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 a new category for "All other intangible property as identified by the administrator," thereby expanding the scope of what constitutes unclaimed intangible property. The bill also specifies that amounts due and payable under the terms of insurance policies, as well as employee savings, supplemental unemployment insurance, or similar benefits, are included in this definition.

The primary purpose of this legislation is to empower 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 more property can be accounted for and potentially returned to its rightful owners. The act is set to take effect immediately upon passage.

Statutes affected:
867: 33-21.1-1