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SB 215

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

2026 Regular Session Introduced by Eric Berthel and 4 co-sponsors

SB 215 adjusts Connecticut's legal timeline for when banks must presume customer property abandoned and transfer it to state custody.

FILE NO. 119
#abandonedproperty #bankdeposits #banks #escheat
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WeVote Research Nonpartisan
Bill Summary · SB 215

Legislative bill overview

SB 215 modifies Connecticut's unclaimed property laws to establish or adjust the legal presumption timeline for when property held by banking organizations is deemed abandoned. This affects how banks handle dormant accounts, unclaimed funds, and other financial assets that customers have not accessed for specified periods. The bill determines at what point these assets must be turned over to the state's unclaimed property program.

Why is this important

Unclaimed property laws protect consumers by ensuring their forgotten funds are preserved and recoverable, while also generating revenue for state coffers. The specific timeline for when property is presumed abandoned directly impacts both individual account holders who may reclaim funds and state budgets that temporarily hold these assets. Changes to abandonment presumptions can affect thousands of Connecticut residents with dormant accounts and potentially millions in state funds.

Potential points of contention

  • Timeline adjustment: Whether the proposed presumption period (exact length not specified in available text) is appropriate—shorter timelines benefit consumers but increase bank compliance costs, while longer timelines may prevent legitimate owners from recovering assets
  • Banking industry burden: How the change affects banking organizations' administrative procedures, record-keeping requirements, and costs of identifying and reporting abandoned property
  • State revenue impact: The timing affects when funds flow to the state treasury and how long the state holds unclaimed property before potential escheats

Compiled from official sources — confirm details with the bill’s official record.

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