The bill amends Section 33-21.1-1 of the General Laws concerning "Unclaimed Intangible and Tangible Property" to update definitions and expand the scope of unclaimed property that can be accepted by the division of unclaimed property within the office of the General Treasurer. Notably, the bill introduces new legal language, specifically adding a definition for "intangible property" to include "all other intangible property as identified by the administrator," thereby broadening the types of intangible property that can be claimed. Additionally, it removes the phrase "and" from the previous definition of intangible property, which previously ended with "amounts distributable from a trust or custodial fund."

The bill aims to enhance the ability of the General Treasurer's office to manage and collect unclaimed property, ensuring that more assets belonging to Rhode Island residents can be accounted for and potentially returned. The act is set to take effect immediately upon passage, reflecting a proactive approach to unclaimed property management in the state.

Statutes affected:
867: 33-21.1-1