The bill amends the General Laws in Chapter 8-12 entitled "Conditional Escheat of Unclaimed Funds in Court Registries" to update the process by which unclaimed funds in court registries are reported, held, and potentially escheated. The amendments include changing the time period for funds to be considered unclaimed from five years to one year, requiring clerks to report these funds to the state court administrator every July, and providing additional details in the sworn statement regarding each deposit or fund. The statement must now include the deposit type, the date of the deposit, and an assertion as to whether the funds should be deemed unclaimed.

Furthermore, the bill allows unclaimed funds, along with any accrued interest, to be paid to the general fund or escheated to the general treasurer if they remain unclaimed. It also extends the time frame for individuals to claim these funds from three years to ten years after they are deposited into the general fund. The bill removes the provision for interest to accumulate at a rate not to exceed six percent per annum on the claimed amount. The bill is designed to reflect best practices in handling unclaimed funds and will take effect upon passage.