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, as defined in 35-24-1, born in the preceding calendar year, which will be funded through unclaimed property remittances. The administrator is required to promptly deposit all remaining funds, including proceeds from the sale of abandoned property under 33-21.1-22, into the general fund of the state. The administrator must retain a minimum of one hundred thousand dollars ($100,000) in a separate bank account for the prompt payment of claims.

Additionally, the bill 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. These deductions may include costs associated with mailing, publication, and examination of records. The act is set to take effect on July 1, 2027, and aims to support the baby bonds trust program without relying on taxpayer dollars.

Statutes affected:
2843: 33-21.1-23