2026 -- H 7797

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LC004645

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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: Representatives Giraldo, Stewart, Voas, Potter, Alzate, Handy, and
Sanchez

     Date Introduced: February 12, 2026

     Referred To: House Finance

     (General Treasurer)

It is enacted by the General Assembly as follows:

     SECTION 1. Section 33-21.1-23 of the General Laws in Chapter 33-21.1 entitled

"Unclaimed Intangible and Tangible Property" is hereby amended to read as follows:

     33-21.1-23. Deposit of funds.

     (a) Except as otherwise provided by this section, the administrator shall promptly deposit

in the general fund of this state all funds received under this chapter, including the proceeds from

the sale of abandoned property under § 33-21.1-22 Rhode Island baby bond trust a one-time three

thousand dollar ($3,000) allocation for each designated beneficiary as defined in § 35-24-1 born in

the preceding calendar year. The administrator shall promptly deposit all remaining funds in the

general fund of this state, including the proceeds from the sale of abandoned property under § 33-

21.1-22. The administrator shall retain in a separate bank account an amount not less than one

hundred thousand dollars ($100,000) from which prompt payment of claims duly allowed must be

made by him or her. Before making the deposit, the administrator shall record the name and last

known address of each person appearing from the holders’ reports to be entitled to the property and

the name and last known address of each insured person or annuitant and beneficiary and with

respect to each policy or contract listed in the report of an insurance company its number and the

name of the company. The record with the exception of the amount due must be available for public

inspection at all reasonable business hours.

     (b) Before making any transfer from the account surplus to the credit of the general fund

pursuant to subsection (a) of this section, the administrator may deduct:

     (1) Any costs in connection with the sale of abandoned property;

     (2) Costs of mailing and publication in connection with any abandoned property;

     (3) Reasonable service charges;

     (4) Costs incurred in examining records of holders of property and in collecting the

property from those holders; and

     (5) Any other charges, costs or expenses incurred in the administration of this chapter.

     SECTION 2. This act shall take effect on July 1, 2027.

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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

***

     This act would fund the Rhode Island baby bonds trust program without the use of taxpayer

dollars through an annual allocation of unclaimed property remittances.

     This act would take effect on July 1, 2027.

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