The bill proposes amendments to the General Laws in Chapter 8-12 entitled "Conditional Escheat of Unclaimed Funds in Court Registries." It changes the reporting requirements for clerks of various courts, including the supreme, superior, family, district, workers’ compensation courts, and the traffic tribunal. The clerks are now required to report to the state court administrator annually in July about funds that have been on deposit for two years or more, as opposed to the previous five-year requirement. Additionally, the bill specifies that clerks must include in their reports the deposit type, the title of the case, the date of the deposit, the names and addresses of the parties involved, the amount and date of the deposit, and an assertion regarding active claims or whether the funds should be deemed unclaimed.

The bill also updates the process for handling unclaimed deposits. If the state court administrator determines that there are unclaimed deposits, these funds, along with any accrued interest, are to be paid into the general fund or escheated to the general treasurer. Previously, unclaimed funds would be held for a period of five years before being addressed; the bill reduces this period to two years. The act is set to take effect upon passage and aims to streamline the management of unclaimed funds in court registries by allowing for quicker escheatment to the state.