The bill amends Section 33-21.1-23 of the General Laws concerning "Unclaimed Intangible and Tangible Property" to establish a funding mechanism for the Rhode Island baby bonds trust program. It introduces a one-time allocation of three thousand dollars ($3,000) for each designated beneficiary born in the preceding calendar year, which will be funded through unclaimed property remittances. The administrator is required to deposit these funds into the Rhode Island baby bond trust, while all remaining funds, including proceeds from the sale of abandoned property, will be deposited into the general fund of the state.

Additionally, the bill specifies that the administrator must retain a minimum of one hundred thousand dollars ($100,000) in a separate bank account for prompt payment of claims. It also outlines the administrator's authority to deduct various costs related to the sale and administration of abandoned property before transferring surplus funds to the general fund. The act is set to take effect on July 1, 2027.

Statutes affected:
7797: 33-21.1-23