Treasurer backs changes to unclaimed-property law; bill would add funeral-contract reporting and limit small-mailings

Treasurer Eric Russell told the Government Administration and Elections Committee on Feb. 24 that Senate Bill 1434 would modernize Connecticut’s unclaimed‑property processes and help the state reunite residents with money and assets owed to them.

Russell said the Treasurer’s Office has launched FastTrack, an automated system that approves and pays sole‑owner claims under $2,500 where data‑matching indicates the claimant is the rightful owner. He said FastTrack approved more than 15,000 claims this fiscal year and that the office returned a record $82 million to more than 44,000 rightful owners in fiscal 2024.

The bill would also add a statutory process to identify and remit funds from certain prepaid funeral service contracts to the state’s unclaimed‑property program when funds have not been used. Russell said many preneed funeral contracts go into escrow, and…