit a report to the Office of Policy and Management identifying the value of each property escheated and the applicable office or department that is the reported owner.

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488 as listed in section 4-38c, the Treasurer may submit a report to the Office of Policy and Management identifying the value of each property escheated and the applicable office or department that is the reported owner.

sSB488[(i)] /(j) FileThe No.Treasurer may establish a programthat permitsthe owner of a claim allowed under this section for property, funds or money to donate such claim in its entirety to a charitable cause.

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580 [(i)] (j) The Treasurer may establish a programthat permitsthe owner of a claim allowed under this section for property, funds or money to donate such claim in its entirety to a charitable cause.

(a) Each jeweler, watchmaker, silversmith or television and radio service dealer who alters, repairs or does any work on any article of personal property at the request of the owner or legal possessor of the property has a lien upon and may retain the possession of the article untilPublic theAct chargesNo. for the alteration, repairing or work have been paid.

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488 until the charges for the alteration, repairing or work have been paid.

No such sale shall be held until after thirty days' notice to the owner or legal possessor has been given by registered or certified mail at his last-known address, stating sSB488the /time Fileand No.place of sale.

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580 the time and place of sale.

(a)(1) For thepurposesofthischapter,theaverage weekly wage shall bePublic ascertainedAct byNo. dividing the total wages received by the injured employee from the employer in whose service the employee is injured during the fifty-two calendar weeks immediately preceding the week during which the employee was injured, by the number of calendar weeks during which, or any portion of which, the employee was actually employed by the employer, but, in making the computation, absence for seven consecutive calendar days, although not in the same calendar week, shall be considered as absence for a calendar week.

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488 be ascertained by dividing the total wages received by the injured employee from the employer in whose service the employee is injured during the fifty-two calendar weeks immediately preceding the week during which the employee was injured, by the number of calendar weeks during which, or any portion of which, the employee was actually employed by the employer, but, in making the computation, absence for seven consecutive calendar days, although not in the same calendar week, shall be considered as absence for a calendar week.

When the period of employment immediately preceding the injury is computed to be less than a net period of two calendar weeks, the employee's weekly wage sSB488shall /be Fileconsidered No.to be equivalent to the average weekly wage prevailing in the same or similar employment in the same locality at the date of the injury except that, when the employer has agreed to pay a certain hourly wage to the employee, the hourly wage so agreed upon shall be the hourly wage for the injured employee and the employee's average weekly wage shall be computed by multiplying the hourly wage by the regular number of hours that is permitted each week in accordance with the agreement.

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580 shall be considered to be equivalent to the average weekly wage prevailing in the same or similar employment in the same locality at the date of the injury except that, when the employer has agreed to pay a certain hourly wage to the employee, the hourly wage so agreed upon shall be the hourly wage for the injured employee and the employee's average weekly wage shall be computed by multiplying the hourly wage by the regular number of hours that is permitted each week in accordance with the agreement.

When the injured employee is a trainee or apprentice receiving a subsistence allowance from the United Statesbecauseofwarservice,theallowanceshallbeaddedtotheinjured employee'sPublic actualAct earningsNo. in determining the average weekly wage.

Where26-94 the19 injured employee has worked for more than one employer as of the21 dateSubstitute ofSenate theBill injury and the average weekly wage received from the employer in whose employ the injured employee was injured, as determined under the provisions of this section, are insufficient to obtain the maximum weekly compensation rate from the employer under section 31-309, prevailing as of the date of the injury, the injured employee's average weekly wages shall be calculated upon the basis of wages earned from all such employers in the period of concurrent employment not in excess of fifty-two weeks prior to the date of the injury, but the employer in whose employ the injury occurred shall be liable for all medical and hospital costs and a portion of the compensation rate equal to seventy-five per cent of the average weekly wage paid by the employer to the injured employee, after such earnings have been reduced by any deduction for federal or state taxes, or both, and for the federal Insurance Contribution Act made from such sSB488 / File No.

580488 18employee's sSB488actual Fileearnings No.in determining the average weekly wage.

580Where the injured employee has worked for more than one employer as of the date of the injury and the average weekly wage received from the employer in whose employ the injured employee was injured, as determined under the provisions of this section, are insufficient to obtain the maximum weekly compensation rate from the employer under section 31-309, prevailing as of the date of the injury, the injured employee's average weekly wages shall be calculated upon the basis of wages earned from all such employers in the period of concurrent employment not in excess of fifty-two weeks prior to the date of the injury, but the employer in whose employ the injury occurred shall be liable for all medical and hospital costs and a portion of the compensation rate equal to seventy-five per cent of the average weekly wage paid by the employer to the injured employee, after such earnings have been reduced by any deduction for federal or state taxes, or both, and for the federal Insurance Contribution Act made from such employee's total wages received from such employer during the period of calculation of such average weekly wage, but not less than an amount equal to the minimum compensation rate prevailing as of the date of the injury.

