| Chapter 228 |
| 2025 -- H 5740 Enacted 06/24/2025 |
| A N A C T |
| RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY |
Introduced By: Representatives Noret, Casimiro, Kazarian, Corvese, Diaz, Read, Dawson, and Fogarty |
| Date Introduced: February 26, 2025 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 33-21.1-1 of the General Laws in Chapter 33-21.1 entitled |
| "Unclaimed Intangible and Tangible Property" is hereby amended to read as follows: |
| 33-21.1-1. Definitions and use of terms. |
| As used in this chapter, unless the context otherwise requires: |
| (1) “Administrator” means the general treasurer or his or herthe general treasurer’s |
| designee, including agents hired for the express purpose of auditing, assessing, and collecting |
| unclaimed property. |
| (2) “Apparent owner” means the person whose name appears on the records of the holder |
| as the person entitled to property held, issued, or owing by the holder. |
| (3) “Banking organization” means a bank, trust, company, savings bank (industrial bank, |
| land bank, safe deposit company), private banker, or any organization defined by any of the laws |
| of this or any other state as a bank or banking organization. |
| (4) “Business association” means a public corporation, a non-public corporation, joint |
| stock company, investment company, business trust, partnership, or association for business |
| purposes of two (2) or more individuals, whether or not for profit, including a banking organization, |
| financial organization, insurance company, or utility, but not including hospitals, private, nonprofit |
| institutions of higher education, and other domestic charitable corporations as those terms are |
| defined in this section. |
| (5) “Domicile” means the state of incorporation of a corporation and the state of the |
| principal place of business of an unincorporated person. |
| (6) “Financial organization” means a savings and loan association, cooperative bank, |
| building and loan association, or credit union. |
| (7) “Hospital” means: |
| (i) Any nonprofit hospital incorporated under the laws of the state, including any nonprofit |
| subsidiary corporations formed by any hospital or formed by the parent corporation of a hospital,; |
| or |
| (ii) Any nonprofit corporation the member or members of which consist solely of one or |
| more hospitals or parent corporations of hospitals,; or |
| (iii) Any other hospital which is licensed as a general hospital or maternity hospital |
| pursuant to chapter 17 of title 23 which is exempt from taxation. |
| (8) “Holder” means a person, wherever organized or domiciled, who is: |
| (i) In possession of property belonging to another,; |
| (ii) A trustee,; or |
| (iii) Indebted to another on an obligation. |
| (9) “Insurance company” means an association, corporation, fraternal, or mutual benefit |
| organization, whether or not for profit, which is engaged in providing insurance coverage, including |
| accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, |
| hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, |
| surety, and wage protection insurance; but not including a nonprofit corporation organized pursuant |
| to chapters 19, 20, 20.1, 20.2 and 20.3 of title 27. |
| (10) “Intangible property” includes: |
| (i) Money, checks, drafts, deposits, interest, dividends, income, and bonds; |
| (ii) Credit balances, customer overpayments, security deposits, refunds, credit memos, |
| unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances; |
| (iii) Stocks and other intangible ownership interests in business associations; |
| (iv) Money deposited to redeem stocks, bonds, coupons, and other securities, or to make |
| distributions; |
| (v) Amounts due and payable under the terms of insurance policies; and |
| (vi) Amounts distributable from a trust or custodial fund established under a plan to provide |
| health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, |
| employee savings, supplemental unemployment insurance, or similar benefits; and |
| (vii) All other intangible property as identified by the administrator. |
| (11) “Last known address” means a description of the location of the apparent owner |
| sufficient for the purpose of the delivery of mail. |
| (12) “Other domestic charitable corporation” means a corporation, except a hospital or |
| private, nonprofit institution of higher education, as those terms are defined herein, organized and |
| existing under chapter 6 of title 7, chapter 19 of title 27, or created by general or special act of the |
| general assembly; provided however that domestic charitable corporations which qualify as |
| charitable corporations under 26 U.S.C. § 501(c)(3) and have one hundred (100) or fewer |
| employees shall be exempt from the provisions of this chapter. |
| (13) “Owner” means a depositor in the case of a deposit, a beneficiary in the case of a trust |
| other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, |
| or a person having a legal or equitable interest in property subject to this chapter or his or herthe |
| person’s legal representative. |
| (14) “Person” means an individual, business association, state or other government, |
| governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or |
| more persons having a joint or common interest, or any other legal or commercial entity. |
| (15) “Private, nonprofit institution of higher education” means an educational institution |
| situated within this state which by virtue of law or charter is a private, nonprofit educational |
| institution empowered to provide a program of education beyond the high school level and which |
| is accredited by a nationally recognized educational accrediting agency or association and awards |
| a bachelor’s or advance degree or provides a program of not less than two (2) years’ duration which |
| is accepted for full credit toward a bachelor’s degree. |
| (16) “State” means any state, district, commonwealth, territory, insular possession, or any |
| other area subject to the legislative authority of the United States. |
| (17) “Tangible property” includes all other property not defined as intangible property and |
| which is not otherwise defined in this section. |
| (18) “Utility” means a person who owns or operates for public use any plan, equipment, |
| property, franchise, or license for the transmission of communications or the production, storage, |
| transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. |
| SECTION 2. This act shall take effect upon passage. |
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| LC001713 |
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