§ 3-70a — Claims for abandoned property.

Connecticut § 3-70a

• Jurisdiction: Connecticut
• Title 3: State Elective Officers
• Ch. 32: Treasurer

Text

(a) Any person claiming an interest in property surrendered to the Treasurer under the provisions of this part may claim such property, or the proceeds from the sale thereof, at any time thereafter. Any person claiming an interest in such property shall file a certified claim with the Treasurer, setting forth the facts upon which such party claims to be entitled to recover such property. The Treasurer shall prescribe the form that such a verified claim shall take. (b) The Treasurer shall consider each claim not later than ninety days after it is filed. The Treasurer may hold hearings on any claim and may refer any claim to the Office of the Claims Commissioner, which shall hold hearings thereon and promptly return the Claims Commissioner's recommendations for the payment or rejection thereof. The Treasurer shall deliver the Treasurer's decision in writing on each claim heard, with a finding of fact and a statement of the reasons for the Treasurer's decision. Any person aggrieved by a decision of the Treasurer may appeal therefrom in accordance with the provisions of section 4-183 , except venue for such appeal shall be in the judicial district of New Britain. (c) (1) (A) No agreement entered into prior to January 1, 2023, to locate property shall be valid if: (i) 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 , 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; (ii) such agreement is entered into within two years after the date of posting of the notice required by section 3-66a ; or (iii) pursuant to such agreement, any person undertakes to locate property included in a report of unclaimed property that is required to be filed under section 3-65a for a fee or other compensation exceeding ten per cent of the value of the recoverable property. (B) No agreement entered into on or after January 1, 2023, to locate property shall be valid if: (i) 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 , 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; or (ii) pursuant to such agreement, any person undertakes to locate property included in a report of unclaimed property that is required to be filed under section 3-65a for a fee or other compensation exceeding ten per cent of the value of the recoverable property. (2) (A) In addition to the requirements set forth in subparagraph (B) of subdivision (1) of this subsection, an agreement entered into prior to January 1, 2025, to locate property shall be valid only if it is in writing, is signed by the owner and discloses the nature and value of the property, and the owner's share after the fee or compensation has been subtracted is clearly stipulated. (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 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. (3) Any solicitation made to locate unclaimed property shall clearly and conspicuously disclose in a written statement that (A) any individual may search for and file a claim for such property directly with the Treasurer at no cost, and (B) the method through which such claim may be filed. (4) Any claim for unclaimed property filed with the Treasurer pursuant to an agreement or solicitation under this subsection, shall include an unredacted version of any such agreement or solicitation to permit the Treasurer to determine whether such agreement or solicitation complies with the requirements of this subsection. (5) The Treasurer may withhold payment of a claim for unclaimed property to anyone other than the owner (A) for failure to comply with the requirements of subdivision (4) of this subsection, or (B) if the Treasurer determines that the solicitation or agreement to locate unclaimed property does not comply with any other requirement of this section. (6) Nothing in this section shall be construed to prevent an owner from asserting, at any time, that an agreement to locate or to otherwise obtain an interest in unclaimed property is based upon excessive or unjust consideration. (d) The Treasurer shall pay each claim allowed without deduction for costs of notices or sale or for service charges. The Treasurer shall notify the Commissioner of Revenue Services of the payment of claims of five hundred dollars or more to the domiciliary administrator or executor of a deceased owner. (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: For each calendar year or portion thereof that the property, funds or money has been paid or delivered to the Treasurer, the Treasurer shall pay interest at a rate that is not less than the deposit index, as determined under section 36a-26 , for such year. Such interest shall accrue from the date of payment or delivery of the property, funds or money to the Treasurer until the date of payment or delivery of the property, funds or money to the claimant. (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 less than two thousand five hundred dollars, the Treasurer shall pay such amount to an individual if the Treasurer has determined (1) that such individual is the sole owner of such property, and (2) to the Treasurer's satisfaction, the current address of such individual. (g) The Treasurer may make direct payment to one or more claimants, without such claimant having been granted a decree to transfer personal property, been issued a current fiduciary certificate, or secured any other similar document, for any solely owned unclaimed property of a deceased owner valued at less than five hundred dollars in the aggregate at the time of the claim, subject to the following conditions: (1) If no affidavit in lieu of administration or similar petition has been filed in a Probate Court or more than one year has passed since the last decree to transfer personal property or any other similar document has been issued, upon a claimant furnishing a certified claim and a sworn affidavit under penalty of perjury showing entitlement to such property. 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 a valid claim to the property confirming the rightful distribution of the property under the law. (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. 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 previously appointed fiduciary and that the claimant shall distribute the funds as required by law; or (B) attestations from any rightful heir or beneficiary consistent with the provisions of subdivision (1) of this subsection. (3) The payment of the amount due under this section shall constitute a full acquittance and release of the state for the amount paid. Any claimant paid by the Treasurer in good faith shall be answerable concerning such payment to anyone prejudiced by an improper distribution or payment. Except as provided in this subsection, nothing in this section shall be construed to modify or eliminate any of a claimant's responsibilities under any other state or federal law, including, but not limited to, any obligations under title 45a.

