The bill amends Section 33-21.1-1 of the General Laws concerning "Unclaimed Intangible and Tangible Property" to include new definitions and clarify existing terms. It introduces the definition of "intangible property" to encompass "all other intangible property as identified by the administrator," thereby expanding the scope of what can be considered unclaimed property. The bill also modifies the existing language by removing the phrase regarding employee savings, supplemental unemployment insurance, or similar benefits, while retaining amounts due and payable under the terms of insurance policies.

The primary purpose of this legislation is to allow the division of unclaimed property within the office of the general treasurer to accept a broader range of miscellaneous intangible property belonging to Rhode Island residents. This change aims to enhance the state's ability to manage and return unclaimed property to its rightful owners. The act will take effect immediately upon passage.

Statutes affected:
5740: 33-21.1-1