AN ACT RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY (Funds the Rhode Island baby bonds trust program without the use of taxpayer dollars through an annual allocation of unclaimed property remittances.)

S2843

2026 -- S 2843
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LC004674
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE
AND TANGIBLE PROPERTY

Introduced By:
Senator Melissa A. Murray

Date Introduced:
March 04, 2026

Referred To:
Senate Finance
(General Treasurer)
It is enacted by the General Assembly as follows:
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SECTION 1. Section 33-21.1-23 of the General Laws in Chapter 33-21.1 entitled
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"Unclaimed Intangible and Tangible Property" is hereby amended to read as follows:
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33-21.1-23. Deposit of funds.
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(a) Except as otherwise provided by this section, the administrator shall promptly deposit
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in the
general fund of this state all funds received under this chapter, including the proceeds from
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the sale of abandoned property under § 33-21.1-22

Rhode Island baby bond trust a one-time three
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thousand dollar ($3,000) allocation for each designated beneficiary as defined in § 35-24-1 born in
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the preceding calendar year
.
The administrator shall promptly deposit all remaining funds in the
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general fund of this state, including the proceeds from the sale of abandoned property under § 33-
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21.1-22.
The administrator shall retain in a separate bank account an amount not less than one
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hundred thousand dollars ($100,000) from which prompt payment of claims duly allowed must be
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made by him or her. Before making the deposit, the administrator shall record the name and last
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known address of each person appearing from the holders’ reports to be entitled to the property and
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the name and last known address of each insured person or annuitant and beneficiary and with
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respect to each policy or contract listed in the report of an insurance company its number and the
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name of the company. The record with the exception of the amount due must be available for public
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inspection at all reasonable business hours.
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(b) Before making any transfer from the account surplus
to the credit of the general fund

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pursuant to subsection (a) of this section
, the administrator may deduct:
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(1) Any costs in connection with the sale of abandoned property;
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(2) Costs of mailing and publication in connection with any abandoned property;
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(3) Reasonable service charges;
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(4) Costs incurred in examining records of holders of property and in collecting the
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property from those holders; and
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(5) Any other charges, costs or expenses incurred in the administration of this chapter.
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SECTION 2. This act shall take effect on July 1, 2027.
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LC004674
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE
AND TANGIBLE PROPERTY
***
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This act would fund the Rhode Island baby bonds trust program without the use of taxpayer
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dollars through an annual allocation of unclaimed property remittances.
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This act would take effect on July 1, 2027.
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LC004674
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LC004674 - Page 3 of 3