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

Senate
sSB215 / File No. 119 1

General Assembly File No. 119
February Session, 2026 Substitute Senate Bill No. 215

Senate, March 23, 2026

The Committee on Banking reported through SEN. MILLER of
the 27th Dist., Chairperson of the Committee on the part of the
Senate, that the substitute bill ought to pass.

AN ACT CONCERNING THE PRESUMPTION OF ABANDONMENT OF
CERTAIN PROPERTY HELD OR OWING BY A BANKING
ORGANIZATION.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. Subsection (a) of section 3 -57a of the general statutes is 1
repealed and the following is substituted in lieu thereof (Effective October 2
1, 2026): 3
(a) The following property held or owing by a banking or financial 4
organization is presumed abandoned unless the owner thereof is known 5
to be living by an officer of such organization: 6
(1) Any demand or savings deposit made in this state with a banking 7
organization, together with any interest or dividend thereon, excluding 8
any charges that lawfully may be withheld, unless the owner has, within 9
three years: (A) (i) Increased or decreased the amount of the deposit or 10
the amount of any other demand or savings deposit contained in any of 11
the owner's accounts with the banking organization, or (ii) presented the 12
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passbook or other similar evidence of the deposit , or of any other 13
demand or savings deposit contained in any of the owner's accounts 14
with the banking organization, for the crediting of interest; or (B) 15
corresponded in writing with the banking organization concerning the 16
deposit; or (C) otherwise indicated an interest in the deposit as 17
evidenced by (i) a memorandum on file with the banking organization, 18
[or] (ii) the fact that the Internal Revenue Service Form 1099 sent from 19
the banking organization to the owner is not returned to the banking 20
organization by the United States Postal Service , or (iii) the owner 21
making a payment to the banking organization for the principal or 22
interest due on a loan made by the banking organization to the owner. 23
(2) Any matured time deposit made in this state with a banking 24
organization, together with any interest or dividend thereon, excluding 25
any charges that lawfully may be withheld, unless, within three years 26
or, if the terms of the deposit account contract provide that the time 27
deposit will be renewed unless the banking [institution] organization 28
receives instructions to the contrary from the owner, within three years 29
plus such additional time as is necessary to allow the renewed time 30
deposit to reach maturity, the owner has: (A) Increased or decreased the 31
amount of the deposit, or presented the passbook or other similar 32
evidence of the deposit for the crediting of interest, or (B) corresponded 33
in writing with the banking organization concerning the deposit, or (C) 34
otherwise indicated an interest in the deposit as evidenced by (i) a 35
memorandum on file with the banking organization, or (ii) the fact that 36
the Internal Revenue Service Form 1099 sent from the banking 37
organization to the owner is not returned to the banking organization 38
by the United States Postal Service. 39
(3) Any funds paid in this state toward the purchase of shares or other 40
interest in a financial organization or any deposit made therewith, and 41
any interest or dividends thereon, excluding any charges that lawfully 42
may be withheld, unless the owner has within three years: (A) Increased 43
or decreased the amount of the investment or deposit, or presented an 44
appropriate record for the crediting of interest or dividends thereon; or 45
(B) corresponded in writing with the financial organization concerning 46
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the investment or deposit; or (C) otherwise indicated an interest in the 47
funds as evidenced by (i) a memorandum on file with the financial 48
organization, or (ii) the fact that the Internal Revenue Service Form 1099 49
sent from the financial organization to the owner is not returned to the 50
financial organization by the United States Postal Service. 51
(4) Any sum payable on checks certified in this state or on written 52
instruments issued in this state on which a banking or financial 53
organization is directly liable, including, but not limited to, money 54
orders, drafts and traveler's checks, which has been outstanding for 55
more than three years from the date payable, or from the date of its 56
issuance if payable on demand, unless the owner has within such three 57
years corresponded in writing with the banking or financial 58
organization concerning it, or otherwise indicated an interest as 59
evidenced by (i) a memorandum on file with the banking or financial 60
organization, or (ii) the fact that the Internal Revenue Service Form 1099 61
sent from the banking or financial organization to the owner is not 62
returned to the banking or financial organization by the United States 63
Postal Service. 64
(5) Any funds or other personal property reposing in or removed 65
from a safe deposit box or any other safekeeping repository in this state 66
on which the lease or rental period has expired owing to nonpayment 67
of rent or other reason, which have been unclaimed by the owner for 68
more than five years from the date on which the lease or rental period 69
expired. 70
This act shall take effect as follows and shall amend the following
sections:

Section 1 October 1, 2026 3-57a(a)

BA Joint Favorable Subst.

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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:
Agency Affected Fund-Effect FY 27 $ FY 28 $
Resources of the General Fund GF - Revenue
Loss
See Below See Below
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 property1.
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.

1 The Office of the State Treasurer reported that $34.5 million in revenue was received
from inactive accounts in 2025.
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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 from any 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
savings accounts held as part of an individual retirement account or self-
employed retirement plan. However, unlike regular checking and
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savings accounts, the bank cannot presume them abandoned until six
months after the date on which federal tax rules require distribution of
funds to the beneficiary to begin.
EFFECTIVE DATE: October 1, 2026
COMMITTEE ACTION
Banking Committee
Joint Favorable Substitute
Yea 13 Nay 0 (03/10/2026)