The bill amends sections 8-12-1 and 8-12-2 of the General Laws in Chapter 8-12, which are related to the "Conditional Escheat of Unclaimed Funds in Court Registries." The amendments include changes to the reporting process of unclaimed funds held by the courts. Clerks of various courts are now required to report, rather than return, funds that have been on deposit for two years or more, as opposed to the previous five-year requirement. The report must include a sworn statement listing all money or funds, with specific details such as the deposit type, title of the case, names and addresses of the parties involved, amount and date of the deposit, and an assertion regarding any active claims or whether the funds should be deemed unclaimed.

Additionally, the bill modifies the process for depositing unclaimed funds. If the state court administrator determines that there are unclaimed deposits, these funds, along with any interest, are to be paid into the general fund or escheated to the general treasurer. This is a change from the previous requirement of a five-year period before such action could be taken. The bill aims to update the process of handling unclaimed property in court registries by reducing the time frame from five to two years before funds can be transferred to the general fund or escheated. The act is set to take effect upon passage.