The bill amends Chapter 8-12 of the General Laws, titled "Conditional Escheat of Unclaimed Funds in Court Registries," to update the process for reporting, holding, and escheating unclaimed funds in court registries. The clerks of various courts are now required to report funds that have been on deposit for one year or more, as opposed to the previous five-year requirement. The report must include additional details such as the deposit type and an assertion regarding whether the funds should be deemed unclaimed. The bill also modifies the process for depositing unclaimed funds, allowing them to be paid to the general fund or escheated to the general treasurer after one year instead of five.

Furthermore, the bill extends the period within which an individual can file a claim for escheated funds from three years to ten years after the funds are deposited into the general fund. The bill removes the provision for interest accumulation on claimed funds and the 15-year limit on interest accrual. It also outlines the procedures for filing a complaint, representation by the attorney general, and the process for repayment if the claim is successful. The bill would take effect upon passage and reflects best practices in handling unclaimed funds.