How SB 488 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This act revises definitions and procedures related to the unclaimed property program and the second injury fund in Connecticut law.

• Section 3-56a

  As used in this part, unless the context otherwise requires: → As used in this part, unless the context otherwise requires:

  The introductory clause of definitions remains unchanged.

• Section 3-56a

  "Indicated an interest" excludes any communication of an apparent owner with a person other than the holder or the holder's representative unless a record of the communication evidences the apparent owner's knowledge of a right to the property; → "Indicated an interest" excludes any communication of an apparent owner with a person other than the holder or the holder's representative unless a record of the communication evidences the apparent owner's knowledge of a right to the property;

  The definition of "indicated an interest" is clarified without changing its meaning.

• Section 3-58a

  If it is not definite and certain from the records of the company what person is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company. → If it is not definite and certain from the records of the company what person is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.

  Presumptions about the last-known address for unclaimed insurance funds remain unchanged.

• Section 3-61b

  [that] The funeral service contract was entered into seventy-five years or more ago → The funeral service contract was entered into seventy-five years or more ago

  The language used to describe the conditions of funeral service contracts for reporting has been simplified.

• Section 3-65a

  if the owner's claim is not barred by law, the holder shall notify the owner thereof and take reasonable steps to prevent abandonment from being presumed. → if the owner's claim is not barred by law, the holder shall notify the owner thereof and take reasonable steps to prevent abandonment from being presumed.

  Conditions for notifying owners of unclaimed property remain unchanged.