It is enacted by the General Assembly as follows:

SECTION 1. Chapter 11-41 of the General Laws entitled "Theft, Embezzlement, False Pretenses and Misappropriation" is hereby amended by adding thereto the following section:

{ADD 11-41-11.1. Unlawful appropriation. -- ADD} {ADD Any person to whom any money or other property of another shall be entrusted or delivered for a particular purpose, who shall intentionally appropriate to his or her own use said money or property, shall be deemed guilty of unlawful appropriation and shall be fined not more than fifty thousand dollars ($50,000) or three times the value of the money or property thus appropriated, whichever is greater, or imprisoned not more than twenty (20) years, or both except that if the sum or value of the property so appropriated is less than one thousand dollars ($1,000), he or she shall be fined not more than one thousand dollars ($1,000), or imprisoned for not more than one (1) year, or both. ADD}

SECTION 2. Section 11-41-3 of the General Laws in Chapter 11-41 entitled "Theft, Embezzlement, False Pretenses, and Misappropriation" is hereby amended to read as follows:

{ADD 11-41-3. Embezzlement and fraudulent conversion. -- ADD} Every official of a financial institution and every officer, agent, clerk, servant, or other person to whom any money or other property shall be entrusted for any specific purpose, and every person acting as executor, administrator, conservator, guardian, receiver, assignee, custodian, or trustee appointed by order, decree or judgment of court, or by deed, will or other instrument in writing, who shall embezzle or fraudulently convert to his or her own use, or who shall take or secrete, with intent to embezzle or fraudulently convert to his own use, any money or other property which shall have come into his or her possession or shall be under his care or charge by virtue of his or her employment or for that specific purpose or by virtue of his acting as executor, administrator, guardian, conservator, receiver, assignee, custodian, or trustee, and every person who shall collect or receive money or property from another for a commission to be retained out of the money or other property so collected or received, and who shall fraudulently retain out of said money or property so collected or received more than the amount of commission, and shall embezzle or fraudulently convert it to his or her own use, or shall take or secrete it with intent to embezzle or fraudulently to convert the same to his or her own use, shall be deemed guilty of larceny and shall be fined not more than fifty thousand dollars ($50,000) or three (3) times the value of the money or property thus embezzled or converted, whichever is greater, or imprisoned not more than twenty (20) years, or both, except that if the sum or value of the property embezzled is less than one hundred ($100), he or she shall be fined not more than one thousand dollars ($1,000), or imprisoned not more than one (1) year, or both.

SECTION 3. This act shall take effect upon passage.