2024 -- S 2896 | |
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LC004943 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE | |
AND TANGIBLE PROPERTY | |
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Introduced By: Senators Britto, Murray, DiMario, Miller, Sosnowski, Gu, Acosta, Mack, | |
Date Introduced: March 22, 2024 | |
Referred To: Senate Judiciary | |
(General Treasurer) | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 33-21.1-35 of the General Laws in Chapter 33-21.1 entitled |
2 | "Unclaimed Intangible and Tangible Property" is hereby amended to read as follows: |
3 | 33-21.1-35. Agreement to locate reported property. |
4 | (a) All agreements to pay compensation to recover or assist in the recovery of property |
5 | reported under § 33-21.1-17, made within twenty four (24) months after the date payment or |
6 | delivery is made under § 33-21.1-19, are unenforceable. |
7 | (b) Agreements pursuant to subsection (a) of this section entered into any time after the |
8 | twenty-four (24) month period are valid only if: |
9 | (1) The aggregate fee, compensation, commission, or other remuneration agreed upon is |
10 | not more than ten percent (10%) of the value of the property; |
11 | (2) The agreement is in writing; |
12 | (3) The agreement clearly states that the property may be claimed by the apparent owner |
13 | from the general treasurer free of charge; |
14 | (4) The agreement is signed by the apparent owner; and |
15 | (5) The agreement clearly sets forth the nature and value of the property and the value of |
16 | the apparent owner's share after the fee or compensation has been deducted. |
17 | (c) Nothing in this section shall be construed to prevent an owner from asserting at any |
18 | time that an agreement to locate property is based upon excessive or unjust consideration. |
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1 | SECTION 2. This act shall take effect upon passage. |
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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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1 | This act would provide conditions which persons paid to recover or assist in recovering |
2 | reported property must comply with. |
3 | This act would take effect upon passage. |
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