The bill amends Section 33-21.1-1 of the General Laws in Chapter 33-21.1, titled "Unclaimed Intangible and Tangible Property," to update definitions and clarify the types of property that fall under this category. Notably, it introduces new legal language that defines "intangible property" to include "all other intangible property as identified by the administrator," expanding the scope of what can be considered unclaimed property. Additionally, it removes the phrase "and" from a list of examples of intangible property, which previously included various financial instruments and benefits.

The primary purpose of this act is to allow the division of unclaimed property within the office of the general treasurer to accept miscellaneous intangible property belonging to Rhode Island residents. This change aims to enhance the management and recovery of unclaimed assets, ensuring that a broader range of intangible properties can be accounted for and potentially returned to their rightful owners. The act will take effect immediately upon passage.