Legislative History

(1961, P.A. 540, S. 15; 1972, P.A. 209, S. 3; P.A. 75-605, S. 22, 27; P.A. 76-435, S. 16, 82; P.A. 77-614, S. 139, 610; P.A. 82-336, S. 1, 3; P.A. 84-456, S. 10, 12; P.A. 88-230, S. 1, 12; P.A. 89-358, S. 3; P.A. 90-98, S. 1, 2; P.A. 90-212, S. 3, 4; P.A. 92-200, S. 2, 5; P.A. 93-142, S. 4, 7, 8; P.A. 95-127, S. 6, 7; 95-220, S. 4–6; P.A. 99-215, S. 24, 29; June 30 Sp. Sess. P.A. 03-1, S. 79; June Sp. Sess. P.A. 15-5, S. 422; P.A. 16-65, S. 39; 16-127, S. 25; P.A. 22-118, S. 416; P.A. 24-81, S. 100; 24-114, S. 5.) History: 1972 act specified that claims may be made only on property worth more than $10 and provided for reimbursement of payments made by holders of travelers checks; P.A. 75-605 substituted claims commissioner for commission on claims; P.A. 76-435 made technical changes; P.A. 77-614 changed tax commissioner to commissioner of revenue services, effective January 1, 1979; P.A. 82-336 deleted Subsec. (a) in its entirety and substituted a provision that anyone claiming an interest in property surrendered to the state in accordance with escheat procedures may claim such property at any time where formerly such claim could only be made within 20 years from the end of the year in which such property is presumed abandoned; P.A. 84-456 added provisions to Subsec. (b) concerning agreements to locate property and conditions under which any such agreement is valid; P.A. 89-358 amended Subsec. (a) to require the filing of a certified claim, amended Subsec. (b) to provide an appeals procedure and repealed the former Subsec. (c) requiring attorney general's approval in claims to property presumed abandoned under Secs. 3-61a and 3-62a and relettered the former Subsec. (d) as Subsec. (c) (Revisor's note: P.A. 88-230 authorized substitution of “judicial district of Hartford” for “judicial district of Hartford-New Britain” in the public and special acts of 1989, effective September 1, 1991); P.A. 90-98 changed the effective date of P.A. 88-230 from September 1, 1991, to September 1, 1993; P.A. 90-212 added Subsec. (d) re interest on certain claims; P.A. 92-200 amended Subsec. (d) to lower interest rate paid on claim from 5.25% to 4%; P.A. 93-142 changed the effective date of P.A. 88-230 from September 1, 1993, to September 1, 1996, effective June 14, 1993; P.A. 95-127 amended Subsec. (b) by substituting a prohibition on agreements to locate property during the longer of the periods described in Subdivs. (1) and (2) and a limit on compensation under agreements thereafter to 10% of value of recoverable property, for provisions limiting compensation to 20% of such value pursuant to an agreement to locate property entered into within 2 years after report of unclaimed property is filed and to 50% thereafter, effective June 1, 1995; P.A. 95-220 changed the effective date of P.A. 88-230 from September 1, 1996, to September 1, 1998, effective July 1, 1995; P.A. 99-215 replaced “judicial district of Hartford” with “judicial district of New Britain” in Subsec. (b), effective June 29, 1999; June 30 Sp. Sess. P.A. 03-1 amended Subsec. (b) by replacing “within ninety days” with “not later than ninety days” and making technical changes, designated provisions in Subsec. (b) re agreement to locate property as new Subsec. (c), adding provisions re agreement entered into within 2 years after date of publication required by Sec. 3-66a and re report required to be filed under Sec. 3-65a and making conforming and technical changes therein, redesignated existing Subsec. (c) as new Subsec. (d), making a technical change therein, redesignated existing Subsec. (d) as Subsec. (e) and amended said Subsec. by replacing reference to Sec. 3-57a(a)(1) to (4), inclusive, with reference to Sec. 3-57a(a)(1) or (2) and replacing provision re 4% interest rate accruing from date of payment or delivery to Treasurer with provisions re payment and accrual of interest at deposit index rate determined and published pursuant to Sec. 47a-21(i)(2), effective August 16, 2003 (Revisor's note: In Subsec. (e), a reference to “Commissioner of Banking” was changed editorially by the Revisors to “Banking Commissioner” for consistency with P.A. 03-84); June Sp. Sess. P.A. 15-5 amended Subsec. (c)(2) to replace reference to publication of notice with reference to posting of notice, effective July 1, 2015; P.A. 16-65 amended Subsec. (e) by replacing provision re deposit index rate determined pursuant to Sec. 47a-21(i)(2) with provision re rate not less than deposit index determined under Sec. 36a-26, effective July 1, 2016; P.A. 16-127 amended Subsec. (b) by substituting “Office of the Claims Commissioner” for “Claims Commissioner” and by making a technical change, effective June 9, 2016; P.A. 22-118 amended Subsec. (a) by deleting “money or”, amended Subsec. (c) by redesignating existing provisions re agreements to locate property as Subdiv. (1)(A) and amending same to be applicable to agreements entered into prior to January 1, 2023, and making conforming changes, adding Subdiv. (1)(B) re agreements to locate property entered into on or after January 1, 2023, and redesignating existing provisions re requirements for validity of agreement as Subdiv. (2), and added Subsec. (f) re payment by Treasurer to individual of property amounts less than $2,500, effective January 1, 2023; P.A. 24-81 amended Subsec. (c) by designating existing provision in Subdiv. (2) as Subpara. (A) and amending same to add reference to Subdiv. (1)(B) requirements and date of January 1, 2025, and make technical changes, redesignating existing provision in Subdiv. (2) re excessive or unjust consideration as Subdiv. (6), adding Subdiv. (2)(B) re requirements for agreements entered into on or after January 1, 2025, Subdiv. (3) re solicitation disclosures, Subdiv. (4) re inclusion of unredacted agreement or solicitation and Subdiv. (5) re withholding of payments of claims, effective July 1, 2024; P.A. 24-114 added Subsec. (g) re payment by Treasurer to claimant for solely owned unclaimed property of deceased owner valued at less than $500 in the aggregate and conditions for such payment in Subdivs. (1) to (3), effective June 4, 2024.