(4) No claim for payment of retroactive benefits may be made to the Second Injury Fund more than two years from the date on which the employer or its insurer paid such benefits in accordance with this subsection,Public butAct inNo. no event shall such claim for payment of retroactive benefits cover a period exceeding three years.

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488 subsection, but in no event shall such claim for payment of retroactive benefits cover a period exceeding three years.

The operating account shall cover the costs sSB488and /expenses Fileto No.the state of operating the Second Injury Fund.

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580 and expenses to the state of operating the Second Injury Fund.

ThisGovernor's actAction: shall take effect as follows and shall amend the following sections:

SectionApproved 1June July4, 1, 2026 3-56aPublic Sec.Act No.

226-94 July21 1,of 202621 3-58a Sec.

3 July 1, 2026 3-61b(c) Sec.

4 July 1, 2026 3-65a Sec.

5 July 1, 2026 3-66a(d) July 1, 2026 Sec.

6 3-70a Sec.

7 July 1, 2026 49-60 Sec.

8 July 1, 2026 31-310(a) Sec.

9 July 1, 2026 31-354(b) Statement of Legislative Commissioners:

In Section 1(8)(C), "by the apparent owner" was added for clarity, and in Section 1(8)(E), "that is the holder or an agent of the holder of the account in which the property is held by the apparent owner" was added for clarity.

GAE Joint Favorable Substitute sSB488 / File No.

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580 The following Fiscal Impact Statement and Bill 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.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

See Below Municipal Impact:

None Explanation The bill makes various revisions to unclaimed property laws and the Second Injury Fund resulting in the fiscal impact described below.

Section 1 outlines certain actions that show apparent owners are aware of their property.

To the extent this results in property no longer being considered abandoned and therefore escheatable to the state, there isa potentialrevenue lossto thestate that dependsontheamounts of such property.

Section 2 specifies that automatic premium loan provisions or other nonforfeiture provisions do not prevent insurance policies from being deemed terminated.

This results in a potential revenue gain to the state to the extent this leads to an increase in escheats to the state.

Section 6 removes the requirement that the Treasurer automatically pay abandonedproperty claimsof less than$10.This resultsinpotential revenue gain to the state by precluding these payments, and it also results in potential savings in administrative costs.

Section 7 subjects certain properties sold by specified craftspersons to the state's unclaimed property laws.

This results in potential revenue gain to the state, which depends on unclaimed property amounts.

Section 8 limits the Second Injury Fund's reimbursement liability to a maximum of three years of benefits.

This results in potential savings sSB488 / File No.

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580 to the fund to the extent claims seeking reimbursement for periods longer than three years would be limited.

The bill also makes technical and conforming changes that do not result in any fiscal impact to the state.

The Out Years The annualized ongoing fiscal impact identified above would continue into the future.

sSB488 / File No.

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580 OLR Bill Analysis SB 488 AN ACT IMPLEMENTING THE TREASURER'S RECOMMENDATIONS FOR REVISIONS TO THE UNCLAIMED PROPERTY PROGRAM AND SECOND INJURY FUND.

SUMMARY This bill amends provisions regarding the Second Injury Fund (SIF), including providing flexibility for the accounts the treasurer must maintain and limiting SIF’s liability for reimbursing employers and insurers in certain circumstances (§§ 8 & 9).

It also makes several unrelated changes to the state’s unclaimed property laws, including:

1.

establishing various ways in which someone, including their agent or representative, may show their interest in their property so it is not presumed abandoned (§ 1);

2.

specifying when certain insurance policy provisions may trigger an abandonment presumption (§ 2);

3.

creating procedures for property holders to give unclaimed property to the treasurer early (§ 4);

4.

exempting certain unclaimed property owner personal information the treasurer has from the Freedom of Information Act (FOIA) (§ 5);

5.

removing a requirement to automatically distribute certain unclaimed property valued at less than $10 (§ 6);

6.

specifying additional procedures for returning unclaimed military medals (§ 6);

and 7.

subjecting certain funds held by certain craftspeople (for example, jewelers) to the state’s unclaimed property laws (§ 7).

sSB488 / File No.

