It is enacted by the General Assembly as follows:

SECTION 1. Section 41-4-10 of the General Laws in Chapter 41-4 entitled "Mutuel Betting and License Fees" is hereby amended to read as follows:

41-4-10. Unclaimed winnings. -- The amount of unclaimed moneys, as determined by the division of racing and athletics, now held or which shall hereafter be held by any licensee, on account of outstanding and uncashed winning tickets shall, at the expiration of one year after the close of the meeting during which the tickets were issued, be collected forthwith from the licensee by the division and shall be paid over to the general treasurer for the use of the state . {ADD and all unclaimed moneys shall be held in an escrow account by the licensee until collected by the division. ADD}

SECTION 2. This act shall take effect upon passage.