An Act relative to escheat

This bill updates Massachusetts laws regarding escheat, which is the process of transferring unclaimed property to the state. It directly affects financial institutions and other entities that hold deposits for individuals or businesses within the Commonwealth. The key change expands the definition of presumed abandonment to include cases where an account owner has not accessed a password-protected account, owned other property with similar inactivity, or maintained other relationships with the holder. Under the new rules, property is considered abandoned if there has been no communication, transaction, or other qualifying activity with the holder for three years.