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580 The bill also makes technical and conforming changes.

EFFECTIVE DATE:

July 1, 2026 § 1 — APPARENT OWNERS AND INDICATORS OF INTEREST The state’s unclaimed property laws generally require holders of an apparent owner’s unclaimed property to turn the property over to the treasurer if the owner has not indicated an interest in the property in a specified amount of time.

The bill defines “indicated an interest’ to explicitly outline certain actions, in addition to any other means outlined in the state’s unclaimed property laws, that show the apparent owner is aware of the property.

Specifically, the bill includes:

1.

the owner communicating a record about the property or the account where it is held to the holder or holder’s agent;

2.

the owner orally communicating with the holder or the holder’s agent about the property or the related account, and the holder or it’s agent making and saving a contemporaneous record of the communication;

3.

presenting a check or other instrument paying a divided, interest payment, or other distribution;

4.

activity directed by the owner in the account where the property is held (for example, accessing the account or directing a change to the amount or type of property held there);

5.

depositing or withdrawing funds, if the holder is a business association or banking or financial organization, excluding previously authorized automated deposits, withdrawals, or reinvestments of dividends or interest;

and 6.

any other action by the owner reasonably demonstrating to the holder that the owner knows the property exists.

sSB488 / File No.

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580 Under the bill, any communication from the owner to someone other than the holder or holder’s representative does not indicate the owner’s interest in the property unless a record proves that the owner knew of his or her right to the property.

Additionally, thebill specifies that an owner also indicates an interest in property if his or her agent or other representative takes the actions described above or other actions allowed under the existing unclaimed property laws.

Under the bill, the property holder cannot act as the owner’s agent for these purposes.

§ 2 — INSURANCE POLICIES By law, unclaimed funds held by an insurance company for more than three years are presumed abandoned if a person other than the insuredor annuitant is owedthemoney andthecompany doesnot have that person’s address.

The three-year timeline generally starts when the money became due and payable under any matured or terminated life or endowment insurance policy or annuity contract.

The bill specifies that an automatic premium loan provision or other non-forfeiture provision in an insurance policy does not prevent the policy from being deemed matured or terminated if (1) the insured died or (2) the insured or a beneficiary have become entitled to the proceeds before the depletion of the policy’s cash surrender value.

§ 4 — EARLY UNCLAIMED PROPERTY REPORTING By law, before property is presumed abandoned, the holder of the property must notify the property owner that the owner must indicate his or her interest inthe property or it will betransferredto thetreasurer and subject to escheat to the state.

Existing law also requires property holders, by the March 31 after the end of the calendar year in which property is presumed abandoned, to deliver it to the treasurer and prepare an unclaimed property report that includes, among other things,thenameandphysicaladdressoftheproperty’sapparentowner.

The bill allows property holders to request to report and deliver unclaimed property to the treasurer early.

The holder may do so if they sSB488 / File No.

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580 believe the property will likely become unclaimed property, regardless of the passage of time or any notice the holder providers.

The holder must also give the treasurer an affidavit from an authorized officer (1) describing the efforts to notify the owner, (2) affirming notice was provided at least six months before the affidavit’s creation, and (3) affirming the owner has not received communication from the owner indicating an interest in the property.

The treasurer, in his discretion, may consent in writing to the request.

§ 5 — FOIA EXEMPTION FOR PERSONAL INFORMATION OF UNCLAIMED PROPERTY OWNERS Except as otherwise provided under the unclaimed property law, the bill makes certain personal information of owners contained in the treasurer’s records confidential and exempt from disclosure under FOIA, including information provided in property holders’ records and reports.

The bill limits the disclosure of this information to purposes directly connected to the administration of the laws on the treasurer’s powers and duties, by the treasurer or his agents .

Under the bill, “personal information” is information that identifies or reasonably can be used to identify someone, including their name together with their (1) Social Security number, (2) other government ID number,(3)dateofbirthordeath,(4)homeorphysicaladdress,(5)other contact information, (6) internet provider address, (7) account number, or (8) abandoned property value.

By law, the treasurer must maintain a public database of unclaimed property information including the names and addresses of unclaimed property owners, the amount and description of unclaimed property he holds, and any other information he requires.

§ 6 — AUTOMATIC RETURNS TO PROPERTY OWNERS Under current law, the treasurer must automatically pay abandoned property claims valued at less than $2,500 to individuals if he (1) has determined the individual is the property’s sole owner and (2) is satisfied he has this person’s current address.

