After calls by House Republicans for changes, state treasurer will update unclaimed property system
HARTFORD – After numerous calls for change from House Republicans, the Office of the Treasurer has agreed to make it easier for people to reclaim their lost property from state control. Millions in unclaimed assets from forgotten bank accounts, uncashed checks or abandoned stocks and bonds, as well as unclaimed proceeds from life insurance policies winds up with the State of Connecticut.
In 2020, Deputy House Republican Leader Lezlye Zupkus, R-89th, joined her constituent Ron Lizzi, of Bethany, as he testified before the Government Administration and Elections Committee on HB 5281, An Act Concerning Unclaimed Property which required the unclaimed property list be “easily accessible” and “searchable and be easy to find, by name or address.”
A year earlier, Rep. Zupkus also co-sponsored HB 5709, along with Reps. France, R-42nd, and Cara Pavalock-D’Amato, R-77th, which requires additional public notice of abandoned property that has been transferred to the Treasurer and requires the Treasurer to give notice to municipalities that have property that had reverted to the state.
“After years of work by my Republican colleagues and I on behalf of residents, the Treasurer’s office has taken steps in the right direction by finally making it easier for Connecticut residents to get their property – which is rightfully theirs – back,” Rep. Zupkus said. “I’m pleased they have listened to our calls to make positive changes that remove roadblocks for our citizens.”
The Office of the State’s Treasurer announced the elimination of the notarization requirement to file a claim, which will be replaced with an online acknowledgement.
The office also made the following changes:
- The ability to look up unclaimed property of any value both online and by phone, not just properties over $50
- Monitoring claim status updates online
- Expanding new fast-track processing for eligible claims by increasing the $1,000 limit that went into effect on Jan. 1, 2022; the new threshold will be expanded up to $2,500 claims effective July 1, 2022, which means people can get their property back in a matter of days
For years, Mr. Lizzi has been an advocate for changes to the unclaimed property list to make it easier for people to have their property returned. The changes to the unclaimed property program are positive steps, but more needs to be done, he said.
The CTBigList.com, which serves as an online database for unclaimed property, should show the value of each property so that the owner knows whether it’s worthwhile to claim it, according to Mr. Lizzi.
That would also encourage people to look for properties belonging to other people and organizations that they care about and inform the owner, if they know it’s a substantial amount of money, he said. Properties under $50 are no longer hidden, which is a change that Lizzi has been advocating for years.
Most importantly, Mr. Lizzi believes that the state should be automatically sending out checks to people, businesses, nonprofits, and municipalities, without claims, as other states do. That will require legislation to give the treasurer access to state data to determine an owner’s current address.
Both Rep. Zupkus and Mr. Lizzi support any efforts to return more money to the rightful owners.