The bill removes this sSB488 / File No.

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580 requirement for property less than $10.

§ 6 — MILITARY MEDALS By law, military medals held by banking or financial organizations that are presumed abandoned must be given to the state Department of Veteran Affairs commissioner as outlined in the treasurer’s procedures.

The treasurer and commissioner must establish a memorandum of understandingforhandlingandholdingthesemedals,andthetreasurer may try to identify the original owner or the owner’s heirs or beneficiaries.

If more than one person has a claim for a medal described above, and the treasurer has made reasonable efforts to identify and contact all known potential rightful owners, the bill allows the treasurer to give the medal to the claimant he deems appropriate.

§ 7 — JEWELERS, WATCHMAKERS, SILVERSMITHS, AND TELEVISION AND RADIO SERVICE DEALERS By law, a jeweler, watchmaker, silversmith, or television or radio service dealer (craftsperson) who does work on personal property at the owner’s or legal possessor’s request has a lien on the property and may hold it until they are paid for the work.

Under certain circumstances, current law allows them to sellthe property to repay any debt owedand sale costs, and then give, in trust for the debtor, the remaining balance to the treasurer.

Instead, the bill specifically subjects these balances to the state’s unclaimed property laws and requires the craftsperson, after completing thesale, tofileanunclaimedpropertyreport whentheygive the funds to the treasurer.

Under current law and the bill, if a debt to a craftsperson remains unpaidfor more thansix months,thecraftspersonmay selltheitem,pay any sale expenses and the owed debt, and give the remaining balance to the treasurer within 10 days.

If the item is worth more than $100, the craftsperson may only sell it if the debt equals at least one-third of the property’s value.

sSB488 / File No.

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580 Before the sale, the craftsperson must provide 30 days’ notice to the owner or legal possessor (1) by sending notice about the sale’s time and place by registered or certified mail to the person’s last-known address or (2) if his or her address is unknown or the mail is returned, by advertising the sale in a newspaper with substantial circulation where the sale is taking place.

Under the bill, these procedures satisfy the unclaimed property program’s notice requirements under state law.

§§ 8 & 9 — SECOND INJURY FUND SIF Accounts (§ 9) The Second Injury Fund (SIF) is a state-run workers’ compensation fund financed by state employers and operated by the state treasurer.

Among other things, the fund pays or contributes to workers’ compensationbenefitsforworkerswithpre-existingdisabilitieswho are reinjured (second injuries), whose employers are uninsured, or who worked more than one job when injured.

The fund was closed to second injuries that occurred on or after July 1, 1995.

Under current law, the treasurer must operate three accounts within the SIF including (1) an operating account for paying SIF operations;

(2) a settlement account for covering disbursed claims;

and (3) a finance account to, among other things, pay certain claims, provide cash advances, and cover certain administrative costs.

Instead, the bill conforms the law to existing practice by generally authorizing the treasurer to operate whatever accounts or short-term investment funds he deems necessary for SIF’s operation.

SIF Liability (§ 8) The law allows employers and insurers to transfer liability for certain workers’ compensation claims to SIF and request reimbursement for certain benefits they already paid out.

For example, if an employee works multiple jobs and is injured, a self-insured company where the employee was injured may pay out benefits to cover lost wages for all the employee’s jobs, not just lost wages from the company itself.

By law, employers’ insurers or self-insured employers may apply to sSB488 / File No.

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580 SIF for reimbursement of the portion of benefits paid out to cover lost wages from these other jobs.

The law specifies that SIF may only reimburse an insurer or employer within two years from when they paid the benefits to the employee.

Under current practice, SIF may be required to reimburse a benefit payment that includes benefits owed from before the two year deadline.

For example, if an insurer underpaid benefits to an employee for 10 years and makes a one-time lump sum payment to make the employee whole.

The bill limits the amount insurers or employers may be reimbursed from SIF to a three-year period (making the insurer or employer, instead of SIF, liable for seven of the 10 years of underpaid benefits in the example above).

BACKGROUND Related Bills sSB 215, favorably reported by the Banking Committee, changes the criteria under which inactive checking and savings accounts held by banks doing business in Connecticut are presumed abandoned.

SB 460, reported favorably by the Government Administration and Elections Committee, requires the treasurer to study whether gift certificates should be considered abandoned property.

COMMITTEE ACTION Government Administration and Elections Committee Joint Favorable Substitute Yea 18 Nay 0 (03/20/2026) sSB488 / File No.

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